Telangana CID arrests absconding man in financial fraud of Rs 29 crore after 11 years

HYDERABAD: The Criminal Investigation Department (CID) of Telangana Police executed a non-bailable warrant (NBW) that had been pending for 11 years. The accused, Sambasiva Iyer Swaminathan, involved in a case of criminal breach of trust, cheating, and fabrication of documents, was apprehended in Kottupuram, Chennai, Tamil Nadu. He was accused number 55 in a case registered in 2013.

The case revolves around one of the prime accused, Anil Beni Prasad Agrawal, and others who allegedly swindled funds amounting to Rs 29 Crores from a company, Ravi Kumar Distilleries Ltd. The accused, posing as the Book Running Lead Manager (BLRM) for the company's Initial Public Offering (IPO), fraudulently collected a substantial amount, leading to criminal charges under various sections of the IPC.

After completing the investigation, a charge sheet was filed, and Sambasiva Iyer Swaminathan had absconded since the offence was committed in 2013. The II Metropolitan Magistrate Court at LB Nagar had issued a non-bailable warrant against him.

Led by Inspector G Murali Kumar, the CID team successfully apprehended the accused on February 18, 2024, at Velachery, Chennai. He was brought to Hyderabad, where he was produced before the IInd Metropolitan Magistrate Court at LB Nagar for judicial remand.

Additional DGP CID Shikha Goel appreciated the painstaking efforts of the NBWs Special Execution Team and conveyed suitable awards for their commendable work in tracing a long-absconding accused.