Teleonto MD held for Rs 8.55 crore fraud

HYDERABAD: Sleuths of the Crime Investigation Department (CID) on Wednesday arrested Teleonto Technologies Private Limited managing director Harish Amilineni on a charge of committing a fraud to the tune of Rs 8.55 crore recently.However, the key accused, Sanjay Sharma, CEO of the company, is still at large. Additional DGP, CID, SV Ramanamurthy said the accused lured different investors to invest in their company. “With their criminal tactics, the accused approached the complainant Sachendra Tummala, CEO of Corpus Software Pvt. Ltd., I-Labs, Hitech City, and lured him to invest an amount of Rs 8.55 crore in the form of equity and loan to the company to clear its outstanding debts and development of business,” he said.During investigation, it was disclosed that the accused used the funds for their personal gains rather than for the purpose of the company business activities, without the knowledge or consent of the investor.When the money got exhausted, the investor was pressurised to invest more and threatened him with legal consequences thereby compelling him to quit or sell his shares, Ramanamurthy said. Investigation further revealed that the accused transferred huge funds into their personal accounts and accounts of fictitious companies started by the family members of Sanjay Sharma and Harish. The CID chief said in pursuance of the criminal conspiracy, Sanjay Sharma and Harish withdrew `1.86 crore each from the company’s account fraudulently and diverted the amounts to Biz Service Consulting, belonging to Sanjay Sharma and Zensar Services owned by the family members of Harish. “It is revealed that the two firms were set up immediately after the conspiracy.It clearly shows the criminal intention of the accused to siphon off the investment made by the complainant in Teleonto Technologies (P) Ltd,” Ramanamurthy said. The company has its registered office at Flagstone Towers, Nanakramguda, Gachibowli.The other accused are absconding, the CID chief added