Ex-CFO of Ramky group held for fraud

HYDERABAD: Punjagutta police have picked up a former chief financial officer of Ramky Infrastructure Ltd for allegedly misappropriating the firm's money. According to DCP, West Zone, V Satyanarayana, S Vijaya Rami Reddy, former chief financial officer of the Ramky Infrastructure Pvt Ltd, was picked up for a financial fraud. On July 1, Shiva Kumar, administrative officer of Ramky Infrastructure Pvt Ltd, lodged a complaint with the Punjagutta police alleging that Vijaya Rami Reddy, who was associated with them till six months ago, had siphoned off Rs 23 lakh. Vijaya Rami Reddy is a cousin of Ramky Group chairman A Ayodhya Rami Reddy. "According to the complainant, Vijaya Rami Reddy had transferred Rs 23 lakh to the accounts of his wife and other kin illegally. The complainant also alleged that in the past Vijaya Rami Reddy had silenced several subordinates, who came to know about the fraud, by saying that he will make a false complaint against them to the chairman," the DCP said.Based on the complaint, Punjagutta police have registered a case under sections 420 (cheating), 406 (misappropriation) and 506 (criminal intimidation) of the IPC. On Sunday, police picked up the Vijaya Rami Reddy from his house in the city for questioning."We are interrogating him. Based on the outcome of the interrogation and available evidence, appropriate legal action will follow," the DCP said.