To                                                                                                                   23/06/2026
The Deputy Commissioner of Police
Central Crime Station (CCS)
Detective Department, Hyderabad

Through Proper Channel  The ACP Team VI. CCS DD Hyderabd

 

Subject:

Crime No.358/2023 – Dhanwantri Foundation International (DFI) Fraud Case – Representation seeking Immediate Consequential Action pursuant to the Common Judgment dated 05-05-2026 of the Hon’ble High Court of Telangana, including Identification and Recovery of Concealed Assets, Custodial Examination of Accused and Associates, Preservation of Electronic and Documentary Evidence, Protection of Depositor Interests, and Initiation of Proceedings before the Hon’ble Special Court for Asset Realization, Public Auction, Creation of Court-Supervised Escrow Account, Victim Verification, Approval of Distribution Mechanism and Eventual Restitution of Investor Funds to Genuine Victims – Reg.

Respected Sir,

                        We respectfully submit that Crime No.358/2023 registered by the Central Crime Station, Hyderabad pertains to a large-scale financial fraud affecting thousands of innocent investors, senior citizens, pensioners
and middle-class families who invested their hard-earned savings in Dhanwantri Foundation International (DFI), DFI Trust and its interconnected entities on the promise of plots, debentures, shares, welfare schemes, financial benefits and assured returns. It is respectfully submitted that the Hon’ble High Court of Telangana, vide Common Judgment dated 05-05-2026 in Criminal Appeal Nos.1040, 1041, 1042, 1043, 1044, 1045, 1046 and 1047 of 2025, dismissed all appeals preferred by DFI, DFI Trust and associated entities and affirmed the attachment proceedings initiated under the Telangana Protection of Depositors of Financial Establishments Act, 1999. The Hon’ble High Court has categorically upheld the applicability of the Depositors Act and rejected the principal contentions advanced by the accused entities.

Further, the learned Special Court at Nampally has already made the attachment proceedings absolute. Consequently, the legal protection afforded to depositor interests has attained finality at the present stage and the matter now requires progression towards identification of all assets, recovery of proceeds of crime, realization of attached properties and eventual restitution of investor funds.

At the outset, it is respectfully submitted that substantial concerns continue to exist regarding the existence of undisclosed assets, concealed transactions, benami holdings, diverted funds and suppressed records connected with the accused persons and their associates. Information available with victims indicates that the properties presently attached may not represent the entirety of the assets acquired, controlled or enjoyed through investor funds mobilized by DFI and its group entities.

Victims continue to receive information from various sources suggesting the existence of additional lands, layouts, immovable properties, bank accounts, investments, fixed deposits, locker contents, gold holdings, jewellery, digital assets, cash reserves and benami properties which may not yet have been brought within the scope of investigation or attachment proceedings. If such information is found to be true upon investigation, the presently attached properties alone may not represent the full recovery potential available for the benefit of depositors.

In these circumstances, it is respectfully requested that CCS may undertake a comprehensive and intensive exercise for tracing all remaining assets connected directly or indirectly with the principal accused, trustees, directors, office bearers, family members, representatives, agents, associates, intermediary entities and suspected benamidars.

Victims Rights Protection Trust (VRPT) is prepared to cooperate fully with the investigating agency and furnish additional documentary material, transaction details, property information and other evidentiary leads presently available with victims, which may assist CCS in identifying concealed assets and undisclosed transactions.

It is further submitted that if considered necessary in the interest of effective investigation, tracing of concealed assets, identification of proceeds of crime and recovery of evidence, CCS may kindly examine the necessity of custodial interrogation and custodial examination of the principal accused persons and key associates connected with DFI and its group entities. Such examination may assist in identifying undisclosed assets, locating hidden records, tracing diverted funds, identifying benami transactions, recovering digital evidence and determining the complete extent of investor funds mobilized and diverted.

If any additional permissions, authorizations or judicial directions are required for such custodial examination, search proceedings or recovery measures, it is respectfully requested that appropriate applications may be moved before the competent authorities and jurisdictional courts in accordance with law.

It is further submitted that complaints continue to be received from victims regarding the existence of records, databases, investor information and operational materials connected with DFI and its associated establishments. Since such records may constitute crucial evidence in Crime No.358/2023, it is respectfully requested that all relevant investor registers, subscriber records, deposit records, allotment records, debenture records, accounting records, ledgers, computer systems, servers, mobile devices, cloud storage accounts and electronic records may be secured, preserved and examined in accordance with law.

Particular attention may kindly be given to preservation of electronic evidence. Mobile phones, laptops, computers, hard disks, accounting software, digital communication records and other electronic devices may contain critical information relating to undisclosed assets, diversion of investor funds, financial transactions and involvement of associated persons. Preservation and forensic examination of such evidence may substantially assist the investigation.

It is also respectfully submitted that all banking transactions connected with the accused persons, their associates, related entities and suspected benamidars require comprehensive scrutiny. Victims continue to express serious apprehension regarding possible movement of funds, transfers, withdrawals and diversion of assets after registration of Crime No.358/2023 and during the pendency of attachment proceedings.

Accordingly, it is requested that CCS may examine all relevant financial transactions and, wherever legally warranted, consider seeking appropriate orders for monitoring, protection, preservation or freezing of accounts, investments and financial instruments so that depositor interests are not prejudiced by dissipation or concealment of assets.

The victims further submit that Sections 3, 4 and 7 of the Telangana Protection of Depositors of Financial Establishments Act, 1999 provide a statutory framework for attachment, administration and protection of assets for the benefit of depositors. In view of the affirmation of attachment proceedings by the Hon’ble High Court and the orders already passed by the learned Special Court, the matter is now ripe for consequential recovery proceedings.

Accordingly, it is respectfully requested that CCS may prepare appropriate reports and place necessary material before the Competent Authority and Learned Public Prosecutor for moving suitable applications before the learned Special Court seeking consequential directions relating to identification of additional assets, consolidation of attached and benami properties, valuation of assets, realization of properties, auction proceedings and recovery of funds.

Upon completion of asset tracing and valuation, appropriate steps may kindly be initiated for realization of attached properties through transparent legal mechanisms including public auction wherever considered appropriate by the learned Special Court.

The victims further submit that all amounts realized through auction, recovery proceedings, settlements, liquidation of assets or other lawful means may be deposited into a Court-supervised Escrow Account or Nodal Account maintained in a Nationalized Bank under appropriate judicial oversight. Such a mechanism would ensure transparency, accountability and protection of recovered funds.

Thereafter, a comprehensive victim verification process may be undertaken by scrutinizing receipts, agreements, certificates, payment records, bank statements and other supporting material so that a final authenticated register of eligible claimants may be prepared.

Following completion of verification, appropriate proposals may be placed before the learned Special Court seeking approval of a transparent and equitable distribution mechanism so that recovered funds may ultimately be disbursed to genuine victims in accordance with law.

The victims respectfully submit that such a recovery mechanism is neither unprecedented nor unknown to Indian jurisprudence. Similar approaches have been adopted in major depositor protection matters under the MPID Act, TNPID Act and other large-scale financial fraud cases where attached assets were realized and recovered funds were distributed under judicial supervision for the benefit of depositors.

The victims further submit that throughout the course of investigation they have consistently cooperated with CCS and have pursued remedies strictly through lawful means. The filing of W.P. No.17816 of 2026 before the Hon’ble High Court was not intended to inconvenience the investigating agency but was necessitated by circumstances and undertaken solely for protection of depositor interests.

It is respectfully submitted that the victims do not desire to initiate another round of litigation against CCS or other authorities. It is neither their intention nor their preference to burden the investigating agency with further writ proceedings. On the contrary, the victims sincerely hope that all necessary consequential measures will now be undertaken administratively and legally in view of the judgment dated 05-05-2026.

However, if consequential recovery proceedings, tracing of concealed assets, preservation of evidence and protection of depositor interests continue to remain unattended despite repeated representations and the judicial developments already referred to above, the victims may unfortunately be left with no efficacious alternative remedy except to once again invoke the extraordinary jurisdiction of the Hon’ble High Court for protection of their legal rights and interests.

The victims sincerely hope that such a course of action will not become necessary. It is their earnest expectation that CCS will continue to extend full cooperation and take all lawful measures required for tracing concealed assets, securing evidence, protecting depositor interests and advancing the matter towards recovery and restitution.

In these circumstances, we humbly request your good office to consider this representation in its true spirit and initiate all consequential investigative and legal measures permissible under law so that justice may be delivered to thousands of affected investors who have been waiting for recovery of their life savings for several years.

