Hyderabad: Feud over loan of Rs 28 lakhsends in murder
Hyderabad: An assistant general manager of BHEL was murdered by one of his former business partners over a Rs 28-lakh financial dispute, Jagadgirigutta Police said on Monday.
While the main accused, Bathina Dwarakanath, is on the run, five of his accomplices have been arrested from Kothakota in Wanaparthy district, police said.
The police had initially filed a missing case based on the complaint of the deceased Koya Venkatappanna Reddy's wife.
Balanagar in-charge DCP Suresh Kumar said, “The deceased’s wife filed a case of missing after her husband did not return home on Friday. The persons — B. Sudhakar Reddy, Pasam Prasad, Basupati Kiran Kumar, Gaddam Venkata Subbaiah, and Annika Manikonta — who were apprehended admitted to plotting Venkatappanna's abduction to avoid repaying a loan amount of `28-lakh."
In 2021 and 2022, Dwarakanath and Venkatappanna ran a catering and cleaning business together in Kakinada Port. But financial disputes strained their relationship and they eventually broke ties.
Later, the deceased moved to Hyderabad after he got a job in Bharat Heavy Electricals Limited. Venkatappanna took a house in Allwyn Colony.
Couple of months ago, Venkatappanna went to Dwarakanath’s residence and asked for the money. He was given cheques which bounced back.
Venkatappanna again went to the accused’s house and gave him time till October 6 to repay, police said.
To avoid this payment, the accused, along with five others, devised a plan to kidnap Venkatappanna.
On October 4, the deceased, while returning home, was abducted.
"He was taken to Kothakota, where his hands and legs were tied. He was thrown into the Krishna river from Beechupally Bridge," police said.
Following the confession from the accused, police retrieved the body from the river with the help of professional swimmers. Efforts are on to nab Dwarakanath.