Top News

Hyderabad: The Cyberabad Economic Offences Wing (EOW) has registered a criminal case against Hyderabad-based businessman and BJP leader Gajjala Yoganand over allegations of cheating, criminal breach of trust, and intimidation, following a complaint filed by a US-based Non-Resident Indian (NRI) who claims he was defrauded of Rs 24.53 crore.

Yoganand, who had unsuccessfully contested on a BJP ticket from the Serilingampally constituency in the 2023 Assembly elections, has been accused of luring the complainant into investing large sums in his business ventures between 2019 and 2024, with promises of partnership and company shares in Manjeera Hotels & Resorts Pvt Ltd and associated firms.

The complainant

The complaint was filed by Pavan Kumar Nallamala, a 54-year-old businessman and NRI residing in the United States. Originally from Nizampet in Hyderabad, Pavan Kumar had known Yoganand since 2014 through business interactions.

During a visit to India in 2019, Yoganand allegedly convinced him to invest in his hospitality businesses, claiming he operated reputed companies and promising profitable returns. Believing these assurances, the complainant reportedly transferred Rs 24.53 crore through banking channels over a period of five years, from 2019 to 2024.

Shares never transferred

Despite the substantial investment, the complainant alleged he never received any shares or official partnership documents. After repeated follow-ups, Yoganand allegedly executed a Memorandum of Understanding (MoU) in November 2024, acknowledging receipt of the funds and committing to complete the share transfer process.

The complainant returned to the United States trusting these assurances.

However, when he sought updates on share certificates and Registrar of Companies (ROC) filings, he allegedly received only evasive responses.

Upon returning to India and making further enquiries, he discovered a critical fact — the shares that had been promised to him had already been pledged with the Tourism Finance Corporation of India (TFCI), a detail Yoganand had allegedly concealed throughout.

Threats and coercion alleged

The complaint further alleged that in February 2026, Yoganand attempted to coerce the investor into signing a fresh undated MoU with altered terms and conditions, and threatened him with serious consequences when he refused.

Case registered

Based on the complaint, Cyberabad EOW registered Crime No. 48/2026 under relevant sections of the Bharatiya Nyaya Sanhita (BNS). Police said the investigation is currently underway, with officials examining financial transactions, company records, MoU documents, and the alleged pledge of shares with the financial institution.

Yoganand holds the position of chairman and managing director of Manjeera Constructions Limited (The South First) , a prominent real estate and hospitality group based in Hyderabad.

This is not the first time the Gajjala family has faced legal scrutiny. In February 2024, Yoganand’s son Gajjala Vivekanand, director of the Manjeera Group of Companies, was arrested along with nine others for consuming cocaine at a Gachibowli hotel.