REPORT ON THE ORIGIN, STRUCTURE AND SUBSEQUENT MISUSE OF DHANWANTARI FOUNDATION INTERNATIONAL (DFI) BY THE ACCUSED

Upon examination of the official website of Dhanwantari Foundation International (DFI), the Trust Board details, Life Trustee information, organizational objectives, membership claims, achievements and associated publications, it is evident that DFI was originally projected as a charitable, social, educational and community welfare organization intended to work for the upliftment of the Brahmin community. The website prominently displays religious mottos, social service objectives, educational goals, healthcare initiatives, student welfare activities, employment generation programs and community development projects. The representations made on the website created a strong impression that DFI was a genuine public welfare trust supported by eminent personalities, professionals, retired civil servants, doctors, scholars and respected members of society.

The records displayed on the website reveal that the organization was initially structured around a Trust model with multiple Trustees and Life Trustees. The names displayed include Dr. Pantangi Kamalakara Sharma (Founder Chairman & Managing Trustee), Dr. Pantangi Jayasree Sharma (Trust Board Member), Dr. Vithal Rao, Dr. Mahabhashyam Vijay Kumar, Dr. Sanivarapu Venkata Krishna Rao, Late Sri P.V.R.K. Prasad IAS (Retd.), Sri R. Prabhakar Rao IPS (Retd.), Sri Chebiyam Ramakrishna, Dr. B.N. Ravikumar, Dr. Madhusudan Joshi and Dr. A.V. Ratnam. The website further presents these individuals as Trustees, Advisors, Board Members and distinguished professionals associated with the Trust. Their names, professional credentials, addresses, telephone numbers and contact details were publicly displayed on the official DFI platform, thereby creating confidence among members of the Brahmin community that the organization was being administered collectively by respected and credible individuals.

The website further claims that DFI had grown into an international organization with a membership exceeding 2,50,000 persons, spread across India and abroad. The website states that the members included Doctors, Engineers, Advocates, Bureaucrats, Chartered Accountants, Professors, Industrialists, Bankers, Students and other professionals. Such representations created a perception that DFI had acquired significant social standing, organizational strength and financial credibility. These claims were repeatedly used to attract new members, donors, investors and supporters.

The stated objectives of DFI, as displayed on the website, include establishment of Veda Pathasalas, Sanskrit Colleges, Medical Colleges, Engineering Colleges, Professional Colleges, Research Institutions, Hospitals, Vocational Training Centres, Self-Employment Projects, Student Hostels, Old Age Homes, Marriage Assistance Programs and various welfare activities. The website also claims that DFI intended to establish a Deemed University and create a worldwide network for the welfare of the Brahmin community. These lofty objectives, combined with the involvement of eminent personalities, generated enormous goodwill and trust among the public.

The website further contains a lengthy list of claimed achievements, including conduct of major religious programs, Chandi Yagams, Gayatri Yagams, Upanayanams, Marriage Conventions, Scholarship Programs, Health Camps, Medical Services, Employment Programs, Establishment of Branches in multiple States, Educational Activities, Publications and Community Service Programs. It also claims that DFI had distributed scholarships, conducted health camps serving thousands of patients, created a land bank of approximately 2,200 acres, established various institutions and undertaken numerous welfare activities. These representations substantially enhanced the public image of DFI and encouraged members of the Brahmin community to repose confidence in the organization.

However, the material collected by Victims Rights Protection Trust (VRPT), including victim complaints, financial records, publications, company documents, agreements, receipts, promotional brochures and communications, indicates that the original charitable image of DFI was gradually transformed into a platform for mobilization of funds through various commercial entities floated and controlled by the accused. Evidence indicates that after gaining public confidence through the Trust structure and the association of eminent Trustees, the accused progressively centralized control over DFI affairs and began operating through multiple private companies and commercial ventures.

The records reveal that over a period of time, many of the original Trustees and respected personalities who lent credibility to the organization ceased to have any visible operational role in the management of the affairs that subsequently emerged. Despite the public display of a large Trust Board and collective governance structure, the actual decision-making process increasingly came under the control of the accused and his immediate associates. Numerous commercial entities including DFI Nirmaan Pvt. Ltd., Dharani Shelters Pvt. Ltd., DFI Ventures Ltd., DFI Infra Projects Pvt. Ltd., DFI IT Solutions Pvt. Ltd. and other associated concerns were floated and promoted while continuing to utilize the name, logo, reputation and goodwill of Dhanwantari Foundation International.

The most significant aspect emerging from the records is that the DFI logo, Trust identity, membership network and charitable image were repeatedly used in connection with real estate ventures, investment schemes, debenture programs, plot bookings, development charges, maintenance charges, infrastructure projects, IT ventures and various collection programs. Investors and members were encouraged to invest money not merely on the basis of commercial merit but on the belief that the ventures were being undertaken under the umbrella of a respected charitable Trust dedicated to community welfare.

VRPT’s investigation indicates that this transition from a charitable Trust model to a network of commercial collection entities occurred without transparency to members and investors. Many victims have specifically stated that they invested money because they trusted the DFI name, the Trust structure, the involvement of eminent Trustees and the repeated representations that the funds would be utilized for community development and welfare projects. The continued use of the Trust name and logo alongside private commercial ventures created an impression that all such ventures carried the endorsement and institutional backing of the Trust.

The evidence further indicates that while large-scale collections were made through real estate projects, memberships, investments, debentures and related schemes, the promised projects either remained incomplete, failed to materialize, remained unregistered or did not yield the promised returns. Simultaneously, the accused continued publishing promotional material, issuing assurances, launching new ventures and seeking further collections. Even after serious financial distress became evident and investor liabilities accumulated, collections reportedly continued through multiple channels.

VRPT has received and verified thousands of complaints, representations, emails and supporting documents from victims across various States. The investigation conducted by VRPT indicates that the goodwill generated by the Trust, the names of eminent Trustees, the projected membership strength, the religious and social service activities and the public image of DFI were instrumental in attracting investors and facilitating collections. The evidence suggests that the accused first established credibility through a Trust-based structure supported by respected personalities and subsequently utilized that credibility to promote and expand a network of commercial ventures and collection activities.

In the considered opinion of VRPT, the entire sequence of events requires thorough investigation by the competent authorities to determine the extent to which the Trust name, Trust logo, membership network, trustee structure and charitable representations were utilized for mobilization of public funds through associated commercial entities. The circumstances also require examination of the role of various companies floated under the DFI banner, the movement of funds between such entities, the utilization of investor funds, the authorization for use of the DFI identity and the extent to which members, investors and even original Trustees may have been kept unaware of the true nature and scale of subsequent financial operations.

The material presently available indicates that the accused initially built public confidence by associating with highly respected personalities, presenting DFI as a community welfare Trust and projecting ambitious social objectives. Thereafter, the DFI identity was extensively used for launching multiple commercial ventures, collecting funds from the public and expanding financial activities. The resulting losses suffered by thousands of investors, coupled with the subsequent criminal proceedings, make it imperative that the entire evolution of DFI from a charitable Trust into a network of collection-oriented commercial entities be investigated comprehensively so that responsibility may be fixed upon all persons involved and justice may be secured for the victims.

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REPORT ON MULTIPLE DFI TRUST WINGS, DONATION ACCOUNTS, ONLINE COLLECTIONS AND MISUSE OF CHARITABLE IMAGE

According to the website pages displayed under the name of Dhanwantari Foundation International, the accused Dr. P. Kamalakara Sharma did not restrict his activities only to real estate ventures. The website shows that several trusts, wings, donation schemes, membership plans, goshala schemes, hospital donation plans, old age home services, Brahmana Jagruti activities and online payment facilities were projected under the DFI name and logo. These pages created an impression that DFI was a large charitable, spiritual, social and community welfare institution, while in parallel the same name, logo, office structure and public faith were used for collecting money under multiple heads.

The website page relating to DFI Gosamrakshana Trust states that the Trust was founded on 30.07.2015 by Dr. P. Kamalakara Sharma at Mallapuram Village, Midjil Mandal, Mahabubnagar District. The page displays trustees including Dr. P. Kamalakara Sharma as Managing Trustee, Late Sri P.V.R.K. Prasad IAS (Retd.) as Chief Adviser, Late Sri V.S. Rao as General Secretary, Smt. V. Prameela Rani, Smt. P. Satyasree, Sri Nippani Rama Mohana Rao, Smt. Akella Anuradha, Sri K. Vasudeva Murthy and Smt. L. Padmaja. The website further claims that the total project cost was Rs.58 lakhs and lists works such as sheds for desi cows, caretakers’ quarters, chaff cutter and storage shed, veterinary clinic, bull shed, calf shed, sick animal treatment shed, bore well, rain gun irrigation and vermicompost shed. The website states that the above works were completed.

