Hyderabad: The Hyderabad Central Crime Station (CCS) has registered a criminal case against retired Indian Administrative Service (IAS) officer Ponnekanti Dayachari for allegedly defrauding a United States-based IT professional of ₹4.3 crore under the guise of investment in multiple business ventures.
The complaint was filed by Kommineni Kalyana, 59, a resident of Union Avenue, Upper Saddle River, New Jersey, who is currently in Hyderabad. According to police, Kalyana was introduced to Dayachari through mutual contacts in Guntur, where the retired bureaucrat previously served in the Tobacco Board.
In his complaint, Kalyana stated that in February 2015, Dayachari approached him in the US, proposing joint ventures, including the setting up of a hospital named “Kugler” in Guntur. He later pitched opportunities in sand supply contracts with a Singapore-based company and a long-term LPG supply deal with Indian Oil Corporation (IOCL) – backing his proposals with what turned out to be forged documents.
Deceived by Dayachari’s apparent credibility as a former civil servant, Kalyana transferred $500,000 (approx. ₹4.3 crore) via wire from his Bank of America account to APIND Financial Services Pvt Ltd, a company registered in India. The company’s listed address in Jubilee Hills, Hyderabad, was later found to be Dayachari’s residential property.
Since receiving the funds, Dayachari allegedly avoided further communication, prompting Kalyana to travel to India for verification. His inquiry revealed that the retired officer had been collecting large sums from multiple individuals under false pretenses of business investments and lucrative returns. Income-tax documents also reportedly show that the money was diverted into purchasing immovable properties in Guntur and other locations.
When Kalyana approached IOCL to verify the LPG contract, officials confirmed that the purchase order issued in their name was fake, and the corporation had no such dealings with Dayachari or his firm.
The CCS police have now registered a case against Dayachari and APIND Financial Services Pvt Ltd for cheating, forgery, and criminal breach of trust.
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