The incident is reported to have occurred prior to January 1, 2023, with the information received at CCS on 8 October, 2025.
Published Oct 23, 2025 | 3:07 PM ⚊ Updated Oct 23, 2025 | 3:07 PM
Fraud. (Representational image. Credit: iStock)
Synopsis: Hyderabad’s CCS probes a ₹7.64 crore fraud involving Revathi Tobacco Company’s shares, illegally transferred by four sisters—Anuradha Vippala, Sridevi Kajjam, Ananda Devi Logishetty, and Tulja Bhavani Myadam—defying their father’s will. Myadam Kartekeya’s complaint alleges forgery, cheating, and breach of trust, with the 184-acre land’s mismanagement sparking a high-stakes investigation by the Economic Offences Wing.
The Central Crime Station (CCS), Hyderabad, has registered a case involving an alleged fraudulent transfer of shares worth over ₹7.64 crore in Revathi Tobacco Company Pvt Ltd., following a complaint by Myadam Kartekeya, grandson of Myadam Kishan Rao, who also funded Bombino Agro Industries Limited in 1982.
The case, initially filed at Mahankali Police Station, was transferred to CCS on 8 October, 2025, and re-registered as FIR No. 138/2025 for forgery, breach of trust, cheating and unlawful transfer of company shareholdings and property under sections 405, 406, 417, 420 read with 34, 120-B of the Indian Penal Code (IPC) and section 175(3) of the Bharatiya Nagarik Suraksha Sanhita (BNSS).
The complaint, lodged by 34-year-old businessman Myadam Kartekeya, son of the late Myadam Raghuveer, accuses his four paternal aunts—Anuradha Vippala, Sridevi Kajjam, Ananda Devi Logishetty, and Tulja Bhavani Myadam— of illegally transferring the entire shareholding of the Revathi Tobacco Company Pvt Ltd, founded by his late grandfather, Myadam Kishan Rao in 1973.
The incident is reported to have occurred prior to 1 January, 2023, with the information received at CCS on 8 October, 2025, at 2:40 PM.
According to the FIR, Myadam Kishan Rao founded Revathi Tobacco Company Pvt. Ltd. in 1973 and held a 98.23 percent stake, with the remaining 1.77 percent owned by his wife, Myadam Sugandha Bai.
The company’s primary asset is a 184-acre landholding in Nandivanaparthi, Yacharam Mandal, RR District, Hyderabad, currently valued at over ₹120 crore. After Kishan Rao’s death in 2021, the accused—his daughters and Kartekeya’s aunts—allegedly transferred all shares into their names, each now holding 24.55 percent, in violation of a registered will left by their father.
The will, cited in the complaint, specifies the distribution of the land: 54 acres to be sold to Ghanta Foods Pvt. Ltd. for factory construction, with the proceeds converted into equity; 10 acres to Kartekeya’s cousin AK Nihal for development; 2 acres each to SSN Murthy, M Mohan Rao (Advocate), and G Hanumanth Rao; 2 acres to the granddaughter of late Sri Govinda Rajulu; and the remaining land to be divided equally among the four accused daughters. However, an Encumbrance Certificate reveals that the property has not been transferred as per the will’s directives.
Kartekeya alleged that the accused used falsified documents to take possession of the company, cheated banks by not disclosing the will, and raised loans exceeding ₹40 crore by mortgaging the property. He claims this act constitutes criminal breach of trust, cheating, and corruption, depriving rightful beneficiaries, including himself, of their shares.
The complaint further states that the accused neither filed a succession petition nor probated the will, resorting instead to illegal means to seize control.
The case originated on 13 June, 2025, when Mahankali Police received a court-referred complaint from the XI Additional Chief Judicial Magistrate (ACJM), Secunderabad, leading to the registration of Cr. No. 90/2025.
After initial investigation, which confirmed a cheating amount exceeding ₹7.64 crore, the case was transferred to CCS. Sub-Inspector Ramchander Naik re-registered the case and handed it over to ACP V. Narsimha Reddy of the Economic Offences Wing (EOW) Team-I for further investigation.
The accused individuals are: Anuradha Vippala, Sridevi Kajjam, Ananda Devi Logishetty and Tulja Bhavani Myadam, all daughters of late Mydam Kishan Rao.
Kishan Rao’s grandson Kartekeya, a resident of Banjara Hills, Hyderabad), stated in his complantthat the illegal transfer came to his notice in 2023. He argues that the accused’s actions have caused substantial monetary loss to multiple parties and violated legal norms by disregarding the registered will.
The case is being investigated by V Narasimah Reddy, ACP, Economic Offences Wing Team I, CCS and Ramachadnder Naik, SI, CCS.
(Edited by Amit Vasudev)
