Kalaniketan MD held for allegedly cheating

Hyderabad: Kalaniketan managing director Leela Kumar and his wife Sharada Kumari were arrested by Central Crime Station police for allegedly cheating their acquaintance.

The couple had allegedly borrowed '3 crore from their neighbour S.V.N. Reddy after promising to make him a partner in their firm. They went back on their word and threatened him when he sought his money back.

Central Crime Station additional DCP Vijay-endar Reddy said the police had booked a case against the couple under IPC Sections 420 (cheating), 406 (criminal breach of trust), and 506 (criminal intimidation) following a complaint from Mr Reddy, who is a businessman himself. Strangely, Mr Leela Kumar landed in trouble after initiating the case in an attempt to implicate the lender.

The police had earlier received a complaint from Mr Leela Kumar, who stated that he was forced to sign on cheques by Mr Reddy. When the police started investigating, Mr Reddy produced evidence to show that he had lent money to Mr Leela Kumar who had not returned it.

“He had signed a memorandum of understanding with Mr Reddy for a deal. Leela Kumar promised to make him a partner and a board member in his firm. However, the promise was  broken and the money was never repaid,” said Mr Vijaye-ndar Reddy.

Police is also investigating if the suspects are involved in other cheating cases. “We have not got complaints from any others so far. If any bank or private party comes forward to lodge a complaint, we will investigate into those matters,” said the additional DCP.

A multi-crore rupee textile establishment, Kalaniketan has been a prominent player in ethnic Indian dress trade in the country..