The website further states that the Goshala had 54 desi cows and that DFI was taking care of their health with the assistance of the Veterinary Department. It also states that another 100 desi cows could be accommodated in a proposed additional Goshala and that construction would cost approximately Rs.50 lakhs. The page also displays donor details for August and September 2023 with names, places, receipt numbers, type of donation and amounts. This shows that even during 2023, when investor grievances and financial defaults were already serious, the DFI website continued to collect and publish donations in the name of Goshala and Go Seva.

The same page further states that donations could be made by cheque or demand draft in favour of “DFI Gosamrakshana Trust” and could also be made online to Union Bank of India, Himayathnagar Branch, Account No.555702010003644, IFSC Code UBIN0802018. It also directs members to contact Sri N. Rama Mohana Rao, Mobile No.9441585999 for further details. This shows that a separate banking route was publicly created for Goshala donations, apart from the real estate and investment accounts already promoted through other DFI-linked entities.

The website also displays an Online Payment section under DFI, showing membership plans and donation options. The membership plans include General Membership at Rs.50/-, Life Membership at Rs.1,500/-, Premier Life Membership at Rs.2,000/-, NRI Membership at USD 100, Corpus Fund Donation from Rs.100/- to a maximum of Rs.1 crore, and Satyanarayana Vratam Donation of Rs.1,116/- for one month and Rs.6,116/- for one year. This clearly indicates that the accused had created an online collection system for different categories of payments under the DFI name.

The online payment page further shows DFI Donations under the heading of DFI Niraamayam & Hospital. The donation categories displayed include DFI Swasthya Health Card under DSC General for Rs.11,000/-, One Square Feet Donor for Rs.2,000/-, Poshaka Donor for Rs.1,00,000/-, Rajaposhaka Donor for Rs.5,00,000/-, Maharaja Poshaka Donor for Rs.50,00,000/- and Chakravarthi Poshaka Donor for Rs.1,00,00,000/-. The page mentions privileges such as acknowledgement receipt, income tax deduction certificate and thankful letter, with validity periods ranging from 5 years to 20 years. In some categories, it states that the donor’s name would be displayed on common boards, inpatient rooms or one floor of the hospital. These hospital-related donation slabs show that very large donations were solicited in the name of hospital construction and health services.

The website also shows DFI Gosamrakshana Donations with separate categories such as cow fodder expense at Rs.599/-, cow fodder expense for a week at Rs.1,400/-, monthly veterinary and medicine expenses at Rs.11,000/-, Go Puja expense at Rs.1,111/-, Go Daanam involving cow and calf at Rs.58,000/- and a future contribution scheme at Rs.11,111/-. Each category contains a “Pay Now” facility. This establishes that the accused and his associates had opened multiple online payment channels not only for membership and hospital donations but also for cow protection, religious services and related charitable collections.

The website page relating to DFI Bhavya – Old Age Home for Brahmins states that DFI Bhavya was established during May 2012 to facilitate helpless elders of the community to live peacefully and with dignity. The page displays facilities such as air-conditioned rooms, non-air-conditioned rooms, dormitory and day care. It also mentions amenities including TV, newspaper, periodic general health check-up, breakfast, lunch, evening tea and dinner. The page identifies Dr. P. Kamalakara Sharma as Founder Trustee and gives contact details of Sri N. Rama Mohana Rao, Administrator, Mobile No.9441585999. This shows that old age home services were also used as part of the charitable image projected by DFI.

The website page relating to DFI Brahmana Jagruti states that Satyanarayana Vratam was conducted at DFI Administrative Office on every Pournami day and that DFI staff would visit an orphanage and donate an amount equal to one day meal to inmates. The page lists trustees of DFI Brahmana Jagruti as Dr. Pantangi Kamalakara Sharma, Founder Chairman and Managing Trustee, Dr. Pantangi Jayasree Sharma, Trustee, Sri Vennelaganti Subba Rao, General Secretary, and Smt. Peesapati Satyasree, Trustee. The page further invites members to participate in Satyanarayana Vratams by paying Rs.1,116/- and also permits participation by depositing Rs.6,116/-, stating that the pooja would be performed every month with Gotranamas and Prasadam would be sent by post. It also states that members could participate personally every year, and that the advance amount could be refunded on request.

The Brahmana Jagruti page further directs members to remit amounts to Dhanwantari Foundation International Brahmana Jagruti, Union Bank of India, Himayathnagar, Account No.555702010002124, IFSC Code UBIN0802018. It also states that cheques could be sent to the Administrative Office of Dhanwantari Foundation International Brahmana Jagruti at H.No.2-2-1108/6/8, Tilaknagar X Roads, Amberpet, Hyderabad – 500044. For further details, members were directed to contact Smt. B. Uma Rani, Mobile No.9963344113. This again shows a separate collection route in the name of religious and community activities.

The cumulative website material shows that the accused created and projected several different wings under the DFI banner, including DFI Gosamrakshana Trust, DFI Niraamayam and Hospital, DFI Brahmana Jagruti, DFI Bhavya Old Age Home, membership plans, corpus fund donation schemes, Satyanarayana Vratam schemes, health card donations and Go Seva donations. Each activity was projected as charitable, religious, social or community welfare work. However, each activity also contained separate payment categories, bank accounts, Pay Now buttons, contact persons and donation slabs. This establishes that DFI was being used as a broad collection platform under several different emotional, religious and welfare-oriented heads.

The most serious issue is that when Crime No.358/2023 was registered, many complainants and victims were not aware of the full extent of these multiple wings, accounts, donation schemes, trust accounts, online payment categories, real estate entities and associated companies. The initial complaint was therefore not based on the entire financial network of DFI but on limited information available to a small group of victims. The accused and his associates were able to project the matter as if it related only to depositors or a limited investment dispute, while the larger structure of multiple accounts, trusts, companies, donation routes and online collections remained outside the knowledge of many victims at that stage.

The records now examined by VRPT show that the accused was not operating one simple trust or one simple investment scheme. He created a complex ecosystem of charitable trusts, real estate companies, infrastructure entities, hospital donation schemes, goshala donation schemes, religious donation schemes, membership plans, old age home services and online payment mechanisms. All these were promoted under the common DFI name, logo, website and trust image. This method created public confidence, attracted elderly persons, retired employees, pensioners, families and Brahmin community members, and enabled continuous collections over several years.

The accused also used respected names, trustees, retired officials, doctors and social personalities in the original trust structure. By displaying prominent names and presenting DFI as a large Brahmin welfare institution, he gained the confidence of the community. However, the subsequent records indicate that control over the actual activities, bank accounts, companies and collections was centralized around the accused and his close associates. Many victims state that they trusted the DFI name because they believed it was a charitable and community institution supported by respectable people, not a private collection network controlled by a few persons.

The conduct becomes more serious because the accused allegedly stopped paying interest to investors from around 2019, but continued collections through different schemes until the registration of Crime No.358/2023 and even thereafter through different routes. Victims include senior citizens, retired employees, pensioners, women, middle-class families and persons who invested gratuity amounts, retirement savings and life savings. While the accused later pleaded age and health considerations to obtain bail, the victims include persons older than him who were financially ruined after trusting his representations.

The entire matter requires deeper investigation beyond the limited original complaint. All accounts displayed on the DFI website, all Pay Now facilities, all trust accounts, all company accounts, all donor categories, all hospital donation schemes, all Goshala donation schemes, all religious schemes, all membership collections and all real estate collections must be traced and audited. The flow of money from each account must be examined. The role of each trustee, administrator, coordinator, marketing head, signatory and beneficiary must be verified. The source and use of funds collected under the name of welfare, Go Seva, hospital construction, old age home, membership, pooja, corpus fund and real estate must be investigated.

VRPT submits that the website evidence clearly demonstrates that DFI was used as a public-facing trust platform to generate confidence, while several parallel accounts and schemes were created for collections. The absence of strict scrutiny and effective regulatory monitoring enabled the accused to register and operate multiple entities, accounts and schemes under similar names and branding. This enabled a white-collar fraud pattern where public faith, religious sentiment, community identity and charitable language were used to mobilize crores of rupees from innocent victims.

Therefore, the competent investigating authorities, particularly DCP, DD-CCS, Hyderabad, are requested to treat the DFI website pages, donation screens, online payment pages, trust pages and bank account details as important evidence in Crime No.358/2023. These materials show the scale, design and method of public collection used by the accused and his associates. The investigation must be expanded to cover not merely the deposits mentioned in the original FIR but the entire network of collections carried out through DFI Trust, DFI-linked companies, donation accounts, membership accounts, Goshala accounts, Brahmana Jagruti accounts, hospital donation accounts and related entities.

