Retired IAS Officer Dayachari Ponnekanti and APIND Financial Services Booked in Fresh $540,000 Cheating Case
Fresh Case Registered Against Retired Bureaucrat
Hyderabad’s Central Crime Station (CCS) has registered a new cheating case against retired IAS officer Dayachari Ponnekanti and APIND Financial Services Pvt Ltd. The duo is accused of defrauding a US-based software entrepreneur of $540,000 (approximately ₹3.16 crore) in a purported sea sand export project to Singapore. The case was filed on February 18 under Section 420 (cheating) of the Indian Penal Code.
Allegations by the Complainant
The complaint was lodged by Vikramaditya Boppudi, CEO of Prime Solutions Inc., Washington DC. He alleged that Ponnekanti presented official-looking documents bearing government emblems and convinced him to invest in what was described as a “turn-key, government-cleared” venture back in 2012.
Promises Made, Money Transferred, but No Returns
According to Vikramaditya, he transferred funds to multiple accounts in Hyderabad, Singapore, the US, and Thailand, after being promised a 16.67% stake in the joint venture. Despite repeated follow-ups and email acknowledgements from Ponnekanti in 2013, no share certificates or refunds were ever issued.
The complainant further stated that a memorandum of understanding signed in September 2024 promised a settlement of ₹8 crore through the sale of land in Patancheru, but this too never materialized.
Previous Cases and Ongoing Investigation
CCS officials confirmed that Ponnekanti is already facing a similar cheating case filed in 2025 by another NRI investor, Kommineni Kalyana, which remains under investigation. Authorities are now collecting evidence in the latest case as repeated allegations continue to surface against the retired bureaucrat and his company.
