Suspended GST Officer Bollineni Srinivasa Gandhi Named in Hyderabad Real Estate Fraud Case
HYDERABAD: Suspended GST official Bollineni Srinivasa Gandhi, who earlier faced a CBI disproportionate assets case and proceedings under the Prevention of Money Laundering Act (PMLA), has now been named as an accused in an alleged real estate fraud.
The Economic Offences Wing (EOW) of the Cyberabad police booked Gandhi, his wife B. Sireesha and others for allegedly diverting investor funds from real estate firm My Fortune Infra.
Police re-registered the FIR at the Cyberabad EOW police station on July 1 after the Central Crime Station (CCS), Hyderabad, transferred a zero FIR. The case has been registered under Sections 316(5) read with 61(2) of the Bharatiya Nyaya Sanhita.
Partners Allege Diversion of Investor Funds
Businessman P.T. Narayana Raju filed the complaint along with P. Sai Krishna Varma and V.T. Rajasekhar Babu.
According to the FIR, Raju met Gandhi while accompanying a friend with a GST-related issue. During the meeting, Gandhi allegedly said he was involved in the construction business and invited Raju to join his partnership firm.
The partners formed My Fortune Infra on July 21, 2021. After disputes, one partner retired from both Syamanthaka Infra and My Fortune Infra. The firm was reconstituted on February 1, 2022, with a new partner.
The complainants alleged that Gandhi and his family kept agreements and memorandums of understanding signed by the retired partner. They allegedly asked Raju to sign fresh agreements with customers, assuring him that all financial transactions were genuine.
Raju said he accepted the arrangement because he held a minority stake, while Gandhi’s family controlled the majority share in the firm.
Funds Allegedly Transferred to Other Firms
After examining the firm’s bank statements, Raju alleged that My Fortune Infra diverted investor money to Syamanthaka Infra between 2020 and 2022.
He also claimed that the firm transferred large amounts to Syamanthaka Infra and Syamanthaka Profiles.
According to the FIR, several customers have demanded either possession of their flats or refunds from Gandhi and his family.
Earlier CBI Case
Gandhi previously served in the Enforcement Directorate for more than seven years.
The CBI arrested him in April 2021 in a disproportionate assets case after conducting searches in Hyderabad and Vijayawada in 2019. He is currently out on bail.
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