Hyderabad CCS books Ex-IAS officer in Rs.5 lakh fraud
HYDERABAD: The Central Crime Station (CCS) of Hyderabad police has registered a case against retired Indian Administrative Service officer Dayachari Ponnekanti for allegedly cheating an NRI businessman of Rs 5 lakh in the name of a sea sand mining project in Indonesia.
Vikramaditya Boppudi, a native of Waltair in Visakhapatnam district who settled in the United States in 1991, filed the complaint. He is currently the chief executive officer of Prime Solutions Company in Washington.
According to the complaint, Ponnekanti told Boppudi in 2012 that he was involved in global businesses in oil, sand, iron ore mining and energy. He claimed that permissions for a sea sand mining project in Indonesia were in the final stage and promised substantial returns on investment.
NRI alleges Indonesia sand mining investment scam
Acting on the proposal, Boppudi transferred Rs5 lakh to bank accounts suggested by Ponnekanti. The payment was made after he visited the office of APIND Group of Companies in Jubilee Hills, Hyderabad. A joint venture agreement was signed on July 5, 2012.
However, the complainant alleged that share certificates were not issued despite repeated requests. When he visited Hyderabad in 2015 to inquire, Ponnekanti allegedly cited various reasons and avoided repayment.
Joint venture signed in July 2012, shares not issued
Boppudi said he later learnt that a similar cheating case had been registered against the retired officer at the CCS police station. He then approached the police with a fresh complaint.
Police have registered a case and initiated an inquiry.
