Managing Director, directors of firm booked for cheating in Hyderabad

Madhapur police registered criminal cases against Celkon Impex Private Limited Managing Director (MD) and its directors for allegedly cheating one of the directors of the company

Published: 02nd January 2018 02:21 AM  |   Last Updated: 02nd January 2018 08:03 AM   |  A+A-

By Express News Service

HYDERABAD: Madhapur police registered criminal cases against Celkon Impex Private Limited Managing Director (MD) and its directors for allegedly cheating one of the directors of the company and threatening him with dire consequences. According to police, Y Swapna Kumar, director of Celkon Impex Private Limited, lodged a complaint with police stating that Y Guruswamy Naidu, MD of Celkon Impex Pvt Ltd, directors K Krishna Pavan, Retineni Murali Krishna and K Radha Krishna duped the complainant of `15 crore. All the decisions of the company were collectively taken by Guruswamy Naidu and the three other directors.

The accused hatched a plan to ensure the complainant’s resignation and sell his stake to the MD. Following the incident, Guruswamy Naidu and the other three Directors conned, cheated and played fraud by projecting fake financial statements and cheated the complainant for more than `15 crore. They have also cheated the few banks as on date as per the company master data.

When the complainant questioned the accused illegal activities the directors, they threatened the complainant wi th dire consequences. Based on complaint, police registered cases under section 406 (Punishment for criminal breach of trust), 420 (cheating), 468 (Forgery for purpose of cheating), 471 (Using as genuine a forged), 506 (Punishment for criminal intimidation) and 120 (b) (Punishment of criminal conspiracy) of IPC.

Meanwhile, Celkon Impex management has denied allegations made by Swapna. In a release, the management said Swapna Kumar had 10 per cent share in Celkon Impex company and he withdrew his shares in 2015 and tendered resignation as director. “Swapna Kumar made allegations against Celkon Imprex deliberately three years after he came out from company. He is director in BigC and indulged in a fraud.’’ ‘‘One of the directors of BigC Krishna Pavan also lodged a complaint against him and case is registered in Madhapur police and another in Nellore II town,’’ the management said.

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