Police arrested Kalanikethan Jewels managing director V. Leela Kumar on Wednesday for allegedly cheating an individual who secured a bank loan for the organisation.
According to Hyderabad Police’s Detective Department, the complainant J. Venkateshwara Ravi Prasad had raised Rs. 60 crore as loan by mortgaging his ancestral property. He was promised “Director’’ post and a commission on the profit for providing funds for the expansion in Telugu States as well as Tamil Nadu. However, after taking the loan, Kumar allegedly sold out the stock that was procured with the loan, to others including his brothers, without informing the complainant. Kumar was arrested last year after a similar complaint was lodged against him.