PROJECT-WISE INVESTIGATION REPORT

DFI HOSPITAL PROJECT – PUBLIC COLLECTIONS VS BANK FINANCING

Accused

Dr. Pantangi Kamalakara Sharma
Founder & Managing Trustee
Dhanwantari Foundation International (DFI)

1. 1. Background of the Hospital Project

The DFI group publicly promoted the establishment of a large multi-speciality hospital at Amberpet, Hyderabad. The project was presented as a charitable healthcare initiative intended to provide medical services to society while simultaneously inviting financial participation from members of the public. Through extensive publicity campaigns, website promotions and organizational activities, the project was projected as a major healthcare infrastructure initiative being undertaken under the DFI banner.

In connection with the hospital project, various donation categories were advertised to the public. These included the DFI Swasthya Health Card Scheme at ₹11,000, the One Square Feet Donor Scheme at ₹2,000, Poshaka Donor at ₹1,00,000, Raja Poshaka Donor at ₹5,00,000, Maharaja Poshaka Donor at ₹50,00,000 and Chakravarthi Poshaka Donor at ₹1,00,00,000. Donors were promised recognition, income-tax deduction certificates, display of donor names, naming privileges and other long-term benefits associated with the proposed hospital.

These public representations indicate that substantial funds were mobilized specifically in the name of hospital construction and healthcare development.

1. 2. Simultaneous Public Fund Mobilisation Through Multiple Schemes

Apart from the hospital-related donation programmes, the accused and associated entities were simultaneously collecting money from the public through numerous other channels. These included various DFI membership schemes such as General Membership, Life Membership, Premier Life Membership and NRI Membership.

Additional collections were made through Corpus Fund contributions, Satyanarayana Vratham schemes, Goshala-related programmes, Brahmana welfare activities, old age home donations, health card programmes, real-estate related investments and fixed deposit schemes. Each of these programmes involved separate appeals to the public and separate mechanisms for collection of funds.

The existence of multiple parallel collection channels demonstrates that public funds were being mobilized continuously through a wide variety of charitable, religious, healthcare, welfare and investment-oriented platforms.

1. 3. Simultaneous Bank Borrowings for the Same Project

While public collections were being undertaken on a significant scale, records available through the CRISIL Rating Report dated 17 December 2021 reveal that DFI Hospitals Private Limited had simultaneously obtained ratings for substantial banking facilities.

The report indicates sanctioned facilities consisting of a Term Loan of ₹48.25 Crores and Cash Credit facilities of ₹1.75 Crores, aggregating approximately ₹50 Crores. The lending institution identified in the report is Union Bank of India.

The CRISIL documentation further records that DFI Hospitals Private Limited was engaged in setting up a 150-bed tertiary care hospital at Amberpet, Hyderabad. The promoters identified in the report include Dr. Kamalakara Sharma Pantangi, Dr. Jayasree Sharma Pantangi, Peesapati Satyasree and Anuradha Akella.

These records establish the existence of substantial institutional funding in addition to public fund mobilisation.

1. 4. Fundamental Question Requiring Investigation

A significant investigative issue arises from the coexistence of extensive public collections and large-scale bank financing.

If public donations, donor contributions, health card collections and corpus fund receipts were genuinely utilized towards hospital construction, it becomes necessary to ascertain why an additional ₹50 Crore banking facility was required for the same project.

The investigating agency may therefore determine the total amounts collected through donor programmes, health card schemes, membership schemes, corpus funds, real estate schemes and other fundraising activities connected with the project. The relationship between these collections and the bank borrowings requires detailed examination.

1. 5. Possibility of Dual Funding Structure

The available material indicates the possibility that the hospital project may have been financed through two independent sources simultaneously.

The first source consists of public donations and contributions collected through various DFI programmes. The second source consists of institutional borrowings obtained from banking channels.

The investigation may therefore ascertain whether the project was funded entirely through public contributions, entirely through bank finance or through a combination of both. If both sources contributed towards financing the project, it becomes essential to identify the utilisation pattern of each category of funds and determine the ultimate destination of the public contributions collected.

1. 6. Financial Risk Indicators Recorded by CRISIL

The CRISIL assessment itself records several financial concerns relating to the project. The report refers to ongoing project risk, significant leverage, debt-funded expansion, risks of cost overruns, delays in commencement and dependence upon future revenues for viability.

The report further records an Adjusted Debt to Net Worth ratio of approximately negative 40.55 times, indicating a highly leveraged financial position. These observations suggest that the project was dependent upon substantial external funding and faced considerable financial risks even at the rating stage.

1. 7. Subsequent Non-Disclosure Before CRISIL

A subsequent CRISIL Advisory dated February 2023 records that DFI Hospitals Private Limited did not provide adequate information required for continuation and review of the rating process.

CRISIL specifically noted the non-availability of information necessary for proper rating review. Such observations raise important questions concerning transparency, disclosure obligations and the availability of complete financial records for independent scrutiny.

1. 8. Pattern of Fund Collections Across Multiple Themes

Material collected from DFI websites and promotional documents indicates a recurring pattern wherein funds were mobilized under multiple emotional, charitable, religious and social themes.

These included hospital development, healthcare services, health cards, Goshala activities, Go Seva programmes, old age home projects, Brahmana welfare initiatives, Satyanarayana Vratham schemes, membership programmes, corpus fund collections and real-estate ventures.

Each programme maintained separate appeals and collection mechanisms while operating under the broader DFI umbrella. Collectively, these activities appear to have generated sustained public confidence and facilitated continuous mobilisation of funds from members of society.

1. 9. Larger Financial Network Discovered During Investigation

At the time Crime No.358 of 2023 was initially registered, many complainants were not aware of the full extent of the DFI corporate and financial structure.

Subsequent examination has revealed the existence of multiple companies, multiple entities, various collection mechanisms, separate donation programmes, banking facilities, online payment systems and interconnected organisational structures.

The hospital project therefore cannot be viewed in isolation. Rather, it forms part of a larger network of entities and financial arrangements that may require integrated examination by the investigating authorities.

1. 10. Matters Requiring Detailed Investigation

In the interests of a complete and transparent investigation, it may be necessary to obtain the complete banking records of DFI Hospitals Private Limited, including sanction documents, loan agreements, utilisation certificates and transaction statements relating to the Union Bank facilities.

The total amount collected through hospital donations, health card programmes, donor categories and other public fundraising activities may also be identified and verified. A comprehensive forensic audit may then compare public collections, loan proceeds and actual project expenditure in order to determine whether any diversion, misapplication or unexplained movement of funds has occurred.

The investigation may further ascertain whether the same project was financed simultaneously through public donations and institutional borrowings, and if so, how each category of funds was utilized. Responsibility may thereafter be fixed upon all directors, trustees, promoters, office bearers and beneficiaries found to have participated in the management, control or utilisation of such funds.

Conclusion

The available material indicates that substantial amounts were collected from members of the public in the name of hospital construction, healthcare services and charitable welfare activities. At the same time, DFI Hospitals Private Limited appears to have obtained banking facilities of approximately ₹50 Crores for the very same hospital project.

The central question that therefore requires detailed examination is straightforward: if the proposed hospital project was being financed through extensive public donations and contribution schemes, what was the precise utilisation of those public funds, and why was an additional ₹50 Crore banking facility required?

These issues merit detailed forensic financial examination by the competent investigating authorities, including CCS, banking regulators, Income Tax authorities and any other agencies empowered to trace the complete financial trail, identify fund utilisation patterns and protect the interests of affected investors and contributors.

Analysis of Corporate Network Associated with Kamalakara Sharma Pantangi

The corporate records reflected in the available database indicate that Mr. Kamalakara Sharma Pantangi (DIN: 00134889) has been associated with a large number of companies operating in diverse sectors over a period exceeding three decades. The records show active and historical involvement in pharmaceuticals, hospitals, construction, real estate, information technology, education, social welfare and infrastructure-related businesses. Such a broad corporate footprint naturally warrants closer examination to understand the nature and extent of interconnections among these entities.

The records show that Sree Raghavendra Hospitals Private Limited was incorporated in July 1994 and Sree Siva Raghavendra Remedies Private Limited in May 2001. These entities appear to represent the earliest phase of business activities linked to the group. Subsequently, additional companies were incorporated across unrelated sectors, indicating a gradual expansion from healthcare and pharmaceutical activities into other commercial domains.

Between 2007 and 2017, several additional entities were reportedly incorporated, including DFI Infotech India Private Limited, Dhanwantari Therapeutics Private Limited, Dhanwantari Bhavans Private Limited, Shruti Tutelage Private Limited, DFI Infra Projects Private Limited and DFI I.T. Solutions Private Limited. The incorporation of multiple companies across different industries raises important questions regarding common management, common funding sources and operational relationships between these entities.

The available records further indicate that Mr. Kamalakara Sharma Pantangi maintained directorship positions in a significant number of companies simultaneously. According to the information displayed, he has been associated with approximately 19 business entities and multiple associated individuals. Such a corporate structure may require examination to determine whether assets, liabilities, investments or business activities were distributed across different entities under common control.

