How BJP MP CM Ramesh 'forged' signatures of GPA Bhaskara Rao causing PCL a loss of Rs 450 Cr

Hyderabad: Hyderabad Central Crime Station (CCS) has intensified the probe against BJP MP and Industrialist CM Ramesh in the alleged forged signatures case.

Ramesh allegedly forged the signatures of Kavuri Bhaskar Rao, the son of former Union minister Kavuri Sambasiva Rao, for a project belonging to Tollywood actor turned businessman Thottempudi Venu's firm PCL Intertech Lenhydro Consortium Joint Venture.

The case which has been filed in 2023 has once again surfaced before the general elections.

CM Ramesh has been named accused number 1 in a forgery case. CM Ramesh, who is also the owner of Ritwik Swathi Joint Venture, is said to have forged signatures of Kavuri Bhaskar Rao resulting in financial loss to the tune of Rs 450 crore to PCL.

The case came to light after Kavuri Bhaskar Rao, son of former Union minister Sambasiva Rao, appeared before the Central Crime Station a few days ago to record his statement in connection with the case.

What is the Rs 450 Cr forgery case?

In 2023, Venu, Director of PCL complained to the Jubilee Hills police stating that Ramesh, the authorized signatory of a bogus company Rithwik Swathi Joint Venture, fabricated a false agreement of Plot No.1295, Road No.63. Jubilee Hills, Hyderabad.

Ramesh and Venu signed the agreement with a company. It was found that K Bhaskar Rao was the authorized signatory of the company, but Ramesh forged the documents.

A joint venture:

PCL-Intertech Lenhydro Consortium Joint Venture entered into a contract with Tehri Hydro Development Corporation Limited (THDC) for the execution of civil works at the Koteshwar Hydro Electric Project at Tehri Dam, Uttarakhand.

PCL Intertech Len Hydro Consortium, a joint venture, had appointed Bhaskar Rao as its general power of attorney (GPA) holder in 2022 to take care of its business activities. Later, the company initiated several contracts with Tehri Hydro Development Corporation Limited in Uttarakhand.

Subsequently, certain disputes arose between the PCL-Intertech Lenhydro Consortium Joint Venture and THDC. As such the matter was referred to arbitration and accordingly, an arbitration award was passed in favour of the PCL-ILC JV. The amount claimed was awarded and the matter is pending in Delhi High Court.

Forged documents

As a GPA holder, Bhaskar Rao is the authorized signatory for all works related to the completion of the hydro project.

However, Venu in his complaint alleged that in November 2002, CM Ramesh, who is the authorized signatory of Rithwik Swathi Joint Venture, forged the signatures of Bhaskar Rao in what is said to be a fabricated agreement.

P Nageswara Rao who was working in collusion with CM Ramesh as his employee operated as the PCL Intertech Lenhydro Consortium Joint Venture's agent. Both entities have conflicting interests as contracting parties with varied interests.

P Nageswara Rao was once associated with the PCL Intertech Lenhydro Consortium Joint Venture during the execution of civil works at Koteshwar Dam, Tehri in Uttarakhand by limited power of attorney executed in 2006 which was subsequently revoked in 2008 itself.

With malafide intentions, P Nageswara Rao fabricated the power of attorney of 2011 and tried to make unlawful gain by playing fraud on the PCL-Intertech Lenhydro Consortium Joint Venture.

Report sent to Truth Labs

PCL-Intertech Lenhydro Consortium Joint Venture filed a complaint to THDC through email in 2023 alleging nexus between P Nageswara Rao and the officials at THDC as it continued to entertain P Nageswara Rao as the lawful power of attorney and thereby requested action to unravel the said nexus.

The Vigilance Wing of the THDC took up the investigation, The documents were sent to Truth Labs for forensic tests. After investigation, Truth Labs reported that the signatures of Bhaskara Rao were fabricated.

Subsequently, Venu complained to the Jubilee Hills police station in November 2023 and the case was then transferred to the Central Crime Station.

Ritwik company funded political parties:

The recent data by the Election Commission of India (ECI) revealed that Rithwik Projects Pvt Ltd, the company owned by CM Ramesh’s family, donated Rs 45 crore to various political parties. The company also secured a Rs 1,098-crore engineering, procurement, and construction contract for the Sunni hydroelectric project in Himachal Pradesh.