Hyderabad: A Shravan Kumar Rao, previously linked to the illegal phone tapping case, has now been named the prime accused in a criminal breach of trust case registered recently at the Hyderabad central crime station.
In a complaint, A Akarsh Krishna, director of Hyderabad-based Akhand Infratech India Private Ltd, alleged that Shravan and his associates defrauded the company of over ₹6.58 crore under the pretence of an iron ore trading deal by orchestrating a sophisticated fraud involving false representations and unauthorised transactions.
Based on Krishna’s complaint, CCS registered a case on April 25 under sections 316(5) (criminal breach of trust by banker, merchant, or agent), 318(4) (cheating and dishonestly inducing delivery of property), and 3(5) (common intention) of the Bharatiya Nyaya Sanhita.
Apart from Shravan, his wife A Swathy Rao, business associate KB Vedamurthy, and Acore Industries’ whole-time director Uma Maheshwar Reddy were named as co-accused.
According to the complainant, the alleged fraud began in June 2022 when Shravan, as director of Inrhythm Energy Private Ltd, approached Akhand Infratech, claiming he had taken over Acore Industries Private Ltd, based in Sandur, Karnataka. He reportedly proposed a deal in which Akhand Infratech would make payments to Acore Industries for iron ore, with a promised profit of ₹300 per tonne.
Between Nov 2022 and Dec 2023, Akhand Infratech transferred several payments totalling ₹6.58 crore to Acore Industries’ bank account. However, the complainant stated that no direct invoices were received from Acore Industries. All communications, including business terms and confirmations, came only through Shravan’s office, he claimed.
The alleged fraud came to light in Dec 2023 when the expected iron ore deliveries, valued at ₹7.08 crore, failed to materialise. Krishna claimed that after failed attempts to resolve the matter, Shravan fled abroad. Despite follow-ups with Shravan’s wife, and Vedamurthy, the company only recovered ₹50 lakh in Sept 2024.
Krishna also submitted WhatsApp chats and email correspondence as supporting evidence. He alleged the fraud was part of a coordinated scheme to mislead his company and misappropriate funds under the guise of legitimate business.
When contacted, CCS deputy commissioner of police N Swetha said, “The case is under investigation, and we cannot comment further at this stage.”