Fresh Cheating Case Filed Against Retired IAS Officer Over Alleged $500K Fraud
In a significant development, the Central Crime Station (CCS) in Hyderabad has registered a new case of cheating against retired IAS officer Dayachari Ponnekanti and APIND Financial Services Pvt Ltd. The case, filed under Section 420 of the Indian Penal Code, alleges that the accused defrauded a US-based software entrepreneur of half a million dollars in connection with a purported sea sand mining venture in Indonesia.
Details of the Complaint and Allegations
The complaint was lodged by Vikramaditya Boppudi, CEO of Prime Solutions Inc based in Washington DC, on February 18. According to the complaint, Dayachari, who previously served as chairman of the Tobacco Board and director general of the MCRHRD Institute, enticed Vikramaditya to invest in what was described as a "turn-key, government-cleared" export project. This project aimed to supply marine sand to Singapore, with meetings held at Dayachari's office in Jubilee Hills, Hyderabad.
During these meetings, the retired bureaucrat presented official-looking documents bearing government of India emblems and insisted on an immediate transfer of $500,000 to accounts in Hyderabad, Singapore, the United States, and Thailand. Vikramaditya complied, transferring $540,000 (approximately Rs 3.16 crore) in 2012 after being promised a 16.67% stake in the proposed joint venture.
Failed Promises and Ongoing Investigations
Vikramaditya alleged that Dayachari acknowledged receipt of the money via emails in November 2013 and repeatedly assured the issuance of share certificates. However, despite personal visits to Hyderabad, follow-up emails, and multiple memoranda of understanding—the latest in September 2024 promising a Rs 8 crore settlement through land sale in Patancheru—no shares or refunds materialised.
Additionally, the complaint mentions another similar cheating case registered by the CCS in 2025 on the complaint of a separate NRI investor, Kommineni Kalyana. CCS police confirmed that the previous case, involving allegations of a $500,000 fraud in 2015, is currently under investigation, with evidence being collected for the latest case as well.
This incident highlights concerns over fraudulent schemes targeting investors, particularly in cross-border ventures, and underscores the ongoing efforts by law enforcement to address such crimes in Hyderabad.