The records also identify several individuals who may have been associated with the same corporate network. These include Dr. Jayasree Sharma Pantangi, Akella Anuradha, Akella Renuka, Padmaja Lakkaraju, Annapurna Sarma Venkata Sreerangam, Rama Mohana Rao Nippani, Satya Sree Peesapati, Vennelaganti Subba Rao and Tata Satya Sai Baba Venkata. The exact nature of their involvement, whether as directors, shareholders, office bearers, associates or related parties, would require verification through official filings and regulatory records.

From an investigative perspective, authorities may consider examining whether there were inter-company transactions, common bank signatories, common office addresses, related-party dealings, movement of funds between group entities, transfers of assets, development agreements, mortgage transactions or other financial arrangements involving these companies. Such examination may help establish whether the companies functioned independently or formed part of a larger interconnected business structure.

The existence of multiple companies across different sectors does not by itself establish any wrongdoing. However, where allegations of financial irregularities, diversion of funds or concealment of assets arise, a comprehensive forensic review of all connected entities becomes essential. Such an exercise would help identify the true ownership of assets, the flow of funds, the extent of liabilities and the role of various individuals connected with the corporate network.

In the interest of transparency and investor protection, it may therefore be appropriate for competent authorities to conduct a detailed examination of all associated companies, directors, shareholders, financial transactions, movable and immovable properties and related-party relationships. A complete understanding of the corporate structure would assist investigators in tracing assets, identifying responsibilities and ensuring that all relevant facts are placed before the appropriate judicial and regulatory authorities.

Comprehensive Analysis of the Corporate Network Associated with the DFI Group

A review of publicly available corporate records relating to the DFI Group indicates the existence of an extensive network of companies operating across a wide range of sectors including pharmaceuticals, hospitals, real estate, construction, information technology, publications, trading, education, social welfare, television and entertainment. The repeated appearance of a relatively small group of individuals as directors across multiple entities raises important questions regarding common management, centralized decision-making and the overall structure of the corporate network.

Annapurana Sarma Venkata Sreerangam (DIN: 02841096) is reflected in corporate records as a Director of Sree Siva Raghavendra Remedies Private Limited, a pharmaceutical company incorporated on 10 May 2001. Available records indicate a long-standing association extending for approximately twenty-five years. Such a lengthy association suggests familiarity with the company’s historical operations, management structure, business activities and financial decisions over an extended period.

Anuradha Akella (DIN: 07221829) appears to be one of the key individuals associated with the broader DFI network. Corporate records show her serving as a Director in eight companies spanning real estate, information technology, healthcare, construction and entertainment sectors. These include DFI Infra Projects Private Limited, DFI I.T Solutions Private Limited, DFI Hospitals Private Limited, DFI Nirmaan Private Limited, DFI Ventures Limited, PSS Avenues Private Limited and Clown Pictures Private Limited. The presence of a single individual across multiple sectors warrants careful examination of the operational and financial relationships among these entities.

Rama Mohana Rao Nippani (DIN: 03483076) is associated primarily with companies engaged in construction and real estate activities, including PJS Avenues Private Limited, Pantangi Avenues Private Limited and DFI Nirmaan Private Limited. His long-standing involvement in these companies may be relevant in understanding property acquisitions, development activities, construction projects and asset-related transactions undertaken within the network.

Dr. Jayasree Sarma Pantangi (DIN: 00134991) appears to occupy a central position within the corporate structure. Public records reflect her association with eighteen companies over a period exceeding three decades. Her directorships include Dhanwantari Bhavans Private Limited, Shruti Tutelage Private Limited, Sree Raghavendra Hospitals Private Limited, Dhanwantari Therapeutics Private Limited, Dharani Sheltors Private Limited, DFI Publications Private Limited, DFI Traders & Distribution Company Private Limited and DFI Viniyog Private Limited. Her involvement across healthcare, pharmaceuticals, construction, publications, trading and business services suggests a significant role in the overall corporate framework.

Satya Sree Peesapati (DIN: 02608613) is associated with sixteen companies covering real estate, information technology, publications, trading, business services and construction. His directorships include DFI Infra Projects Private Limited, DFI I.T Solutions Private Limited, DFI Publications Private Limited, DFI Traders & Distribution Company Private Limited, DFI Viniyog Private Limited, SRS Avenues Private Limited and PKS Avenues Private Limited. The extensive overlap of directorships across multiple entities highlights the interconnected nature of the corporate structure.

Padmaja Lakkaraju (DIN: 07220283) is reflected as a Director in DFI Traders & Distribution Company Private Limited and SRS Avenues Private Limited. Her involvement in entities operating within trading and construction sectors may be relevant when examining business relationships and financial transactions among associated companies.

Akella Renuka (DIN: 08988826) appears as a Director in Clown Pictures Private Limited and DFI Television Private Limited. These entities operate within media, publication and entertainment-related sectors. Their role within the larger corporate ecosystem may require examination to determine whether they functioned independently or as part of an integrated group structure.

Tata Satya Sai Baba Venkata (DIN: 08411344) is reflected as a Director of DFI Television Private Limited. His association with the company appears to extend over several years and may be relevant in understanding media-related operations and corporate communications associated with the group.

The overall pattern emerging from these records indicates that several individuals repeatedly appear across multiple entities incorporated between 1994 and 2020. The companies operate in diverse sectors including real estate, construction, healthcare, pharmaceuticals, information technology, publications, trading, television and entertainment. Where a common group of individuals occupies leadership positions across numerous entities, it becomes important to examine the nature of inter-company relationships, financial transactions, asset movements and governance structures.

This matter is no longer merely a question of corporate structure. Crime No. 358 of 2023 registered by CCS, Hyderabad has already resulted in several directors, management personnel and associated individuals connected with the DFI Group being named as accused persons. A number of such individuals have obtained anticipatory bail, while the principal accused, Dr. Kamalakar Sharma, is presently on regular bail. Proceedings relating to cancellation of bail are also presently under judicial consideration.

Through W.P. No. 17816 of 2026, Victims Rights Protection Trust (Regd. No. 209/2025) has placed before the Hon’ble High Court serious concerns relating to investor protection, identification of assets, associated companies, benami transactions, alienation of properties and recovery of public funds. The dismissal of the stay relief sought by the accused has further strengthened the process of judicial scrutiny and investigation into the affairs of the DFI network.

The primary objective of Victims Rights Protection Trust (Regd. No. 209/2025) is not retribution, but the protection of investor interests and the lawful recovery of assets. Victims Rights Protection Trust (Regd. No. 209/2025) seeks the identification of all movable and immovable properties allegedly acquired through public deposits and investor funds, the preservation of such assets under lawful supervision, and the establishment of an independent mechanism to ensure transparency and accountability.

Victims Rights Protection Trust (Regd. No. 209/2025) has consistently maintained that assets acquired through monies collected from thousands of investors must be identified, secured and brought within a transparent recovery framework. The Trust has requested judicial oversight and the formation of an appropriate committee mechanism capable of tracing assets, verifying ownership, examining liabilities and protecting the interests of affected investors.

The core concept advanced by Victims Rights Protection Trust (Regd. No. 209/2025) is the creation of a transparent, government-supervised and legally compliant process through which identified assets may be brought to public e-auction, converted into recoverable funds and distributed fairly among all eligible investors. The objective is to ensure that every affected investor receives equitable treatment through a structured and accountable process rather than through private negotiations or informal arrangements.

Accordingly, the ultimate purpose of W.P. No. 17816 of 2026 is the identification of all assets connected with the DFI network, examination of ownership structures, tracing of financial flows, prevention of further alienation of properties, and implementation of a transparent recovery and distribution mechanism. Through these proceedings, Victims Rights Protection Trust (Regd. No. 209/2025) seeks to maximize recovery for thousands of affected families and secure a fair, lawful and equitable resolution for all investors.

Report on Additional Companies Floated Under the DFI Corporate Network

The additional company records indicate that the DFI group and its associated persons floated several companies over a short span of time, particularly between 2007 and 2011. These companies were created across different sectors such as publications, pharmaceuticals, construction, trading, healthcare, travel, advertising, information technology and business services. The pattern suggests that the accused persons did not operate through a single entity alone, but created a wider corporate structure with multiple companies, common addresses, common promoters, common directors and overlapping business purposes.

Common Registered Address Pattern

A major feature visible from the records is that many companies were registered at the same or similar address, namely 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad, Telangana – 500005. This address appears repeatedly in the records of DFI Publications Private Limited, Dhanwantari Therapeutics Private Limited, DFI Nirmaan Private Limited, DFI Ventures Limited, Dhanwantari Bhavans Private Limited, Dharani Sheltors Private Limited, DFI Traders & Distribution Company Private Limited, DFI Vihar Private Limited, DFI Infotech India Private Limited, DFI Viniyog Private Limited, DFI Advertising Company Private Limited and DFI Health Care Services Private Limited. This repeated address pattern indicates that the companies may have been centrally controlled or operated from a common base.

