The Cyberabad Economic Offences Wing (EOW) has registered a cheating case against BJP leader and businessman Gajjala Yoganand for allegedly defrauding a US-based NRI businessman of Rs 24.53 crore. The accused is accused of promising the complainant a stake in his hotel business but failing to transfer any shares.
Complainant's Allegations
The complainant, Pavan Kumar Nallamala, 54, a US-based NRI originally from Nizampet, stated that he had known Yoganand, 66, a resident of Jubilee Hills, since 2014 through business interactions. According to the complaint, during a visit to India in 2019, Pavan was approached by Yoganand, who runs hotels and resorts businesses along with several other ventures. Pavan alleged that Yoganand persuaded him to invest in his business ventures by assuring him a partnership stake and promising substantial profits.
"I met him at his office in Kukatpally several times. As we have several common friends, I trusted him. Between 2019 and 2024, I invested Rs 24.53 crore on the assurance that I would be inducted as a partner/shareholder in his hotels and resorts business and would also receive good profits," the complainant alleged.
Breach of Trust
The FIR stated that despite repeated requests after the investment, no shares were transferred to the complainant and he was never inducted as a partner in the hotels and resorts business. "Yoganand never informed me that the shares of his hotel and resorts private limited company were already pledged with the Tourism Finance Corporation of India prior to my investments. In the MoU signed with me, he stated that the shares were free from all encumbrances. This was false, and he took money from me only to cheat me in the name of investment," Pavan alleged.
Threats and Legal Action
The complainant also alleged that in February 2026, Yoganand attempted to pressure him into signing a fresh undated MoU. "When I refused, he threatened me with dire consequences," Pavan told police.
Based on Pavan's complaint, Cyberabad EOW police registered a case on May 8 under Sections 318(4) (cheating), 316(2) (criminal breach of trust), and 351(2) (criminal intimidation) of the BNS.
"We have registered a case based on prima facie evidence. A preliminary investigation is underway, and the accused will soon be issued a notice to appear for questioning," an EOW official said.
