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MAHA JUICY MD Harish ...arrested
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THE HINDU NEWS
Two persons held in corporate fraud case
The police on Wednesday arrested two persons in connection with a corporate fraud case involving the alleged misuse of more than Rs. 3.5 crore.
The arrested men, Harish Amilineni and Sanjay Sharma, managing director and chief executive officer, respectively, of M/s Teleonto Technologies Private Limited, were accused of misusing the company funds for personal gains.
They approached the CEO of Corpus Software Private Limited, Sachendra Tummala, luring him to invest Rs. 8.55 crore towards equity in their company and extend a loan to clear their debts, the CID officials said in a release.
However, Harish and Sanjay allegedly withdrew Rs. 1.86 crore each from the company's account fraudulently and diverted the funds to two other companies. While one of the companies was owned by Sanjay, the other belonged to the family members of Harish.
Investigation revealed that the two companies were formed as part of their plan to misuse the company funds.
They lure CEO of an IT firm to invest Rs. 8.5 crore towards equity in their company
Email the Editor
Two persons held in corporate fraud case
The police on Wednesday arrested two persons in connection with a corporate fraud case involving the alleged misuse of more than Rs. 3.5 crore.
The arrested men, Harish Amilineni and Sanjay Sharma, managing director and chief executive officer, respectively, of M/s Teleonto Technologies Private Limited, were accused of misusing the company funds for personal gains.
They approached the CEO of Corpus Software Private Limited, Sachendra Tummala, luring him to invest Rs. 8.55 crore towards equity in their company and extend a loan to clear their debts, the CID officials said in a release.
However, Harish and Sanjay allegedly withdrew Rs. 1.86 crore each from the company's account fraudulently and diverted the funds to two other companies. While one of the companies was owned by Sanjay, the other belonged to the family members of Harish.
Investigation revealed that the two companies were formed as part of their plan to misuse the company funds.
They lure CEO of an IT firm to invest Rs. 8.5 crore towards equity in their company
Email the Editor
Software firm MD(Harish Amilineni) held for cheating
Hyderabad: The Crime Investigation Department (CID) on Wednesday arrested the Managing Director of Teleonto Technologies Private Limited, Harish Amilineni, on charges of cheating investors.
According to a release issued by the CID, Harish, in connivance with the CEO of the company Sanjay Sharma has cheated Sachendra Tummala, CEO of Corpus Software Private Limited, to the tune of Rs 8.55 crore.
The release said Harish and Sanjay have floated the company in 2005 with its office at Nanakramguda in Gachibowli and lured several investors to invest in the company.
In a similar fashion, they lured Mr Sachendra to invest Rs 8.55 crore in the form equity and loan to the company to clear the outstanding debts and to develop its business.
However, the duo diverted the funds for personal gains without the consent or knowledge of the investor. Each of them have withdrawn an amount of Rs 1, 86, 55, 992 from the company’s account and diverted to Biz Service Consulting, owned by Sanjay and Zensar Services, owned by the family members of Harish.
It has also come to light during investigation that the two firms were opened immediately after Sachendra invested the money, which clearly shows the criminal intention of the fraudsters, the release said.
Investigation has also revealed that the accused transferred huge funds into the personal accounts and accounts of fictitious companies started by the family members of Sanjay and Harish.
When the money was exhausted, the two fraudsters have pressurised the investor to invest more and threatened him with legal consequences thereby compelling him to quit or sell his shares.
Hyderabad: The Crime Investigation Department (CID) on Wednesday arrested the Managing Director of Teleonto Technologies Private Limited, Harish Amilineni, on charges of cheating investors.
According to a release issued by the CID, Harish, in connivance with the CEO of the company Sanjay Sharma has cheated Sachendra Tummala, CEO of Corpus Software Private Limited, to the tune of Rs 8.55 crore.
The release said Harish and Sanjay have floated the company in 2005 with its office at Nanakramguda in Gachibowli and lured several investors to invest in the company.
In a similar fashion, they lured Mr Sachendra to invest Rs 8.55 crore in the form equity and loan to the company to clear the outstanding debts and to develop its business.
However, the duo diverted the funds for personal gains without the consent or knowledge of the investor. Each of them have withdrawn an amount of Rs 1, 86, 55, 992 from the company’s account and diverted to Biz Service Consulting, owned by Sanjay and Zensar Services, owned by the family members of Harish.
It has also come to light during investigation that the two firms were opened immediately after Sachendra invested the money, which clearly shows the criminal intention of the fraudsters, the release said.
Investigation has also revealed that the accused transferred huge funds into the personal accounts and accounts of fictitious companies started by the family members of Sanjay and Harish.
