Hyderabad: CA Satya Ramu embezzles ₹40.58 Cr from Santhushta Technologies, Sahishnu Enterprise; booked

Hyderabad: Police have booked a chartered accountant for allegedly siphoning off Rs 40.58 crore after gaining complete control over the bank accounts of two city-based firms under the pretext of managing their financial affairs.

A case has been registered against Maddipati Venkata Satya Ramu at the Cyberabad Economic Offences Wing (EOW) police station following a complaint by the victims.

How the trust was gained

The complainants, retired scientist Gajula Madhusudan Rao and his son Mohan Sai, are partners in Santhushta Technologies LLP and Sahishnu Enterprise LLP, established at Doctors’ Colony in Hyderabad.

In 2022, after the current account of Santhushta Technologies with ICICI Bank was closed, they were introduced to Satya Ramu, a chartered accountant from Kondapur. He offered to help open a new bank account and volunteered to manage the financial operations of the firms.

Accordingly, a new current account was opened at Union Bank of India, Banjara Hills branch. However, Satya Ramu allegedly retained full control of the account.

He registered his own mobile number and email ID for the account, withheld internet banking credentials, and kept the user ID and passwords exclusively with him, preventing the partners from monitoring transactions.

Trusting him, the partners even signed blank cheques, which he is accused of misusing.

Funds diverted to multiple accounts

Police said that during July and August 2022, large sums were transferred from the Santhushta Technologies account to various entities and individuals, allegedly under the guise of tax payments and fixed deposits.

The diverted amounts include: Tremax Biosciences (Rs 22.92 crore), Swarna Leefin Private Limited (Rs 3 crore), Trimax Bio (Rs 50 lakh), Syed Alam Khan (Rs 3.3 crore), Optimized Sales and Distributors (Rs 3.33 crore), and ₹7.5 crore to his personal account. The total alleged misappropriation amounts to Rs 40.58 crore.

Investigations further revealed that Satya Surya Shiva Keth, son of the accused, is the promoter of Optimized Sales and Distributors, one of the beneficiary firms.

Complaint after funds not returned

When questioned about the transactions, Satya Ramu reportedly assured the partners that the funds would be returned. However, after he failed to honour his promise, the victims approached the police.

The Cyberabad EOW has registered a case and initiated an investigation into large-scale financial fraud.