Hyderabad’s Dhanwantari Foundation Trust(DFI) scam unveiled
Amberpet: A whopping 514 crores scam, 4000 victims primarily from Brahmin community, Hundreds of acres of land acquired from the cheated money – this is just a gist of the Dhanwantari Foundation International(DFI) Trust scam revealed by the Hyderabad police investigation. The organization, which assured to uplift the community instead allegedly amassed illegal wealth with the duped funds.
Over 500 crore scam rocks Brahmin community: How it unfolded
In December, 2023, Susrala Narsimha Murthy, one of the victims, approached the Central crime station (CCS), Hyderabad and lodged a complaint against the DFI and P. Kamalakar Sharma Managing director of DFI.
According to the complainant, he came to know about M/s.Dhanwantari Foundation International through its marketing agents in the year 2011. On their inducement to invest in their organization related companies promising to pay 12% interest annually on the principal amount, he invested one lakh rupees in the year 2012 and as per their promise, they paid the interest.
After gaining the trust Murthy invested more across different DFI-related companies, including DFI Nirmaan Private Limited, Dharani Shelters Private Limited, and DFI Hospitals Private Limited. His investments, made in debentures, totaled several lakhs with promises of returns as high as 13% per annum. However though the due date for agreed refunds had expired long back, the companies defaulted in paying back the investment (principal). Further to their shock, the companies stopped paying even the promised interest with effect from April, 2022. After realizing that he was cheated he approached Hyderabad police.Based on the complaint that DFI had siphoned Rs.3.75 crores from about 30 members by luring them to give higher interest, Hyderabad police booked a case and started investigation.
DFI’s Public Persona
Significance of word, Dhanwantari, according to hindu mythology known as father of Ayurveda and incarnation of Lord vishnu. According to its official website the mission of DFI is “Brahmanaaha Santu Dharmacharinaha Nirbhayaaha- Creating a common global platform of Brahman community which enables the intellectuals and professionals of our community to extend various services to uplift brahmin community in particular and society in general.
The organization boasts of having a membership of about 2,50,000 from more than 20 countries. Members include eminent personalities in different walks of life like Defence personnel, Doctors, Engineers, Advocates, Bureaucrats of IAS & IPS, IRS, IFS & IRTS, Purohits, Scientists, Professors, Housewives, Industrialists, Students, Bankers, and others.
Pantangi Kamalakara Sharma, who was the main accused in the criminal case, was the Founder Chairman and Managing Trustee of DFI. Further, DFI floated several companies like DFI Nirmaan Pvt. Ltd., Dharani Sheltors Pvt. Ltd., DFI IT Solutions, DFI Hospitals Pvt. Ltd., DFI Ventures Pvt. Ltd., DFI Infra Projects Pvt. Ltd. and DFI Srujana Pvt. Ltd..
Modus operandi
The accused induced the victims to invest amount in the floated companies by assuring to utilize the funds for the betterment of the community and also assured to give them interest of 11% to 14% per annum, based on the period of the investment. Further they also issued debenture certificates to the victims towards the investment made with their floated companies by specifying the mode/rate of payment of interest amount along with principal. And also executed agreements for allotment of plots in their proposed ventures at Yadagirigutta, Tirupathi, Vizag and Bangalore from 2012 onwards. They were lured to give interest ranging from 11% to 14% every quarterly without fail and also allotment of plot in their proposed ventures but paid interest only for a certain period that too nominal amount and thereafter evaded payment of interest and allotment of plots to the victims and caused wrongful loss to the victims.
Investigation
Investigation so far revealed that Dhanwantari Foundation International Trust represented by its director Dr. P.Kamalakar Sharma and others, for luring the innocent senior citizens/victims in the name of brahmin community and assuring to give good profits on their deposits/investments within a specific period and thereby collected about Rs 514 Crores from them and cheated around 4000 victims so far.
The law enforcement agency so far identified properties 450 Acres of land acquired by DFI and its companies at spread across various places like Amberpet, Anakapalli, Vizag, Gannavaram, Vijayawada, Siddipet and Midjil and also identified commercial space about 3000 Sqyds in the heart of the Hyderabad City.
The Hyderabad police also succeeded in obtaining GOs in four properties and filed affidavits before the local Court for absolute orders. For the remaining two properties, the process is under progress with the Government. So far around 30 bank accounts of DFI and floated companies have been freezed. Forensic audit has also been conducted.
All efforts are being made to complete the investigation and ensure justice to all victims as per the protection of depositors act.
