Hyderabad Police freeze bank accounts in Rs 500 crore Dhanwantari Trust fraud case

HYDERABAD: The Central Crime Station (CCS) of Hyderabad police, investigating the Rs 500 crore fraud involving Dhanwantari Foundation International Trust (DFI) and its director Dr P Kamalakar Sharma, announced that about 30 bank accounts associated with the trust and its floated companies have been frozen. A forensic audit has also been conducted.

The case, registered in December 2023, alleges that DFI cheated over 4,000 victims, primarily senior citizens from the Brahmin community, out of Rs 514 crore. The trust reportedly lured victims with promises of high returns on deposits. The DCP from the CCS Detective Department met around 200 victims to provide a detailed explanation of the investigation's progress.

Significant assets acquired by DFI and its associated companies have been identified, including the DFI Hospital premises in Amberpet, land parcels in Anakapalli (near Visakhapatnam), Gannavaram (near Vijayawada), Siddipet, and Midjil, totaling approximately 450 acres, and about 3,000 square yards of commercial space in the heart of Hyderabad.

The police have successfully obtained government orders (GOs) to seize four of these properties and have filed affidavits in court seeking their attachment. The process to obtain GOs for the remaining two properties is underway.