SIT Books Four Women For Rs 40-crore Forgery
The investigation follows a complaint lodged by Myadam Kartikeya (34), a businessman and resident of Road No. 7, Banjara Hills, on October 8, 2025 against his sisters
Hyderabad: The Special Investigation Team (SIT) of the Central Crime Station (CCS) has booked four women for allegedly cheating their late grandfather by forging documents, mortgaging his property, and obtaining a Rs 40-crore loan by deceiving banks and other beneficiaries.
According to officials of the SIT–CCS Economic Offences Wing (EOW), the case was transferred to the CCS owing to its high monetary value. The investigation follows a complaint lodged by Myadam Kartikeya (34), a businessman and resident of Road No. 7, Banjara Hills, on October 8, 2025 against his sisters.
Police registered a case for forgery, breach of trust, cheating, and unlawful transfer of company shareholdings and property worth Rs 40 crore. The offences have been booked under Sections 405, 406, 417, 420, read with 34 and 120-B of the IPC, and Section 175(3) of the Bharatiya Nagarik Suraksha Sanhita (BNSS) Act.
In his complaint, Kartikeya alleged that his late grandfather Myadam Kishan Rao, who founded Bambino Agro Industries Ltd. in 1982 and several other successful manufacturing businesses, had also established Revathi Tobacco Company Pvt. Ltd. in 1973.
Kartikeya stated that his grandfather was the majority shareholder, holding 98.23 per cent of Revathi Tobacco Company Pvt. Ltd., while the remaining 1.77 percent shares were held by his grandmother Myadam Sugandha Bai. The company’s principal asset is its 184-acre landholding, with a current market value exceeding Rs 120 crore, police said.
After Kishan Rao’s death in 2021, several fraudulent acts were allegedly committed by the accused and others in relation to the companies he founded. The complainant claimed that in 2023, the accused women illegally transferred all the shares held by his grandfather into their own names, violating the terms of the registered will deed left by the deceased.
The accused have been identified as Anuradha Vippala Rao, founder-trustee of M.K. Rao Foundation, Sridevi Kajjam, director, Ghanta Foods Pvt. Ltd, Ananda Devi Logishetty, director, Ghanta Foods Pvt. Ltd, Tulja Bhavani Myadam, director, Ghanta Foods Pvt. Ltd. All four are granddaughters of late Kishan Rao.
According to the complaint, they forged and falsified company records to take over the entire shareholding of Revathi Tobacco Company and subsequently mortgaged the company’s land to raise loans exceeding Rs 40 crore without disclosing the registered will to banks.
The will reportedly stated that the assets were to be distributed among designated family members, and that only 54 acres of land could be sold by Kishan Rao’s wife Sugandha Bai, to Ghanta Foods for factory construction and utilities. There was no clause authorising transfer of shares to the accused.
During the investigation, it was found that the property was never transferred to the legal beneficiaries named in the will. Instead, the accused allegedly violated Registrar of Companies (ROC) norms, took control of the company, and used falsified documents to deceive banks and secure loans.
Officials said the accused acted in a malafide and illegal manner, converting company ownership into their names and cheating both the family and financial institutions. The case is currently being investigated by V. Narsimha Reddy, ACP (EOW Team-I, CCS, DD), and Ramchander Naik, SI (Chair Duty, CCS, DD).
