Cyberabad EOW Books Nature Born Directors for Fraud
Shareholder alleges forged signatures, fake documents and illegal share transfers
Hyderabad: The Cyberabad economic offences wing (EOW) has registered a case against two directors of Nature Born Projects Private Limited for allegedly forging shareholder signatures and diverting company funds amounting to Rs 39.74 crore. The case was booked following a complaint from one of the shareholders.
According to an official from the EOW, Nature Born Projects was incorporated in 2014 by founding director Pavan Kumar Reddy along with others. In 2021, Bandi Ram Pradeep Reddy, a resident of Quthbullapur, joined as director with a 33.33-per cent stake. Another person, Sunil, joined the board in 2022, after which all three became equal shareholders and directors of the company.
In September 2024, Nature Born Projects entered into an agreement with Serentica Renewable India Private Limited to execute a 10-gigawatt wind power project across multiple locations in Andhra Pradesh. After discussions, Serentica agreed to release Rs 43.5 crore along with GST towards the project.
The police said that in October 2024, `44.63 crore was transferred into the company’s official bank account as part of the agreement. Soon after the deposit, Pavan Kumar Reddy and “professional director” Ravi Shankar Reddy allegedly transferred Rs 39.74 crore from the company account to the bank accounts of Elecon Trading Company without the approval of the remaining shareholders.
“While the complaint mentions the name of Ravi Shankar Reddy, we are yet to establish his identity and role,” an official told Deccan Chronicle.
While public records showed both Pawan and Ravi as the directors of the company, another official said he may have been removed before the case was reported to the police.
The complainant also alleged that the accused forged signatures of shareholders and created fake and fabricated documents to illegally transfer company shares into their names, with the intention of taking full control of the company and its funds.
Based on the complaint and preliminary material, a case has been registered under relevant sections pertaining to cheating, criminal breach of trust, forgery and criminal conspiracy. The EOW official said the investigation is underway, including examination of bank records, agreements and digital evidence. Further action will be taken accordingly, the official added.