IDUPULAPATI SRINIVASA RAO Vs. STATE OF ANDHRA PRADESH

JUDGEMENT

(1.) The Criminal Petition has been filed under Sec. 482 of the Bharatiya Nagarik Suraksha Sanhita, 2023 (for brevity 'the BNSS') by the Petitioners/Accused Nos.1 & 2 for granting of pre-arrest bail in connection with Crime No.132 of 2025 of Patamata Police Station, NTR District, registered for the alleged offence punishable under Sec. 403, 406, 409 and 420 of the Indian Penal Code, 1860 (for brevity 'the I.P.C.')

(2.) The case of the prosecution is that between 20/9/2021 and 23/5/2023, at Flat No.4, Satyam Towers, Road No.7, Bharathi Nagar, Vijayawada, the accused persons, namely Idupulapati Srinivasa Rao (Accused No.1) and his wife, Idupulapati Madhavi (Accused No.2), committed acts amounting to cheating, dishonest misappropriation of property, and criminal breach of trust. The complaint was lodged on 15/3/2025 at 06:00 hours by Sri Kakarla Vinay, who is a designated partner of Navyandhra Grama Vaidya Healthcare Services Coastal Region LLP, Capital Region LLP, and Rayalaseema Region LLP. The prosecution asserts that the complainant's firms intended to acquire approximately 50 acres of land in Visakhapatnam for business expansion. The accused represented that they had agreements for such land but lacked sufficient funds to complete the transactions. Relying upon these representations, the complainant's firms transferred a total of Rs.11,99,68,000.00, including Rs.2.4 crores credited directly into the personal account of Accused No.1 and Rs.29.59 crores issued through demand drafts in favor of landowners.

(3.) It is further alleged that out of these transactions, 5.38 acres situated in Survey No.56, Gurrampalem Village, Pendurthi Mandal, was registered in favor of Navyandhra Grama Vaidya Healthcare Services Coastal Region LLP under Document No.557/2022, for a consideration of Rs.1,77,54,000.00. However, instead of registering the remaining extent of land in favor of the complainant's firms, the accused fraudulently diverted funds and caused 9.5 acres registered in the name of their own entity, Blue Sea Ventures LLP, thereby misappropriating Rs.10,05,14,000.00 belonging to the complainant's firms. Despite repeated assurances, the accused failed to fulfill their commitments.