Latest news with #AkhandInfratech
Time of India
28-05-2025
- Business
- Time of India
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. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo 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.
New Indian Express
14-05-2025
- Business
- New Indian Express
Tapgate accused held in cheating case
HYDERABAD: CCS police of Hyderabad commissionerate on Tuesday arrested A Shravan Kumar Rao, an accused in the phone-tapping case, in connection with a Rs 6.58 crore cheating case. The complaint was filed by the director of Akhand Infratech India, A Akarsh Krishna, on April 25 against four persons, including Inrhythm Energy Private Limited director Shravan and his wife, Swathy Rao. Akarsh accused Shravan of orchestrating a fraudulent scheme under the guise of facilitating iron ore supplies from Acore Industries Pvt Ltd, based in Sandur, Karnataka. The complainant said that Shravan allegedly misled Akhand Infratech by claiming to have taken over Acore Industries and proposed a business collaboration, promising a profit of Rs 300 per tonne of iron ore. Believing these assurances, Akhand Infratech modified its company mandate to include mining activities and began transferring funds to Acore Industries' account. However, the complainant asserted that no iron ore was ever delivered as promised. Furthermore, all communications, including invoices, were routed through Shravan or his associates — M Nagesh (accountant at Inrhythm Energy) and KB Vedamurthy, a representative in Karnataka. The transactions were backed by invoices sent from unofficial email addresses and instructions issued via WhatsApp. In July 2024, after failing to receive any deliveries or refunds, Akarsh reportedly visited Acore Industries' site in Sandur and met Swathy, who allegedly promised repayment. A partial amount of Rs 50 lakh was paid in September 2024, but no further funds were received. Akarsh alleged that Shravan, along with his wife Swathy, Uma Maheshwar Reddy, full-time director of Acore Industries, and Vedamurthy, colluded to defraud his company. After arresting Shravan, the police produced him before the Nampally court, which sent him to judicial remand for 14 days.
Time of India
13-05-2025
- Business
- Time of India
Tapping case accused Shravan arrested in Rs 6.5 cr iron ore trading fraud case
Hyderabad: Central Crime Station (CCS) investigators have arrested phone tapping case accused A Shravan Rao in a Rs 6.5 crore alleged cheating case registered against the businessman and three others, including his wife, a complaint, A Akarsh Krishna, director of city-based Akhand Infratech India Private Ltd, alleged that Shravan and his associates defrauded the company of over Rs 6.58 crore under the guise of an iron ore trading deal. They orchestrated a sophisticated fraud involving false representations and unauthorised transactions, the complainant on Krishna's complaint, CCS police had registered a case on April 25 under Sections 316(5) ( criminal breach of trust by banker, merchant, or agent), 318(4) (cheating and dishonestly inducing delivery of property), and 3(5) (common intention) of the Bharatiya Nyaya Sanhita (BNS) against Shravan, his wife A Swathy Rao, business associate KB Vedamurthy, and Acore Industries' whole-time director Uma Maheshwar Reddy, who were named as a notice was issued by the CCS police, asking Shravan to appear before the investigating officer (IO) for questioning. When he appeared before the IO on Tuesday, police confronted him with evidence given by the complainant, including WhatsApp chats and email correspondence. "After the questioning, Shravan was arrested and produced in a local court. He was sent to 14-day remand," a senior police officer alleged fraud began in June 2022 when Shravan, as director of Inrhythm Energy Private Ltd, approached Akhand Infratech, claiming he took over Acore Industries Private Ltd, based in Sandur, Karnataka. He reportedly proposed a deal in which Akhand Infratech would make payments to Acore Industries for iron ore, Krishna Infratech had transferred Rs 6.58 crore to Acore Industries' bank account between Nov 2022 and Dec 2023. However, the complainant stated that no direct invoices were received from Acore Industries. All communications, including business terms and confirmations, came only through Shravan's office, he alleged fraud came to light in Dec 2023 when the expected iron ore deliveries, valued at Rs 7.08 crore, failed to materialise. Krishna claimed that after failed attempts to resolve the matter, Shravan fled abroad. Despite follow-ups with Shravan's wife and Vedamurthy, the company only recovered Rs 50 lakh in Sept 2024.
Time of India
03-05-2025
- Business
- Time of India
Phone tapping case accused Shravan named in Rs 6.5 cr fraud case
Hyderabad: A Shravan Kumar Rao , previously linked to the illegal phone tapping case , has now been named the prime accused in a criminal breach of trust case registered recently at the Hyderabad central crime station. In a complaint, A Akarsh Krishna, director of Hyderabad-based Akhand Infratech India Private Ltd, alleged that Shravan and his associates defrauded the company of over ₹6.58 crore under the pretence of an iron ore trading deal by orchestrating a sophisticated fraud involving false representations and unauthorised transactions. Based on Krishna's complaint, CCS registered a case on April 25 under sections 316(5) (criminal breach of trust by banker, merchant, or agent), 318(4) (cheating and dishonestly inducing delivery of property), and 3(5) (common intention) of the Bharatiya Nyaya Sanhita. Apart from Shravan, his wife A Swathy Rao, business associate KB Vedamurthy, and Acore Industries' whole-time director Uma Maheshwar Reddy were named as co-accused. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like How can a 3-month-old get cancer? Please help! Give Hope India Donate Now Undo According to the complainant, the alleged fraud began in June 2022 when Shravan, as director of Inrhythm Energy Private Ltd, approached Akhand Infratech, claiming he had taken over Acore Industries Private Ltd, based in Sandur, Karnataka. He reportedly proposed a deal in which Akhand Infratech would make payments to Acore Industries for iron ore, with a promised profit of ₹300 per tonne. Between Nov 2022 and Dec 2023, Akhand Infratech transferred several payments totalling ₹6.58 crore to Acore Industries' bank account. However, the complainant stated that no direct invoices were received from Acore Industries. All communications, including business terms and confirmations, came only through Shravan's office, he claimed. The alleged fraud came to light in Dec 2023 when the expected iron ore deliveries, valued at ₹7.08 crore, failed to materialise. Krishna claimed that after failed attempts to resolve the matter, Shravan fled abroad. Despite follow-ups with Shravan's wife, and Vedamurthy, the company only recovered ₹50 lakh in Sept 2024. Krishna also submitted WhatsApp chats and email correspondence as supporting evidence. He alleged the fraud was part of a coordinated scheme to mislead his company and misappropriate funds under the guise of legitimate business. When contacted, CCS deputy commissioner of police N Swetha said, "The case is under investigation, and we cannot comment further at this stage."
