Kalaniketan Textiles MD held for fraud

Kalaniketan Textiles MD held for fraud
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Highlights

City police on Wednesday arrested the Managing Director of Kalaniketan Textiles and Jewels Private Limited, Vemuluri Leela Kumar on charges of breach of trust, cheating and misappropriation.

Hyderabad: City police on Wednesday arrested the Managing Director of Kalaniketan Textiles and Jewels Private Limited, Vemuluri Leela Kumar on charges of breach of trust, cheating and misappropriation.

According to the police, Leela Kumar, along with V Laxmi Sarada, had induced the complainant J Venkateshwara Ravi Prasad into mortgaging his property as collateral security for obtaining business loan of Rs 98 crore for expansion.

They made an agreement with the complainant offering three percent commission on the net profit of the business.

Believing the offer to be true, Ravi Prasad mortgaged his ancestral property worth Rs 35 crore situated in Kurnool as collateral security with Cosmos Bank in Hyderabad.

However, after availing a loan of Rs 60 crore, the accused did not run the business. Instead, they sold the stock worth Rs 68 crore to his brothers V Rajendra Kumar, V Nagabhushana and V Anand Kumar without the knowledge of the complainant causing loss to him, police said.

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