A retired Indian Administrative Service (IAS) officer, Dayachari Ponnekanti, has been booked by the Hyderabad Central Crime Station (CCS) for allegedly cheating an NRI out of ₹4.3 crore. The complainant, Kommineni Kalyana, a 59-year-old resident of New Jersey, United States, alleged that Ponnekanti misused his bureaucratic credentials to lure him into investing in a series of fraudulent business schemes between February and March 2015.
Kalyana first came into contact with Ponnekanti through mutual acquaintances while the latter served with the Tobacco Board in Guntur. During a visit to the US, Ponnekanti allegedly persuaded Kalyana to invest in a hospital project in Guntur under the name “Kugler.” Within weeks, additional proposals followed—an alleged sand supply contract with a Singapore firm and a long-term LPG supply arrangement with Indian Oil Corporation (IOCL).
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Believing in the credibility of a senior civil servant, Kalyana agreed to invest a cumulative ₹4.3 crore and wired the funds to APIND Financial Services Pvt. Ltd.—a company registered at a Prashasan Nagar address in Jubilee Hills, which turned out to be Ponnekanti’s personal residence.
Kalyana grew suspicious when communication stalled and updates on the business failed to materialize. During a visit to India, he discovered that the promised ventures were non-existent. Further investigation revealed that Ponnekanti had been soliciting similar investments from multiple individuals under fabricated pretenses, raising concerns of a larger scam network.
The most damning revelation came when Kalyana sought verification of the LPG supply contract with IOCL, only to be informed that the corporation had no such records, confirming the deal—and the documents presented by Ponnekanti—were entirely fake.
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Following Kalyana’s complaint, a case was registered against Ponnekanti and his company under sections of the Indian Penal Code pertaining to cheating and criminal breach of trust. Hyderabad police are now investigating the accused’s financial transactions, including the acquisition of immovable properties in Guntur and surrounding areas, reportedly purchased using the duped funds.
Officials believe this may not be an isolated case and are reviewing complaints from other alleged victims. Ponnekanti’s use of his former IAS credentials to build trust has further alarmed investigators, highlighting the risks posed by credibility misuse in high-trust professions.
The police have urged anyone who may have invested through APIND Financial Services to come forward. The case continues to unfold as authorities work to recover assets and bring justice to the victims.