HYDERABAD: Economic Offences Wing of Cyberabad Commissionerate on Saturday arrested Kumar Srinivas Penumatessa Varma alias Kumar Varma, director of city-based Super Surfaces India Pvt Ltd, who had cheated an NRI businessman to the tune of Rs 7 crore. The accused made the victim invest in his business, but did not give him any returns.
The victim, who owns business in Hyderbad and the USA, joined as an investor in Super Surfaces India Pvt Ltd and invested an amount of Rs 8 crore in two phases during the year 2019. Subsequently, he became one of the directors in the firm.
Kumar Varma in connivance with others tried to remove the victim from the company board, causing a loss to the victim. The victim realised this and approached the NCLT, which ruled in his favour. However, eight new members joined as directors of the firm, at the behest of Kumar Varma in December 2021.
Later, the accused asked the victim to meet in a star hotel in the city for a settlement, but he forcefully drove him in his car to a different location, throttled and extorted him by taking signatures on a paper.
Foul play
Kumar also conspired to oust the victim from the board despite having 45 per cent share. But, the victim approached NCLT and got a relief