Victim Is a US-Based Tech Professional; Forged Documents Used to Pitch Fake Ventures
The Hyderabad Central Crime Station (CCS) has registered a criminal case against retired IAS officer Ponnekanti Dayachari, who stands accused of cheating a US-based Non-Resident Indian (NRI) of ₹4.3 crore by luring him into fraudulent business ventures.
The complaint was lodged by Kommineni Kalyana, 59, a resident of Union Avenue, Upper Saddle River, New Jersey, who is currently in Hyderabad.
Allegations and Modus Operandi
According to the police, Kalyana was introduced to Dayachari through mutual acquaintances in Guntur, where the retired official had earlier served in the Tobacco Board. In February 2015, Dayachari approached Kalyana in the United States, presenting a series of proposed business ventures, including:
Establishment of a hospital named “Kugler” in Guntur
Sand supply contracts linked to a Singapore-based company
A long-term LPG supply agreement with Indian Oil Corporation (IOCL)
To support these proposals, Dayachari allegedly provided forged documents and misleading assurances, leveraging his bureaucratic background to gain Kalyana’s trust.
Convinced by Dayachari’s credentials, Kalyana wired $500,000 (approx. ₹4.3 crore) from his Bank of America account to APIND Financial Services Pvt. Ltd., a company registered in India. Investigations later revealed that the company’s registered address in Jubilee Hills, Hyderabad, was actually Dayachari’s personal residence.
Discovery of Fraud
Following the fund transfer, Dayachari reportedly ceased all communication. Growing suspicious, Kalyana traveled to India to investigate. His inquiries uncovered a disturbing pattern: the retired officer had allegedly collected large sums from multiple individuals, falsely promising high returns from fake investment opportunities.
Further, income tax records reportedly indicate that the defrauded money was used to purchase immovable properties in Guntur and other locations.
When Kalyana contacted IOCL to verify the purported LPG deal, company officials confirmed that the purchase order was fake, and no agreement or business transaction existed with Dayachari or his firm.
Legal Action Initiated
The CCS police have registered a case against Ponnekanti Dayachari and APIND Financial Services Pvt. Ltd. under multiple charges, including:
Cheating
Forgery
Criminal breach of trust
The investigation is ongoing, and further action is expected as authorities look into other potential victims of the alleged scam.