When the money was exhausted, the two fraudsters have pressurised the investor to invest more and threatened him with legal consequences thereby compelling him to quit or sell his shares.
THE TIMES OF INDIA NEWS
Tech firm MD arrested for duping investor
TNN Oct 20, 2011, 02.23AM IST
Tags:Teleonto Technologies|Investigation|CID
HYDERABAD: Crime Investigation Department (CID) sleuths on Wednesday arrested Teleonto Technologies managing director for a corporate fraud, siphoning off Rs 1.86 crore belonging to an investor of the company.
CID officials said Harish Amilineni, managing director of Teleonto Technologies, was arrested while Teleonto CEO Sanjay Sharma was absconding. The Teleonto management, which functions from Flagstone Towers, Nanakramguda, approached CEO of Corpus Software Pvt. Ltd Sachendra Tummala and lured him to invest Rs 8.55 crore in Teleonto in the form of equity and loan.
"During the investigation, it came to light that culprits used funds for their personal gains rather than for the purpose of the company's business activities, without the knowledge or consent of Sachendra Tummala, '' additional director-general SV Ramana Murthy said in an official release issued here on Wednesday.
Police said that after the money was exhausted, the duo started demanding and intimidating Sachendra to investment more money. The money was first siphoned off to bank accounts of Biz Service Consulting and Zensar Services belonging to family members of the two.
`` The two firms were formed immediately after they hatched a conspiracy. It shows the criminal intention of the duo to siphon off the investments in Teleonto Technologies.
Investigation has also revealed that the two transferred huge funds into personal accounts and accounts of fictitious companies started by their family members, '' the CID officer said.
Tech firm MD arrested for duping investor
TNN Oct 20, 2011, 02.23AM IST
Tags:Teleonto Technologies|Investigation|CID
HYDERABAD: Crime Investigation Department (CID) sleuths on Wednesday arrested Teleonto Technologies managing director for a corporate fraud, siphoning off Rs 1.86 crore belonging to an investor of the company.
CID officials said Harish Amilineni, managing director of Teleonto Technologies, was arrested while Teleonto CEO Sanjay Sharma was absconding. The Teleonto management, which functions from Flagstone Towers, Nanakramguda, approached CEO of Corpus Software Pvt. Ltd Sachendra Tummala and lured him to invest Rs 8.55 crore in Teleonto in the form of equity and loan.
"During the investigation, it came to light that culprits used funds for their personal gains rather than for the purpose of the company's business activities, without the knowledge or consent of Sachendra Tummala, '' additional director-general SV Ramana Murthy said in an official release issued here on Wednesday.
Police said that after the money was exhausted, the duo started demanding and intimidating Sachendra to investment more money. The money was first siphoned off to bank accounts of Biz Service Consulting and Zensar Services belonging to family members of the two.
`` The two firms were formed immediately after they hatched a conspiracy. It shows the criminal intention of the duo to siphon off the investments in Teleonto Technologies.
Investigation has also revealed that the two transferred huge funds into personal accounts and accounts of fictitious companies started by their family members, '' the CID officer said.
NEW KERALA.COM
IT Co MD, CEO held for fraud
Hyderabad, Oct 19 : Andhra Pradesh CID sleuths have arrested the Managing Director and CEO of an IT Company for luring investors and siphoning off money for personal use.
Police said here today Harish Amilineni, Managing Director of Teleonto Technologies (P) Ltd and CEO Sanjay Sharma were arrested in the case of corporate fraud.
The accused approached Sachendra Tummala, CEO of Corpus Software Pvt Ltd, and lured him to invest approximately Rs 8.55 crore in form of equity and loan to the company to clear the outstanding debts and to develop its business.
During the investigation it was found the accused used the funds for personal gain without the knowledge or consent of the investor.
When the money was exhausted, the investor was put to pressure to invest more and threatened him with legal consequences thereby compelling him to quit or sell his shares.
Sanjay Sharma and Harish Amilineni withdrew Rs 1, 86, 55, 992 each from the company's account and diverted it to firms belonging to them.
Investigation revealed the accused transferred huge funds into the personal accounts and accounts of fictitious companies started by the family members of the duo.
The duo were produced before a magistrate. The police were on the look out for other absconding accused in the case.
--UNI
IT Co MD, CEO held for fraud
Hyderabad, Oct 19 : Andhra Pradesh CID sleuths have arrested the Managing Director and CEO of an IT Company for luring investors and siphoning off money for personal use.
Police said here today Harish Amilineni, Managing Director of Teleonto Technologies (P) Ltd and CEO Sanjay Sharma were arrested in the case of corporate fraud.
