Hyderabad: Ex-IAS Officer Cheats US Techie of ₹4.3 Cr in Bogus Investment Scam
The Hyderabad Central Crime Station (CCS) has registered a cheating case against retired IAS officer Dayachari Ponnekanti for allegedly defrauding a US-based tech professional of ₹4.3 crore by luring him into fake business ventures using forged documents and fraudulent contracts.
Hyderabad: The Hyderabad Central Crime Station (CCS) has registered a cheating case against retired IAS officer Dayachari Ponnekanti for allegedly defrauding a US-based tech professional of ₹4.3 crore by luring him into fake business ventures using forged documents and fraudulent contracts.
Table of Contents
NRI Investor Duped in Fake Hospital and Contract Deals
The complainant, Kommineni Kalyana, a 59-year-old resident of New Jersey, stated that he was introduced to Ponnekanti through mutual contacts in Guntur during the officer’s tenure at the Tobacco Board.
In 2015, Ponnekanti allegedly approached Kalyana in the United States, seeking investment for a hospital project called “Kugler” in Guntur and claimed to have lucrative business deals involving LPG supply contracts with IOCL and sand procurement with a Singapore-based supplier.
Follow for More details: munsifdaily.com
Funds Transferred to Bogus Company Linked to Ponnekanti
Trusting Ponnekanti’s profile as a senior bureaucrat, Kalyana transferred $500,000 (₹4.3 crore) to APIND Financial Services Pvt. Ltd., a company operated by Ponnekanti. The listed office address of the company in Prashasan Nagar, Jubilee Hills, turned out to be Ponnekanti’s residential property.
Fraud Exposed During Victim’s Visit to India
When Kalyana visited India to check on the progress of the investments, he found no physical trace of the hospital or contracts. Further scrutiny revealed the documents presented by Ponnekanti, including an IOCL purchase order, were forged.
Also Read: Hyderabad Hit by Heavy Rains and Gusty Winds; More Showers Forecasted Today
IOCL Denies Any Business Ties
Investigators confirmed with Indian Oil Corporation (IOCL) that no such contracts ever existed, exposing the extent of the fraudulent claims made to secure investment.
Case Registered; More Victims Feared
Following a preliminary probe, CCS registered a case against Dayachari Ponnekanti and APIND Financial Services Pvt. Ltd. for cheating, forgery, and criminal breach of trust. Investigators also uncovered that the accused allegedly diverted the funds to purchase real estate in Guntur and other locations.
The case is under active investigation, and more victims may come forward, police said.
