No irregularities in investments made by wife in pvt company: Rao

Kolkata: Interim CBI director M Nageswara Rao has denied all corruption charges involving a Kolkata-based firm against him. Though he demanded that each and every transaction and investment details are in order and have been informed to the competent authority, it was found that his wife had taken a loan from a company at Salt Lake in Kolkata which does not exist in reality at the given address.

Sources informed that Rao's wife had taken a loan of Rs 25 lakh from a firm, identified as Angela Mercantile Private Limited, in Salt Lake. Rao claimed that the company belonged to his friend. After obtaining the loan, his wife bought some land in Guntur, Andhra Pradesh, in 2010. Later, she sold part of the plot against Rs 30 lakh approximately. Two months later she again sold rest of the land against Rs 28 lakh approximately.

After selling the land, she got Rs 58 lakh. Adding some more money from her own savings, she sent Rs 60 lakh to Angela Mercantile in 2011.

Rao claimed that Angela Mercantile retained Rs 35 lakh as an investment after deducting the loan amount.

Later, in the year 2014, Rao's wife got Rs 41 lakh approximately as return including the interest.

Though he claimed that the company — Angela Mercantile — has their registered office in Salt Lake but physically there is no existence of any such firm. Also, the owner of the company does not reside at the said address.

Though several ambiguities were found, Rao claimed that the details of each transaction and investment have been showed in his property returns to the government. He also denied the allegations that have come up against him regarding financial irregularities.