The chairman and managing director of a pharmaceutical company has been arrested from Bengaluru for allegedly defrauding an investor of ₹70 crore six years ago, Noida police said on Thursday.
The accused has been booked under various sections of the IPC, including cheating, criminal breach of trust, forgery, criminal intimidation and party to criminal conspiracy. (iStock)
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The pharma company has offices in Dubai and Chennai while the investor, a Delhi resident, runs a firm in Noida's Sector 18.
Shakir Hussain alleged that he was tricked into investing money into Novo Health Care in 2017, 2018 and 2019 and was shown forged balance sheets of the company by the accused, Ramani Kalpati Ramachandran Venkata, a native of Chennai, according to the FIR.
On December 5, 2023, Hussain lodged a complaint at Sector 20 police station alleging that the accused duped him of ₹70 crore on the pretext of investment in his company, a police spokesperson said.
"On the basis of the complaint, an FIR was registered in the case and the matter was investigated. On Wednesday, with the help of electronic surveillance and technical evidence, Venkata was held from Bengaluru (Karnataka)," the spokesperson said.
Venkata has been booked under sections 420 (cheating), 406 (criminal breach of trust), 467, 468 and 471 (all related to forgery), 506 (criminal intimidation) and 120B (party to criminal conspiracy) of the Indian Penal Code (IPC), police said.
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.
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Home/Cities/Bengaluru News/Bengaluru: Cops arrest pharma firm CMD for defrauding investor of ₹70 crore
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