A major financial scandal has created ripples in business circles in Telangana’s capital after the Cyberabad Economic Offences Wing (EOW) registered a case against businessman Gajjala Yoganand over alleged fraud, criminal breach of trust, and intimidation involving ₹24.53 crore. The case was filed based on a complaint by US-based NRI businessman Pavan Kumar Nallamala.
Allegations and Transaction Timeline
The complainant, originally from Nizampet in Hyderabad and currently residing in the United States, alleged that he was repeatedly misled under the promise of investment opportunities in hotel and real estate ventures, leading to large-scale financial transfers through banking channels.
According to officials, the alleged incident took place between 2019 and 2024, during which Yoganand reportedly induced the investor to contribute funds with assurances of partnership and equity stakes in his companies, including Manjeera Hotels & Resorts Pvt Ltd and related entities.
The complaint states that the investor transferred a total of ₹24.53 crore in multiple installments based on these assurances. However, despite repeated follow-ups, no share certificates or formal ownership documentation were provided. After prolonged delays, a Memorandum of Understanding (MoU) was signed in November 2024, reaffirming the promise of share transfer, but it was allegedly not honored.
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Pledged Shares and Concealed Liabilities
It has further been alleged that during a regulatory review conducted by the complainant through the Registrar of Companies (ROC), it was discovered that the shares promised had already been pledged with the Tourism Finance Corporation of India (TFCI). This critical information was allegedly not disclosed to the investor at the time of the agreement.
The complaint also mentions that in February 2026, pressure was allegedly exerted on the investor to sign a revised MoU with altered conditions, and threats were issued when he refused to comply.
EOW Probe and Expected Evidence Trail
Following the complaint, the Cyberabad EOW registered a case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and has launched a detailed investigation. Authorities are currently examining banking transactions, corporate filings, MoU documents, and records related to pledged shares.
Yoganand is known to be the Chairman and Managing Director of Manjeera Constructions Limited and has been associated with the real estate and hospitality sector in Telangana for several years. His business group has been active in large-scale construction and hospitality projects across the region.
This is not the first instance of legal scrutiny involving his family or business group. In February 2024, members of his family, including his son, were arrested in connection with alleged drug-related cases, adding to previous controversies surrounding the group.
The case has sparked widespread discussion in both business and social circles, as it involves high-value investments, overseas investors, and multi-year financial transactions. Investigating agencies have stated that the case is being pursued based on documentary evidence and digital transaction records.
Experts believe that in high-value investment disputes like this, transparency and regulatory compliance are critical to preventing financial fraud and protecting investors, especially in cross-border transactions.
Cybersecurity expert and former IPS officer Prof. Triveni Singh noted that such cases often arise due to “trust-based investments combined with complex corporate structures.” He stated that when investors rely on long-term assurances, the actual utilization of funds and asset status may remain unclear, increasing the risk of financial fraud. He further emphasized that strong due diligence and real-time financial monitoring are essential tools to prevent such cases.
The investigation remains ongoing, and officials expect that further statements, financial records, and corporate documents will play a crucial role in determining the outcome of the case in the coming days.
