Hyderabad: Ex-IAS Officer Booked for Duping NRI of Rs 4.3 Crore

In a shocking incident, a former IAS officer has been booked for duping an NRI of Rs 4.3 crore under the pretext of a business investment.

According to the Hyderabad Central Crime Station (CCS), Dayachari Ponnekanti, a retired bureaucrat, lured a US-based techie, Kommineni Kalyana (59), into investing in his fake businesses.

Kalyana met Ponnekanti through a mutual contact in Guntur when the latter was working with the Tobacco Board. In February 2015, Ponnekanti reportedly met Kalyana in the US and sought investment for a hospital project, named ‘Kugler’, in Guntur. To gain Kalyana’s trust, the former IAS officer claimed that he had secured contracts from a Singapore-based sand supplier and Indian Oil Corporation Limited (IOCL).

The NRI invested $500,000 (approximately Rs 4.3 crore) in Ponnekanti’s business, registered as APIND Financial Services Private Limited. The company's address was listed as Prashasan Nagar in Jubilee Hills, Hyderabad.

Soon after, Kalyana faced difficulties communicating with the retired officer. He flew to India to check the progress of the ventures, only to discover that he had been duped. The company’s address turned out to be Ponnekanti’s residence.

Kalyana subsequently lodged a complaint with the police. The investigation revealed that Ponnekanti had defrauded several individuals by seeking investments using fake documents. He allegedly used the money to purchase immovable assets in Guntur and other locations.

Hyderabad CCS officials confirmed that IOCL has verified the contract produced by Ponnekanti was fake.

A case has been registered against Ponnekanti and APIND Financial Services for cheating and criminal breach of trust. Further investigation is underway to trace the money trail and identify additional victims of the sophisticated scam.