Court rejects pre-arrest bail plea of Shravan Rao's wife in Rs 6.5 cr cheating case
Hyderabad: Days after phone tapping case accused A Shravan Kumar Rao was arrested for his alleged role in cheating a private company of Rs 6.50 crore, his wife and co-accused Swathy Rao's anticipatory bail has been rejected by a local court in Nampally.
Swathy Rao was cited by the Central Crime Station (CCS) as the fourth accused and she had moved the anticipatory bail plea last week fearing arrest.
In his complaint to CCS, Akhand Infratech director A Akash Krishna alleged that Shravan, as director of Inrhythm Energy, had approached them claiming to have taken over Acore Industries. He allegedly proposed a deal in which Akhand Infratech would pay Acore for iron ore in return for a profit of Rs 300 per tonne.
He said that despite paying Rs 6.5 crore to Acore, neither the iron ore was supplied nor the amount returned.
The complainant alleged that when he insisted on refund, Rs 50 lakh was transferred by Rao's wife from Acore's account in Sept 2024. They failed to return the remaining money, he said
The police counsel, while opposing Swathy's petition, said: "Her arrest is essential to know the whereabouts of other accused and to verify the email accounts to ascertain communication between the complainant's company and the accused's firm.
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Further, there is a need to identify the bank accounts of the persons involved and flow of crime proceeds."
Denying the charges levelled by the investigators, Swathy claimed innocence and said she had no stake in Acore.
Rejecting her petition, the first additional sessions judge said: "This is a case of siphoning amounts running into crores. It requires investigation to unearth the conspiracy. As seen from the record, investigation in this case is at a crucial stage, some more witnesses are yet to be examined and some more evidence is yet to be collected. The other accused in this case are still absconding. In these circumstances, this court is not inclined to grant anticipatory bail to the petitioner.
"
When deputy commissioner of police (CCS) Swetha Reddy was contacted, she said that Swathy was yet to face the investigators.
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