Hyderabad Court Directs Police Action in Alleged Stock Market Extortion Case
In a significant development, the Jubilee Hills police in Hyderabad have registered a formal case against five individuals, following explicit directions from a local court. The accused include Amitov Teja, son of prominent film director Dharma Teja, who faces serious allegations of coercion and extortion related to stock market dealings.
Complaint Details and Allegations
The case stems from a petition filed by K Praneeth, a 35-year-old resident of Moti Nagar, before the XVII additional chief metropolitan magistrate several months ago. Praneeth detailed a troubling sequence of events that began in April 2025 when he met businessman Amitov Teja while processing a credit card application.
According to the complaint, Teja allegedly requested Praneeth to operate the demat account belonging to his mother, Srivalli Teja. He promised to share one-time passwords remotely to facilitate trading activities. "Trading on Teja's instructions resulted in a substantial loss of approximately 11 lakh rupees," Praneeth stated in his petition. "Despite my reluctance after the loss, Teja pressured me to continue trading and provided OTPs in an attempt to recover the losses."
Escalation to Coercion and Threats
The situation reportedly intensified on May 24, 2025, when Teja's associates—identified as Ch Manikumar, Ch Ramnath Reddy, and A Laxmikanth Reddy—forcibly took Praneeth to Teja's residence. There, they allegedly compelled him to sign blank cheques, promissory notes, and stamp papers under duress. Praneeth further claimed that threats were made against him and his family.
In a disturbing turn, the complainant alleged that his wife was later made to sign documents purportedly selling their flat. The couple was reportedly warned that their daughter would be harmed if they resisted these demands, adding a layer of intimidation to the financial coercion.
Legal Framework and Charges
Based on the court's directions, a case has been officially booked against Amitov Teja, Srivalli Teja, Manikumar, Ramnath Reddy, and Laxmikanth Reddy. The charges fall under multiple sections of the Bharatiya Nyaya Sanhita, including Sections 111, 125, 127(1), 130, 135, 136, 308, 322, 324(1), 335, and 351(1), as well as Section 175(3) of the Bharatiya Nagarik Suraksha Sanhita. These sections cover a range of offenses related to extortion, coercion, and threats to personal safety.
Background and Ongoing Investigations
This case is not isolated in the ongoing legal tussle. Earlier, on January 12, the Jubilee Hills police had registered a separate case against Praneeth and his wife Anusha, based on a complaint filed by Amitov Teja. That case alleged cheating of 72 lakh rupees through fabricated trading profits and reneging on a compensation deal involving a flat. Both cases are currently under active investigation by the authorities, highlighting a complex web of accusations and counter-accusations between the parties involved.
The Hyderabad police are diligently pursuing these matters to ensure justice and uphold the rule of law in what appears to be a high-profile financial dispute with serious personal implications.
