Hyderabad: A city-based private company’s managing director has lodged a complaint with police alleging that three of his colleagues collected 1 crore from clients and misappropriated the amount by not depositing it in the company’s bank account. The complainant also alleged that the accused floated another company, mimicking the name of their parent company, to dupe the clients. The company is involved in developing and managing farmlands and farming operations.
In his complaint to the Madhapur police, B Balakrishna, managing director of a private firm with its office near Cyber Towers in Madhapur, alleged that three of his colleagues — director V Ramulu, field staff V Sateesh and M Vinod Kumar — floated a new company in violation of employment rules.
“In Jan 2025, the three accused, while still holding positions within our company, conspired and collected about 1 crore from the public and other field agents in the name of our company. They failed to deposit the collected funds into the company’s accounts, thereby misappropriating the money,” he alleged.
Subsequent investigation from the company also revealed that the accused launched a competing entity deceptively using the initials of their parent company and falsely announced the opening of its branch in Rajahmundry on Feb 15, 2025. “There is no registration or identification number for the new company. The accused violated their fiduciary duties and contractual obligations by setting up a rival business, while still being active employees in our company. They used their roles to collect money from the public under false pretences, amounting to fraud, breach of trust, and misappropriation of company and public funds. Please initiate appropriate legal action against them,” the complainant alleged.
Based on the complaint, the Madhapur police have registered a case under Sections 316(5) (Criminal breach of trust by public servant, or by banker, merchant or agent), 318(4) (cheating and dishonestly inducing delivery of property), r/w 3(5) (common intention) of the BNS on Friday. “We will verify the allegations and, based on the evidence available, proceed with further probe,” Madhapur sub-inspector (SI) K Balaram said.
