Ex-bureaucrat allegedly lured US-based investor into fake hospital, sand and LPG deals
Retired Indian Administrative Service (IAS) officer Dayachari Ponnekanti has been booked by the Hyderabad Central Crime Station (CCS) for allegedly duping a New Jersey-based NRI, Kommineni Kalyana, of ₹4.3 crore through fraudulent business proposals, reported siasat.com.
Accused officer used fake documents and promises to secure investment; probe reveals misuse of funds in real estate.
According to the complaint, Kalyana, 59, met Ponnekanti through mutual contacts while the latter was serving at the Tobacco Board in Guntur.
In February 2015, Ponnekanti visited the US and persuaded the NRI to invest in a hospital project named “Kugler” in Guntur. The following month, he also promised lucrative returns from a sand supply contract with a Singapore firm and a long-term LPG deal with Indian Oil Corporation (IOCL).
Kalyana, trusting Ponnekanti’s civil service background, transferred around ₹4.3 crore to APIND Financial Services Pvt. Ltd., a company later found to be operating from Ponnekanti’s own residence in Jubilee Hills, Hyderabad
Upon travelling to India after months of no updates, the NRI found no progress on the ventures and learned that Ponnekanti had been soliciting funds from multiple individuals under similar pretexts. Investigations revealed that the ex-IAS officer had diverted the funds into immovable property acquisitions in Guntur and other areas.
Further scrutiny into the IOCL deal confirmed the alleged fraud, with no records of any business agreement. The purchase order shown to Kalyana was forged, cementing suspicions of a systematic scam.
A case has now been registered against Ponnekanti and APIND Financial Services under sections related to cheating and criminal breach of trust. Authorities are continuing the investigation to identify other potential victims and recover assets acquired through fraudulent means.
