Hyderabad: How ex-IAS officer Ponnekanti duped US techie of Rs 4.3 Cr by luring him to invest in bogus projects
The complainant stated that he met Ponnekanti through common contacts in Guntur while the retired officer was working with the Tobacco Board
By Newsmeter Network
Hyderabad: Hyderabad Central Crime Station (CCS) has booked retired IAS officer Dayachari Ponnekanti for allegedly duping a US-based tech professional of Rs 4.3 crore.
Ponnekanti allegedly lured the US techie into fake business ventures using forged documents and fraudulent contracts.
According to CCS officials, the victim, Kommineni Kalyana, a 59-year-old resident of New Jersey, filed a complaint alleging that he was misled into investing in bogus projects, including a hospital, sand supply deals, and an LPG supply contract with Indian Oil Corporation (IOCL).
Investment lured through personal ties
The complainant stated that he met Ponnekanti through common contacts in Guntur while the retired officer was working with the Tobacco Board. In February 2015, Ponnekanti allegedly approached him in the United States seeking investment for a proposed hospital named āKuglerā in Guntur, and later claimed to be involved in major contracts with a Singapore-based sand supplier and IOCL.
Trusting Ponnekantiās credentials as a senior government official, Kalyana transferred $500,000 (approximately ā¹4.3 crore) to APIND Financial Services Pvt. Ltd., a firm linked to Ponnekanti. The address of the company, listed as Prashasan Nagar in Jubilee Hills, was later found to be Ponnekantiās own residence.
Fraud uncovered during a personal visit
After repeated delays and a lack of communication, the NRI visited India to assess the progress of the ventures. He discovered that there were no such businesses and that Ponnekanti had allegedly used fake documents, including a forged IOCL purchase order, to misrepresent the opportunities.
Further inquiries revealed that Ponnekanti had collected large sums from several individuals under similar pretenses and diverted the money to purchase immovable assets in Guntur and other areas.
IOCL confirms fake contract
CCS officials said that Indian Oil Corporation had no record of any such contract, confirming the purchase order shown to the victim was fake. The entire deal was fabricated to extract investment under false assurances of high returns.
Case registered; Probe underway
Following a preliminary inquiry and document verification, CCS police registered a case against Ponnekanti and APIND Financial Services Pvt. Ltd. for cheating and criminal breach of trust. Further investigation is ongoing to trace funds and identify other potential victims.
