RevX Capital Fund alleges ₹5 crore fraud by Hyderabad logistics firm
HYDERABAD: An authorised representative of RevX Capital Fund has filed a complaint alleging that a Hyderabad-based logistics firm and its directors cheated the fund of ₹5 crore by submitting fabricated documents and misrepresenting their financial position.
The complaint was lodged on March 7, 2026, by Sushant Bhatia, authorised representative of Rev Capital Fund, which operates as an Alternative Investment Fund registered with the Securities and Exchange Board of India under the SEBI (Alternative Investment Funds) Regulations, 2012.
According to the complaint, OHM E Logistics Private Limited and its directors, Nirmal Show Reddy Molakala, Sarala Kalagara and Krishna Murthy Avula have approached the fund in June 2024 seeking financial assistance of up to ₹5 crore.
Investment approved after documents and assurances
RevX Capital Fund stated that it subscribed to 5,000 debentures issued by the company aggregating ₹5,00,00,000 under a debenture trust deed dated June 24, 2024. The debentures were held through Axis Trustee Services Ltd, which acted as the debenture trustee.
The complaint said the investment was approved after the accused submitted documents including shareholder details and assurances about the company’s financial position and governance structure.
“The transaction was approved after examination and evaluation of the documents submitted by the company and its directors,” the complaint stated.
Repayment defaults began from October 2024
As per the debenture trust deed, the company and guarantors undertook to repay the debenture subscription amount according to the redemption schedule.
Repayments became due from June 30, 2024, but defaults reportedly began in October 2024. The fund alleged that repeated demands for repayment did not receive any response from the company.
The complaint further said the firm allegedly submitted fabricated extracts of minutes from an extraordinary general meeting, a false list of shareholders and incorrect compliance certificates showing that all shareholders had approved the borrowing.
Legal notice from investor triggered suspicion
The matter came to light after RevX received a legal notice dated January 29, 2026 from Sunil Jain, who claimed he had invested ₹1,50,00,000 in the company through compulsorily convertible debentures and was also a director.
Jain’s notice reportedly stated that the company could not raise additional debt or modify its capital structure without investor consent. He also alleged that the directors did not have the necessary approvals to execute the debenture trust deed with RevX.
RevX said the directors had earlier disclosed only a ₹1 crore debt owed to Jain but concealed that he was actually a shareholder through convertible debentures.
The complainant alleged that the directors deliberately misrepresented facts and submitted forged documents to obtain funds, causing wrongful loss to the fund. Complainant also urged authorities to conduct a detailed investigation, stating that the case may reveal a larger financial fraud involving multiple victims.
