HYDERABAD: The Economic Offences Wing of the Cyberabad police has registered a case against businessman and BJP leader Gajjala Yoganand for allegedly defrauding a Non-Resident Indian (NRI) to the tune of Rs 24.53 crore under the pretext of business investments and partnerships.
The complainant, Pavan Kumar Nallamala (54), stated that he had known Yoganand, who operates Manjeera Hotels and Resorts, since 2014 through business interactions. During a visit to India in 2019, Yoganand allegedly induced Nallamala to invest in his commercial ventures, promising substantial returns and representing his companies as highly reputed entities.
Believing the representations, Nallamala invested Rs 24.53 crore in phases between 2019 and 2024. However, despite repeated requests, Yoganand failed to transfer the corresponding shares to the investor’s name. Following continuous persuasion, Yoganand executed a Memorandum of Understanding (MoU) in November 2024, acknowledging the receipt of funds and promising to complete the share transfer and partnership registration formalities with the Registrar of Companies (RoC).
Relying on the assurance, Nallamala returned to the USA. When he followed up via WhatsApp, the accused allegedly dodged the queries and later falsely claimed that the registration formalities had been completed.
The fraud came to light when Nallamala returned to India in December 2025. Yoganand avoided meeting him, and subsequent verifications revealed that no shares had been transferred or de-pledged.