The accused approached Sachendra Tummala, CEO of Corpus Software Pvt Ltd, and lured him to invest approximately Rs 8.55 crore in form of equity and loan to the company to clear the outstanding debts and to develop its business.
During the investigation it was found the accused used the funds for personal gain without the knowledge or consent of the investor.
When the money was exhausted, the investor was put to pressure to invest more and threatened him with legal consequences thereby compelling him to quit or sell his shares.
Sanjay Sharma and Harish Amilineni withdrew Rs 1, 86, 55, 992 each from the company's account and diverted it to firms belonging to them.
Investigation revealed the accused transferred huge funds into the personal accounts and accounts of fictitious companies started by the family members of the duo.
The duo were produced before a magistrate. The police were on the look out for other absconding accused in the case.
--UNI
IT Co MD, CEO held for fraud
By sudha on Oct 22, 2011 with Comments
Hyderabad, October 19: Andhra Pradesh CID officials call investors and siphoning funds for personal use and for the managing director and CEO of an IT company have been arrested.
Police here today, Managing Director Harish Amilineni Teleonto Technologies (P) Ltd. and CEO Sanjay Sharma was arrested in the case of corporate fraud said.
Accused Sachendra Tummala, Corpus Software Pvt Ltd CEO, approached and lured him around Rs 8.55 crore to the company as equity and debt to clear outstanding loans and investments to develop our business.
Accused was found during the investigation without the investor’s knowledge or consent to use the money for personal gain.
When the money was exhausted, investors had been pressing for more investment and making it legal to sell their shares forced him to leave or threatened with the result.
Sanjay Sharma and Harish Amilineni 18, 655, 992 rupees each of the company have withdrawn from the account and it is diverted to companies related to them.
Investigation initiated by family members of both individual accounts and front companies, money transfer giant discovered in the accounts of the accused.
Both were produced before a magistrate. Police were on the look out for other absconding accused in the case.
UNI -
By sudha on Oct 22, 2011 with Comments
Hyderabad, October 19: Andhra Pradesh CID officials call investors and siphoning funds for personal use and for the managing director and CEO of an IT company have been arrested.
Police here today, Managing Director Harish Amilineni Teleonto Technologies (P) Ltd. and CEO Sanjay Sharma was arrested in the case of corporate fraud said.
Accused Sachendra Tummala, Corpus Software Pvt Ltd CEO, approached and lured him around Rs 8.55 crore to the company as equity and debt to clear outstanding loans and investments to develop our business.
Accused was found during the investigation without the investor’s knowledge or consent to use the money for personal gain.
When the money was exhausted, investors had been pressing for more investment and making it legal to sell their shares forced him to leave or threatened with the result.
Sanjay Sharma and Harish Amilineni 18, 655, 992 rupees each of the company have withdrawn from the account and it is diverted to companies related to them.
Investigation initiated by family members of both individual accounts and front companies, money transfer giant discovered in the accounts of the accused.
Both were produced before a magistrate. Police were on the look out for other absconding accused in the case.
UNI -
The case of Teleonto reported twice in these columns makes curious reading. It is not difficult to imagine a businessman twisting facts to his benefit but by no stretch of imagination one can believe the story that MD of a Hyderabad based IT company invested Rs. 8.5 crore without evaluating Teleonto (or abetting it – not clear) and that he was taken for a ride. It is reported that the CEO and MD have siphoned off Rs. 1.86 crore each to their personal accounts. Where is the balance Rs. 4.7 crore? And the investor was threatened with legal action (taking legal action is punishable as per DGP) if he does not invest more! This looks like a fairy tale. That an officer of the rank of Additional DGP- CID has shown keen interest is also worth noting. Clearly there must be lot o[censored]ntold story behind this case.
The untold story is these guys are serial white collar offenders..the earlier investors when asked questions reg their investment which was more than 15cr they were not only given bad picture about the company but they were forced to sell the company just for 1 rupee threatening jail terms, US passport seizing so on. On the other hand they were painting a rosy picture to the new investor and made him believe that the company has got booked orders and old investors don't have money and hence exiting...even technical and business due diligience was pushed back in the name of friendship and u know me and i know u type... in the actual DD it was learnt that there is no booked revenue, no customers, no right product and CEO and MD happily spent all the money for themselves and their personal vacations...out of 8.85Cr around 6.5Cr was taken by the MD and CEO themselves using fictitious companies, cash withdrawals, personal expenses, 5 start hotels, business class tickets and family com maid vacations..rest of them spent on employees...they are still roaming freely with no issues and their business is as usual...sufferers are US venture company which believed and invested 15cr in them, TDB a govt agency given them 5Cr and new invester who gave 8.85cr..a total of close to 30Cr with almost zero investment from their pockets...this is the untold story...
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