Hyderabad police nab N Square director Naveen Reddy for cheating business partner
Naveen Reddy, who was in charge of the joint venture's bank accounts, produced a fake board meeting resolution by forging Sarin Reddy's signature
- City News
NewsTAP Bureau- Updated On:7 Feb 2023 8:09 AM GMT
HYDERABAD: The Hyderabad Cybercrime police have arrested Naveen Reddy Atluri, Director of N-square projects, for cheating his business partner by fabricating documents and fraudulently withdrawing money from the company's account.
According to the Cybercrime police, the complainant, Sarin Reddy and Naveen Reddy, established a joint venture called Sark N-square Private Limited and Sark N-square Projects Private Limited in March 2021. The joint venture also acquired land in and around Hyderabad in the process of conducting business in March 2021.
Naveen Reddy, who was in charge of the joint venture's bank accounts, produced a fake board meeting resolution by forging Sarin Reddy's signature.
He initially transferred 7.30 acres of land to his friend Kalyan Reddy in August 2022, who in turn transferred the same land to one Upender Reddy (Naveen Reddy's paternal uncle) in October 2022.
Naveen Reddy also sold villas to his customers built on property obtained by the company from Michi Srinivasa Reddy for Rs 9 crores. Naveen Reddy had also transferred six acres of land purchased by the company for Rs. 12 crores.
In December 2021, Naveen Reddy relocated the office from Jubilee Hills to Gachibowli. He also shifted all accounting books, computers and other paraphernalia to the new location.
Sarin Reddy approached Cybercrime police on November 11, 2022 after noticing numerous discrepancies in the accounts.
When questioned, Naveen Reddy not only evaded answers but also threatened Sarin Reddy with dire consequences.
A case was registered under relevant sections at CCS, DD, Hyderabad in November 2022.
During the course of the investigation, it was discovered that Naveen Reddy misused company funds to the tune of around Rs. 38.50 crores, with which he acquired residential properties, cleared his debts, invested in movies and purchased luxury cars.
He was earlier arrested by Cyberabad crime police on January 2, 2023, and was remanded to judicial custody for three days from January 5 to January 7, 2023.