Early Pharmaceutical and Healthcare Entities

Sree Siva Raghavendra Remedies Private Limited was incorporated on 10 May 2001 as a private unlisted Indian non-government company engaged in manufacture of chemicals and chemical products. Its CIN is U24231TG2001PTC036693. The company has an authorized share capital of ₹5 lakhs and paid-up capital of ₹1 lakh. Its registered address is 6-3-166, Inner Ring Road, Sivarampally, R.R. District, Telangana. The latest balance sheet date available is 31 March 2023 and the last AGM was held on 30 September 2023. This appears to be one of the older companies in the network and may represent the early pharmaceutical or remedies-related foundation of the group.

Dhanwantari Therapeutics Private Limited was incorporated on 14 March 2008 as a private unlisted Indian non-government company engaged in manufacture of chemicals and chemical products. Its CIN is U24100TG2008PTC058165. The company has an authorized share capital of ₹25 lakhs and paid-up capital of ₹1 lakh. Its registered address is 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad – 500005. The latest balance sheet date available is 31 March 2023 and the last AGM was held on 30 September 2023. This company appears to be part of the healthcare and pharmaceutical projection of the DFI structure.

DFI Health Care Services Private Limited was incorporated on 20 March 2009 as a private unlisted Indian non-government company engaged in health and social work. Its CIN is U85100TG2009PTC063125. The company has an authorized share capital of ₹5 lakhs and paid-up capital of ₹1 lakh. Its registered address is 8-1-206/A, Raghavendra Hills, Mylardevpally, Keshavagiri Post, R.R. District, Hyderabad – 500005. The latest balance sheet date available is 31 March 2022 and the last AGM was held on 30 September 2022. This company appears to have been floated to strengthen the healthcare identity of the group.

Publications, Media and Advertising Companies

DFI Publications Private Limited was incorporated on 24 March 2008 as a private unlisted Indian non-government company engaged in publishing, printing and reproduction of recorded media. Its CIN is U22212TG2008PTC058289. The company has an authorized share capital of ₹1 lakh and paid-up capital of ₹1 lakh. Its registered address is 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad – 500005. The latest balance sheet date available is 31 March 2022 and the last AGM was held on 29 September 2022. This company may have been used for publication-related activities, promotional materials, printed communications or public image building connected with the DFI group.

DFI Advertising Company Private Limited was incorporated on 1 December 2009 as a private unlisted Indian non-government company engaged in other business activities. Its CIN is U74900TG2009PTC066052. The company has an authorized share capital of ₹2 lakhs and paid-up capital of ₹1 lakh. Its registered address is 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad – 500005. The latest balance sheet date available is 31 March 2023 and the last AGM was held on 29 September 2023. This company may require examination in relation to advertising, promotional campaigns, investor communications and brand-building activities.

Construction and Real Estate Companies

Dharani Sheltors Private Limited was incorporated on 17 March 2008 as a private unlisted Indian non-government company engaged in construction. Its CIN is U45400TG2008PTC058202. The company has an authorized share capital of ₹3 crores and paid-up capital of ₹1.85 crores. Its registered address is 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad – 500005. The latest balance sheet date available is 31 March 2022 and the last AGM was held on 30 September 2022. The comparatively high paid-up capital of this company makes it an important entity for investigation in relation to construction activities, property acquisition, fund movement and asset creation.

DFI Nirmaan Private Limited was incorporated on 1 January 2010 as a private unlisted Indian non-government company engaged in construction. Its CIN is U45200TG2010PTC066524. The company has an authorized share capital of ₹5 crores and paid-up capital of ₹1.01 crores. Its registered address is 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad – 500005. The latest balance sheet date available is 31 March 2022 and the last AGM was held on 30 September 2022. This company appears to be one of the major construction entities within the network and should be examined for property development, land transactions, project agreements and source of capital.

DFI Ventures Limited was incorporated on 15 January 2010 as a public unlisted Indian non-government company engaged in construction. Its CIN is U45209TG2010PLC066701. The company has an authorized share capital of ₹10 crores and paid-up capital of ₹1.261 crores. Its registered address is 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad – 500005. The latest balance sheet date available is 31 March 2022 and the last AGM was held on 30 September 2022. Since this company is a public unlisted company with substantial authorized capital, it may be an important vehicle in the larger construction and asset-holding framework.

Dhanwantari Bhavans Private Limited was incorporated on 20 December 2011 as a private unlisted Indian non-government company engaged in construction. Its CIN is U45209TG2011PTC078111. The company has an authorized share capital of ₹1 lakh and paid-up capital of ₹1 lakh. Its registered address is 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad – 500005. The latest balance sheet date available is 31 March 2023 and the last AGM was held on 30 September 2023. This company appears to be another construction-related entity within the same network and requires scrutiny for property and building-related transactions.

Trading, Business Services and Travel Companies

DFI Traders & Distribution Company Private Limited was incorporated on 21 June 2008 as a private unlisted Indian non-government company engaged in retail trade. Its CIN is U52100TG2008PTC059788. The company has an authorized share capital of ₹1.25 crores and paid-up capital of ₹1 lakh. Its registered address is 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad – 500005. The latest balance sheet date available is 31 March 2023 and the last AGM was held on 29 September 2023. This company requires investigation to understand whether it had genuine trading operations or whether it was part of the financial and commercial structure of the DFI group.

DFI Viniyog Private Limited was incorporated on 22 December 2008 as a private unlisted Indian non-government company engaged in other business activities. Its CIN is U74900TG2008PTC062309. The company has an authorized share capital of ₹5 lakhs and paid-up capital of ₹1 lakh. Its registered address is 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad – 500005. The latest balance sheet date available is 31 March 2023 and the last AGM was held on 29 September 2023. The name “Viniyog” itself suggests investment or utilization, and therefore this company may require examination for fund routing, business service billing and related-party transactions.

DFI Vihar Private Limited was incorporated on 25 February 2010 as a private unlisted Indian non-government company engaged in supporting and auxiliary transport activities and activities of travel agencies. Its CIN is U63030TG2010PTC067244. The company has an authorized share capital of ₹2 lakhs and paid-up capital of ₹1 lakh. Its registered address is 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad – 500005. The latest balance sheet date available is 31 March 2023 and the last AGM was held on 29 September 2023. This company may require examination to determine whether it carried genuine travel-related operations or was connected with group activities, pilgrim services, member services or promotional outreach.

Information Technology Entity

DFI Infotech India Private Limited was incorporated on 20 December 2007 as a private unlisted Indian non-government company engaged in computer and related activities. Its CIN is U72200TG2007PTC056789. The company status is shown as Strike Off. It had authorized share capital of ₹2.52 crores and paid-up capital of ₹13.15 lakhs. Its latest balance sheet date available is 31 March 2014 and the last AGM was held on 29 September 2014. Even though the company is presently struck off, its past financial records, bank accounts, software-related activities, investor database handling, digital communication systems and website operations may remain relevant for investigation.

Capital Pattern and Financial Questions

The records show a pattern where several companies had low paid-up capital of ₹1 lakh, while some companies carried substantially higher authorized capital or paid-up capital. Dharani Sheltors Private Limited had paid-up capital of ₹1.85 crores, DFI Nirmaan Private Limited had paid-up capital of ₹1.01 crores and DFI Ventures Limited had paid-up capital of ₹1.261 crores. DFI Infotech India Private Limited, though struck off, had paid-up capital of ₹13.15 lakhs and authorized capital of ₹2.52 crores. These differences require careful financial examination to identify the source of capital, shareholders, bank transactions, inter-company transfers and possible links with investor funds.

Pattern of Incorporation

A notable feature is that many companies were incorporated in a concentrated period from December 2007 to January 2010. DFI Infotech India Private Limited was incorporated in December 2007, Dhanwantari Therapeutics Private Limited and Dharani Sheltors Private Limited in March 2008, DFI Publications Private Limited in March 2008, DFI Traders & Distribution Company Private Limited in June 2008, DFI Viniyog Private Limited in December 2008, DFI Health Care Services Private Limited in March 2009, DFI Advertising Company Private Limited in December 2009, DFI Nirmaan Private Limited in January 2010, DFI Ventures Limited in January 2010 and DFI Vihar Private Limited in February 2010. This indicates rapid expansion of the corporate network within a limited time frame.

