Hyderabad: NRI says his business partner cheated him of Rs 42 crore
P. Venumadhav was working as a software engineer in the US for around 20 years.
Hyderabad: An NRI techie has alleged that he was cheated by his partner of Rs 42 crore. P. Venumadhav said that he had floated a company and had given the power of attorney to one Shantan Kumar as he was working in the United States. Shantan Kumar is now heading a top school in the city.
Venumadhav claimed that in his absence Shantan forged documents and transferred all assets to his name. Venumadhav alleged that despite registering a case against his manager and other employees, there is no progress, as the accused are being supported by top politicians.
P. Venumadhav, hailing from Musheerabad, was working as a software engineer in the US for around 20 years. In 2005, he came to India and floated a software firm named Materials Software Systems at Basheerbagh.
When he went back to the US, he appointed his relative’s friend K. Shantan Kumar, as manager and gave him power of attorney over the firm and all assets in Hyderabad. Venumadhav said Shantan forged documents and claimed even his insurance.
“There are cases pending against him in five police stations and he was arrested but due to his political influence and the police there is no progress,” Venumadhav said.
Venumadhav stated that in his absence, Shantan stole the gold jewellery and pension of his 75-year-old mother. "Recently he started filing cases against me and has now started threatening me. My life's in danger as he is trying to kill me,” added Venumadhav.