HYDERABAD: The Isha Life Yoga Studio in Hyderabad was allegedly cheated of Rs 24,83,342 by a former employee, Sai Srinath, who worked at the centre between August 2020 and May 2022.
The misappropriation came to light during an internal audit, after which the foundation confronted him. Srinath reportedly admitted to the wrongdoing and promised to repay the amount.
He initially issued three post-dated cheques, all of which bounced due to insufficient funds and signature mismatch. Isha Foundation then filed a petition in the Nampally court.
Following this, Srinath’s father, T Venkata Surya Prakash, issued two more post-dated cheques, which also bounced. The foundation subsequently filed a complaint with the Jubilee Hills police.
According to the complaint, Srinath was responsible for collecting cash from the boutique and showroom counters and depositing it into the organisation’s bank account. Instead, he allegedly misappropriated the funds.
Despite approaching the police initially, no case was registered. After a court order, the Jubilee Hills police registered a case under Sections 316(5) and 318(4) of the Bharatiya Nyaya Sanhita (BNS).
The organisation had earlier filed two complaints under the Negotiable Instruments Act in the Nampally court, both of which are pending. After receiving the summons in the second case, Srinath’s father reportedly requested the foundation to withdraw the cases, promising repayment. Trusting his assurance, the foundation refrained from initiating proceedings under Section 420 IPC at the time.
However, the complaint now alleges that Prakash knowingly issued cheques without sufficient balance, intending to cheat the organisation. Police have registered a case and are investigating.