Major Fraud Exposed: Nagi Reddy and Associates Accused of Embezzling ₹80 Crore from Shreya Group of Companies

Lucknow, November 2024: In a shocking turn of events, an FIR has been registered against Nagi Reddy and four of his associates for allegedly defrauding and blackmailing the Shreya Group of Companies of ₹80 crore. The accused include Muskan Gulistan, Birendar Dubey, AK Tiwari, and Brajesh Kumar. The group is under scrutiny for executing a meticulously planned financial fraud.

Personal Funds Misused

Investigations reveal that the stolen amount was fraudulently taken from the personal account of Shreya Group of Companies’ Chairman, Shri Hemant Kumar Rai. The accused exploited the chairman’s goodwill by fabricating personal emergencies and convincing him to lend money under false pretenses, including alleged home rebuilding and other needs.
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When the chairman requested repayment, the accused not only refused but also resorted to blackmail, threatening to tarnish his reputation. Shockingly, they even demanded additional funds through coercion, escalating the betrayal.

Fraudulent Financial Manipulations

According to the FIR filed at the Hazratganj Police Station in Lucknow, the accused embezzled ₹80 crore by manipulating company funds, transferring money through dubious means, and eventually fleeing with the stolen assets.

Attempts to Derail Recovery Efforts

Adding to the company’s woes, Nagi Reddy allegedly filed a baseless application with false accusations against a senior leader of Shreya Group, P. Maheshwar. Late at night, Maheshwar was unlawfully detained at the 3 Town Police Station in Kurnool, Andhra Pradesh. This act was reportedly a calculated attempt to intimidate the leadership and hinder efforts to recover the stolen money.

Shreya Group’s Stand

Shreya Group has strongly refuted all allegations made by Nagi Reddy and his associates, labeling them as baseless and an effort to shift blame.
A spokesperson for the company said:

“Nagi Reddy and his accomplices have not only defrauded the company of ₹80 crore but also tried to derail justice with baseless accusations. We are resolute in our commitment to recovering the stolen funds and ensuring justice prevails.”

Police Investigation Underway

The Lucknow police have confirmed the FIR and launched a full-fledged investigation into the matter. The charges against the accused include criminal breach of trust, conspiracy, and financial fraud under the Indian Penal Code (IPC). Authorities are collaborating with Kurnool police to track the accused and gather crucial evidence.

A Call for Justice

As the investigation gains momentum, the Shreya Group of Companies has urged the authorities to expedite the process and bring the accused to justice. With ₹80 crore and the company’s reputation at stake, there is immense pressure on law enforcement to act decisively.

This high-profile case serves as a stark reminder of the need for stringent safeguards against corporate fraud. It also highlights the importance of accountability and integrity in safeguarding the livelihoods of employees who depend on honest leadership.

Source – As per details by Shreya Group