Hyderabad: Cyberabad Economic Offences Wing has booked entrepreneur M. Sandhya Rani, her husband N Sridhar, and associate Ramdas for cheating a city businessman and his wife of Rs 17.8 crore.
This is the fourth cheating case against Kukatpally-based entrepreneur Sandhya Rani in recent months, who runs Sri Sai Ram Enterprises. She and Ramdas were arrested by the Hyderabad CCS on September 1 and remain in judicial remand.
Victim tricked into floating companies
According to the complaint by 39-year-old G. Prakash, Sandhya Rani befriended him in October 2024, posing as a successful entrepreneur in leather manufacturing and school uniform businesses.
She reportedly persuaded him to start two companies, which were later used to obtain loans totaling Rs 12.8 crore by mortgaging his properties in Hyderabad and Suryapet.
Additional loans and fund diversion
Prakash claimed he was further pressured to raise Rs 5 crore through hand loans from friends and relatives. The funds were allegedly routed into 11 bank accounts linked to shell vendors, with forged purchase orders and invoices used to simulate genuine business activity.
Threats and pressure from lenders
When Prakash sought repayment, he alleged that the accused threatened him and promised fresh funds from a Bengaluru-based foundation. Facing pressure from lenders and the threat of property auction under the SARFAESI Act, he approached the EOW.
Legal action and arrests
The case was registered on September 22 under multiple sections of the Bharatiya Nyaya Sanhita, citing criminal breach of trust, forgery, conspiracy, and intimidation. Bank records and notarised indemnity bonds have been seized, the police said.
