Former IAS officer from Telangana in dock for cheating US-based techie

Hyderabad: A fresh case of cheating has been registered against former Indian Administrative Service officer Dayachari Ponnekanti for allegedly duping a United States-based software entrepreneur of half a million US dollars, in the name of a purported sea sand mining venture in Indonesia.The Hyderabad Central Crime Station (CCS) registered the case under Section 420 (cheating) of the Indian Penal Code against APIND Financial Services Pvt Ltd and Dayachari Ponnekanti on Feb 18, based on a complaint by Vikramaditya Boppudi, 57, chief executive officer of Prime Solutions Inc in Washington DC.
In his complaint, Vikramaditya accused Dayachari, who worked as chairman of Tobacco Board and the Director General of MRHRD, of inducing him in 2012 to invest in what they claimed was a "turn-key, govt-cleared" export project supposed to supply marine sand to Singapore.According to the complainant, the retired bureaucrat presented an official-looking documents bearing Govt of India emblems during meetings held at his Jubilee Hills office and insisted that half a million dollars be transferred immediately to accounts in Hyderabad, Singapore, the United States and Thailand. Vikramaditya told police that he transferred $540,000, equivalent to about 3.16 crore in 2012, after being promised a 16.67% stake in a proposed joint venture.The complainant told police that Dayachari acknowledged receipt of the money in Nov 2013 through emails and repeatedly assured to issue share certificates. "However, despite personal visits to Hyderabad, follow-up mails and multiple memoranda of understanding, the latest executed in Sept 2024 promising 8 crore settlement by selling land in Patancheru, no shares or refunds materialised," Vikramaditya alleged, while also mentioning about another similar cheating case registered by the CCS on the complaint of the NRI investor in 2025 against Dayachari.CCS police said a previous case in which the complainant stated that he was duped of half a million US dollars in 2015 was currently under investigation, and evidence was being collected in the present case.