Hyderabad: How two professional directors of Nature Burn diverted Rs 39.74 Cr to another company
The fraud surfaced following a complaint by one of the company’s partners
By - Newsmeter Network
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Hyderabad: Cyberabad Economic Offences Wing (EOW) has registered a criminal case against two professional directors of Nature Burn Project for allegedly forging shareholder signatures and illegally diverting Rs 39.74 crore to another company.
The fraud surfaced following a complaint by one of the company’s partners.
Company founded in 2014
According to EOW officials, Nature Burn Project Private Limited was established in 2014 by Pavan Kumar Reddy along with others. In 2021, Bandi Ram Pradeep Reddy, a businessman from Quthbullapur, joined the company as a director with a 33.33 per cent stake. In 2022, Sunil also joined the board, after which all three became equal shareholders and directors.
Agreement for 10 GW Wind Power Project
In September 2024, the company entered into an agreement with Serentica Renewable India Private Limited to undertake a 10-gigawatt wind power project across various locations in Andhra Pradesh.
After discussions, Serentica agreed to release Rs 43.5 crore along with GST towards the project. Accordingly, in October 2024, an amount of Rs 44.63 crore was credited to the official bank account of Nature Burn.
₹39.74 Crore transferred without approval
Soon after the funds were deposited, Pavan Kumar Reddy, along with Ravi Shankar Reddy, who was working as a professional director, allegedly transferred Rs 39.74 crore to the bank accounts of Elecon Trading Company, without the knowledge or consent of the other shareholders, police said.
Forgery of signatures, fake documents created
The complainant further alleged that the accused forged shareholder signatures and created fabricated documents to unlawfully transfer company shares in their favour. These acts were allegedly carried out to gain complete control over the company and its finances.
EOW registers case, probe launched
Based on the complaint and preliminary evidence, the Cyberabad EOW has registered a case under relevant sections of law dealing with cheating, forgery, criminal breach of trust, and conspiracy. Officials said a detailed investigation is underway, including scrutiny of bank transactions, agreements, and digital records.