Relevance to Crime No.358 of 2023 and W.P. No.17816 of 2026

These companies assume serious relevance in view of Crime No.358 of 2023 registered by CCS, Hyderabad, in which the DFI group, directors, promoters and associated persons are under investigation. The existence of several companies across multiple sectors creates a need to verify whether funds collected from investors, members, depositors or contributors were moved into any of these companies, used to acquire properties, shown as business capital, routed as loans, transferred through related-party transactions or utilized for asset creation.

Through W.P. No.17816 of 2026, Victims Rights Protection Trust (Regd. No. 209/2025) has brought before the Hon’ble High Court of Telangana the need for identification of all DFI-linked companies, properties, bank accounts, directors, shareholders, benami holders, transactions and assets. Victims Rights Protection Trust (Regd. No. 209/2025) seeks a transparent mechanism for tracing the assets, preserving them from further alienation and ensuring that such assets are eventually made available for recovery and distribution to affected investors.

Main Concern of Victims Rights Protection Trust (Regd. No. 209/2025)

The central concern of Victims Rights Protection Trust (Regd. No. 209/2025) is that the companies may have been floated, expanded or used as part of a broader structure through which public deposits and investor funds were collected, routed, parked, invested or converted into assets. Therefore, each company must be examined not merely as a separate legal entity but as a possible part of an interconnected financial and asset-holding network.

Suggested Investigation

The competent authorities may examine the incorporation documents, Memorandum and Articles of Association, shareholding patterns, directors’ details, annual returns, balance sheets, bank statements, income tax records, GST records, loan documents, mortgage documents, charge records, property purchases, development agreements, related-party transactions and inter-company fund transfers of all the above companies. Such examination may reveal the real source of funds, beneficial ownership of assets and the role played by directors and associated persons.

Conclusion for this PART.

The available corporate details indicate that the accused and associated persons floated a large number of companies under the DFI and Dhanwantari-related network across healthcare, construction, pharmaceuticals, publications, advertising, trading, IT, travel and business services. Many of these companies shared the same registered address, similar management pattern and overlapping persons. In the background of Crime No.358 of 2023 and the proceedings in W.P. No.17816 of 2026, these companies must be treated as material entities requiring full forensic examination.

Victims Rights Protection Trust (Regd. No. 209/2025) seeks that all assets, bank accounts, properties, investments and financial trails connected with these companies be identified, protected and brought under lawful supervision. The ultimate object is to ensure that properties and assets allegedly created from public deposits and investor funds are not alienated, concealed or misused, but are brought into a transparent recovery framework, subjected to lawful e-auction wherever appropriate, and distributed equitably among all affected investors under proper supervision.

DFI OVERVIEW – PART II

Analytical Report on Additional Companies, Common Directors and Asset-Tracing Requirements

The company overview placed for consideration shows that the DFI-related corporate network is much wider than a single trust, company or hospital entity. The records indicate that at least twenty-six companies are associated with the DFI, Dhanwantari, Raghavendra, Pantangi and Avenues naming pattern. These companies are shown as being incorporated in Telangana and are spread across healthcare, hospitals, pharmaceuticals, real estate, construction, publications, advertising, trading, information technology, travel services, education, television and related activities.

Broad Corporate Network

The list shows that several companies are still active, while DFI Infotech India Private Limited is shown as “Strike Off”. The active companies include DFI Publications Private Limited, Dhanwantari Therapeutics Private Limited, Sree Siva Raghavendra Remedies Private Limited, DFI Nirmaan Private Limited, DFI Ventures Limited, Dhanwantari Bhavans Private Limited, Dharani Sheltors Private Limited, DFI Traders & Distribution Company Private Limited, DFI Vihar Private Limited, DFI Viniyog Private Limited, DFI Advertising Company Private Limited, DFI Health Care Services Private Limited, DFI Hospitals Private Limited, Shruti Tutelage Private Limited, Sree Raghavendra Hospitals Pvt Ltd, DFI Infra Projects Private Limited, DFI I.T Solutions Private Limited, DFI Television Private Limited, Pantangi Avenues Private Limited, PJS Avenues Private Limited, DFI Upahar Private Limited, PSS Avenues Private Limited, SRS Avenues Private Limited, VSR Avenues Private Limited and PKS Avenues Private Limited.

Repeated Common Directors

The overview shows that many of these companies have common directors. DFI Traders & Distribution Company Private Limited, DFI Viniyog Private Limited and DFI Advertising Company Private Limited show four common directors each. Several other companies show two or three common directors. This pattern strongly indicates that the companies were not isolated or independent in practical terms, but may have functioned as a connected corporate structure under overlapping control and management.

Common Address Pattern

A striking feature in the company details is the repeated use of the same registered address, namely 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad, Telangana – 500005. This address appears in the records of DFI Hospitals Private Limited, Shruti Tutelage Private Limited, DFI Infra Projects Private Limited, Pantangi Avenues Private Limited, PJS Avenues Private Limited, PSS Avenues Private Limited, SRS Avenues Private Limited, VSR Avenues Private Limited, PKS Avenues Private Limited and Sree Raghavendra Hospitals Pvt Ltd. This common address pattern requires serious examination to determine whether these companies were centrally managed from the same premises.

Healthcare and Hospital Companies

DFI Hospitals Private Limited was incorporated on 05 May 2009 and is shown as an active private unlisted company engaged in health and social work. Its authorized share capital is ₹10 crores, while its paid-up capital is only ₹1 lakh. The company’s CIN is U85100TG2009PTC063543 and its registered office is at 8-1-206/A, Raghavendra Hills, Mylardevpally, near Kattedan, Rajendranagar Mandal, Hyderabad – 500005. The major difference between authorized capital and paid-up capital requires scrutiny, particularly because hospital-related claims were reportedly used to create public confidence among investors.

Shruti Tutelage Private Limited was incorporated on 10 April 2013 and is also shown as active. It is engaged in health and social work, with authorized and paid-up capital of ₹1 lakh each. Its CIN is U85100TG2013PTC086920 and it shares the same Raghavendra Hills address. Though the company name suggests education or tutelage, its main business line is shown as health and social work. This mismatch between name and business classification may require examination.

Sree Raghavendra Hospitals Pvt Ltd is one of the oldest entities in the network. It was incorporated on 05 July 1994 and is shown as active. Its authorized share capital is ₹5 crores and paid-up capital is ₹66.05 lakhs. Its CIN is U85110TG1994PTC017860 and the registered address is D.No.8-1-206/A, Raghavendra Hills, Mylardevpally, Keshavagiri Post, Hyderabad – 500005. Being a long-standing company connected with health and social work, this entity requires detailed scrutiny with respect to hospital assets, mortgage transactions, loan records, land ownership, and any relationship with investor funds.

Real Estate and Infrastructure Company

DFI Infra Projects Private Limited was incorporated on 19 December 2017 and is shown as active. It is engaged in real estate activities. Its authorized share capital is ₹5.50 crores and paid-up capital is ₹3.76535 crores. Its CIN is U70109TG2017PTC121325 and it shares the same Raghavendra Hills address. This company stands out because of its high paid-up capital and real estate classification. It should be treated as a key entity for examination of land purchases, project development, property sales, mortgages, agreements, and fund sources.

Construction and Avenues Companies

Pantangi Avenues Private Limited was incorporated on 01 September 2009 and is shown as active. It is engaged in construction, with authorized capital of ₹2 lakhs and paid-up capital of ₹1 lakh. Its CIN is U45200TG2009PTC064908 and it shares the same Raghavendra Hills address. The use of the “Pantangi” name is significant and the company should be examined for property-related transactions, especially because of its direct naming link with the principal accused family.

PJS Avenues Private Limited was incorporated on 16 July 2009 and is shown as active. It is engaged in construction, with authorized capital of ₹2 lakhs and paid-up capital of ₹1 lakh. Its CIN is U45209TG2009PTC064406 and it also shares the Raghavendra Hills address. Its role must be examined along with related Avenues companies to identify whether lands, layouts, development agreements or sale proceeds passed through these entities.

PSS Avenues Private Limited was incorporated on 15 July 2009 and is shown as active. It is engaged in construction, with authorized capital of ₹2 lakhs and paid-up capital of ₹1 lakh. Its CIN is U45209TG2009PTC064376 and it shares the same registered address. The date of incorporation, common address and common business line indicate that it may be part of a cluster of real estate and construction entities.

SRS Avenues Private Limited was incorporated on 04 February 2009 and is shown as active. It is engaged in construction, with authorized capital of ₹2 lakhs and paid-up capital of ₹1 lakh. Its CIN is U45400TG2009PTC062716 and it shares the same address. This company also falls within the Avenues cluster and requires examination of land transactions, capital source, directors, bank statements and inter-company dealings.

VSR Avenues Private Limited was incorporated on 18 July 2009 and is shown as active. It is engaged in construction, with authorized capital of ₹2 lakhs and paid-up capital of ₹1 lakh. Its CIN is U45400TG2009PTC064422 and it shares the same Raghavendra Hills address. Its incorporation date is close to PJS Avenues and PSS Avenues, suggesting a simultaneous or coordinated creation of construction-related entities.

