Doctor alleges ₹1.5 crore fraud in wellness app venture; court orders FIR against nine
HYDERABAD: A Hyderabad-based gastroenterologist has alleged that he was cheated of ₹1,55,84,000 in a business venture to develop a health and wellness mobile application, prompting a court to direct registration of a police case against nine persons.
The complaint was filed by Abdul Wadood Ahmed, 38, a doctor residing in Tolichowki. The Additional Chief Judicial Magistrate (ACJM), Hyderabad, directed police to register a case following a private complaint submitted by him.
Loans allegedly arranged through multiple banks
According to the complaint, Ahmed earlier worked at Care Hospital, Gachibowli. While there, he planned to create a wellness website and approached Syed Reyhan Saif, whom he knew through professional contacts in the IT sector.
Saif allegedly proposed developing a mobile application instead. After several meetings, Ahmed, Saif and Saif’s father Syed Mohammed decided to start a company named Grubstake Ambrosiah Health and Wellness to launch the application.
Ahmed alleged that Saif persuaded him to become the sole financial investor. Since his monthly income was about ₹1 lakh, Ahmed initially said banks would not sanction large loans.
On August 10, 2023, Saif introduced him to Satish, described as a direct sales agent for multiple banks. Satish allegedly assured him that loans from several banks could be processed simultaneously and claimed the process was legal.
Loan applications were then submitted to multiple lenders using Ahmed’s documents, including bank statements, pay slips and income tax records. Loans totalling ₹1,45,84,000 were sanctioned from Cholamandalam Finance, ICICI Bank, IDFC Bank, L&T Finance, Tata Capital, Yes Bank and Kotak Mahindra Bank during August 2023.
Ahmed stated that the accused promised the business would generate income sufficient to pay him ₹4 lakh per month towards equated monthly instalments (EMIs).
Funds transferred to accused-linked firms
The complainant said he also withdrew ₹10,00,000 from stock investments on August 17, 2023 and handed it to Saif. His total financial exposure allegedly rose to ₹1,55,84,000.
Between August 21, 2023 and April 29, 2024, Ahmed transferred ₹1,32,70,000 to accounts of Grubstake Consulting, CRAFT Products and Services, and Saif’s personal HDFC Bank account.
The complaint alleges that these entities were controlled by Saif, Syed Mohammed and Nazia Rehman. The funds were purportedly meant for development of the Ambrosiah app, which was to be completed within six months.
Ahmed claimed he was promised a 98% shareholding in the proposed venture. However, company records allegedly showed that Grubstake Consulting was owned largely by Saif and Rehman, while CRAFT Products and Services was controlled by Saif and his father.
Alleged misuse of signatures and company filings
Ahmed further alleged that he resigned from his job at Care Hospital in September 2023 to work full-time on the project.
According to the complaint, problems began in November 2023 when Saif reportedly said the funds had been exhausted and he could not pay the promised monthly EMI amount.
Ahmed claimed he later discovered that his digital signature certificate (DSC) and signatures were misused to make him director in several companies without his knowledge. His wife was also allegedly made director in one firm without her consent.
The complaint states that more than 10 companies were incorporated in his name without approval. Chartered accountants Mohammed Zeeshan and Jagpathi Babu allegedly handled Registrar of Companies filings for these firms.
Ahmed also alleged that advance tax filings were submitted in his name using his director identification number and digital signature.
Cheques bounce, threats alleged
The complainant said Syed Mohammed issued two cheques totalling ₹2 crore dated August 20, 2024 from CRAFT Products and Services as repayment assurance. Both cheques were later returned with the remark “funds insufficient”.
Ahmed alleged that Mohammed Aslam Khan later threatened him over phone, warning him against approaching police. He also claimed that Ateeqa Mariam sent threatening messages on WhatsApp.
The complaint further states that funds transferred by Ahmed were diverted to another firm, Broadgate Software Solutions.
Ahmed alleged that the accused collectively induced several doctors and investors to invest money and diverted the funds for personal use.
Court directs registration of case
The complainant approached the XII ACJM court seeking criminal action. The court directed police to take cognisance of the allegations and register an FIR against the accused for cheating, forgery, criminal breach of trust, criminal intimidation and conspiracy.