PKS Avenues Private Limited was incorporated on 17 February 2009 and is shown as active. It is engaged in construction, with authorized capital of ₹2 lakhs and paid-up capital of ₹1 lakh. Its CIN is U45200TG2009PTC062798 and it shares the same address. This company, along with PJS, PSS, SRS, VSR and Pantangi Avenues, must be examined as part of the broader construction and land-holding network.

Capital and Asset Concerns

The data shows several companies with low paid-up capital but active status for many years. At the same time, certain entities such as DFI Hospitals Private Limited, DFI Infra Projects Private Limited, DFI Ventures Limited, DFI Nirmaan Private Limited, Dharani Sheltors Private Limited and Sree Raghavendra Hospitals Pvt Ltd show higher authorized or paid-up capital. This contrast raises questions regarding the actual source of capital, movement of funds, related-party transactions, shareholder contributions, loans, mortgages and possible conversion of investor funds into corporate assets.

Pattern of Company Creation

The timeline shows that many construction and Avenues companies were incorporated during 2009, while healthcare, real estate and DFI-branded companies were created before and after that period. This pattern suggests organized expansion into multiple sectors. It becomes necessary to examine whether each company had genuine independent business operations or whether these entities were floated to hold assets, route funds, create credibility, or distribute transactions across multiple legal vehicles.

Relevance to Crime No.358 of 2023

In the background of Crime No.358 of 2023 registered by CCS, Hyderabad, these companies become highly relevant. CCS Hyderabad has already taken steps by seizing or identifying several lands, properties and bank accounts. However, the concern of victims is that the accused may have concealed many more assets, including non-recorded properties, private holdings, gold in bank lockers, cash in hand, black money, secret accounts, mobile phone records, digital evidence, contribution accounts and undisclosed investment trails.

Concern Regarding Sale of Lands During Investigation

One of the most serious concerns is that the accused persons allegedly continued to sell or deal with lands even during the period of investigation. If any sale deeds, agreements, GPAs, mortgages, development agreements or transfers occurred after the registration of the criminal case or during the pendency of court proceedings, such transactions require urgent scrutiny. Such transactions may directly affect the recovery rights of investors and may reduce the asset pool available for repayment.

Need for Investigation of Hidden Assets

Victims Rights Protection Trust (Regd. No. 209/2025) respectfully submits that the present issue is not limited to assets already discovered by CCS Hyderabad. The real question is whether the accused have fully disclosed all assets before the police and courts. The Trust believes that additional assets may still be hidden in the form of unrecorded lands, family properties, benami holdings, bank lockers, gold, jewellery, cash reserves, secret bank accounts, personal investments, third-party holdings and movable assets.

Need for Digital and Mobile Phone Evidence

Mobile phones, laptops, computers, email accounts, WhatsApp chats, cloud storage, digital wallets and other electronic devices may contain crucial information regarding sale negotiations, receipt of cash, land transfers, investor communications, internal instructions and hidden accounts. Forensic examination of such digital evidence may reveal important facts that are not visible from company records alone.

Need for Financial and Statutory Records

Victims Rights Protection Trust (Regd. No. 209/2025) seeks examination of the last six years of balance sheets, annual returns, bank statements, auditor reports, income tax returns, GST records, contribution account statements, investor ledgers, membership records, commission records, loan files, charge documents and mortgage records of all companies and associated persons. This examination is necessary to trace the real flow of funds and identify whether investor money was diverted into corporate or private assets.

Need for Government-Supervised Recovery Mechanism

Through W.P. No.17816 of 2026, Victims Rights Protection Trust (Regd. No. 209/2025) has placed before the Hon’ble High Court the need for a transparent recovery mechanism. The purpose is to identify all known and unknown assets, prevent further alienation, preserve digital and documentary evidence, bring all recoverable properties under lawful control, and create a complete asset pool for recovery.

Main Objective

The objective of Victims Rights Protection Trust (Regd. No. 209/2025) is not to interfere with the work already done by CCS Hyderabad. The objective is to support and strengthen the investigation by ensuring that no concealed asset, secret account, benami property, gold holding, cash reserve, digital trail or private asset escapes scrutiny. The Trust believes that the accused have not fully disclosed several important facts before the police and courts, and therefore a deeper investigation is necessary.

FINAL PRAYER

In the foregoing circumstances, and having regard to the gravity of the allegations involved in Crime No.358 of 2023, the dismissal of the connected Criminal Appeals before the Hon’ble High Court, and the pendency of W.P. No.17816 of 2026 wherein notices have already been issued to the concerned Government and Police authorities, the Victims Rights Protection Trust (Regd. No.209/2025) most respectfully prays that your good office may be pleased to initiate immediate and appropriate action on the following issues:

1. 1. Action Against Co-Accused Persons

To examine the role of all co-accused persons, directors, trustees, office bearers, representatives, associates, agents, beneficiaries and other persons connected with the DFI network, and wherever sufficient material is available, to initiate appropriate legal proceedings including arrest, custodial interrogation and remand in accordance with law.

1. 2. Examination of Bail Violations

To verify the repeated instances of alleged violation of bail conditions by the accused persons and, upon satisfaction, to forward appropriate recommendations to the learned Public Prosecutor and competent authorities for initiation of proceedings for cancellation of bail.

1. 3. Securing of DFI Amberpet Office

To secure, preserve and protect the DFI Amberpet office premises and all records maintained therein until further orders of the competent Court, so as to prevent tampering, destruction or removal of evidence. Any future access may be permitted only under judicial supervision or with appropriate permission from the competent Court.

1. 4. Seizure and Forensic Examination of Digital Evidence

To immediately identify, seize, preserve and subject to forensic examination all digital devices and records connected with the accused persons and associated entities, including:

• • Mobile phones;
  • Computers and laptops;
  • Hard disks and storage devices;
  • E-mail accounts;
  • Cloud storage accounts;
  • WhatsApp communications;
  • Call Detail Records (CDRs);
  • Digital transaction records;
  • Social media accounts and communication platforms.

Particular emphasis may be placed on recovery and analysis of data relating to the last several years so as to identify hidden assets, fund transfers, property transactions, communications and destruction of evidence, if any.

1. 5. Investor Verification Statements

To consider issuing official investor verification statements indicating:

• • Principal amount invested;
  • Amount acknowledged during investigation;
  • Status of verification;
  • Recovery position;
  • Distribution eligibility status;
  • Any other relevant particulars available with the investigating agency.

Such transparency would greatly assist thousands of investors and prevent misinformation and confusion.

1. 6. Protection of Victims

To ensure that victims and investors are not directed to approach accused persons for settlement, verification or documentation purposes.

Information received from several victims indicates that signatures may allegedly be obtained on blank papers, declarations, vakalat forms or other documents. Any verification process may therefore be undertaken only through CCS or through a Court-approved mechanism to safeguard the legal rights of investors.

1. 7. Comprehensive Asset Discovery Exercise

To undertake a complete and exhaustive asset-tracing exercise covering:

• • Movable and immovable properties;
  • Benami assets;
  • Agricultural and non-agricultural lands;
  • Apartments, villas and commercial properties;
  • Gold, jewellery and valuables;
  • Bank lockers;
  • Domestic and foreign bank accounts;
  • Contribution and donation accounts;
  • Corporate investments;
  • Shares and securities;
  • Related-party transactions;
  • Digital assets and virtual holdings;
  • Undisclosed income streams;
  • Assets held in the names of associates, nominees or beneficiaries.

Further scrutiny may also be undertaken of the financial statements, annual returns, balance sheets, statutory filings and corporate records of all DFI-linked entities and associated companies.

1. 8. Further Custodial Interrogation, if Required

If legally permissible and considered necessary by the investigating agency, to take appropriate steps for further custodial interrogation of the principal accused and other relevant persons for tracing concealed assets, identifying beneficiaries, recovering digital evidence and establishing the complete financial trail.

1. 9. Recovery and Distribution Mechanism

To take necessary steps towards creation of a transparent, Court-monitored and Government-supervised recovery framework, including identification, attachment, preservation and valuation of all available assets.

Any future recovery process, including public e-auction of attached properties wherever legally permissible, should be undertaken only after complete asset identification so as to maximize realization and ensure equitable distribution among all eligible investors.

1. 10. Urgent Action in Public Interest

Considering:

1. 1. Crime No.358 of 2023 registered by CCS, Hyderabad;
   2. Disposal of the connected Criminal Appeals before the Hon’ble High Court;
   3. Pendency of W.P. No.17816 of 2026;
   4. Notices issued by the Hon’ble High Court to senior Government and Police authorities;
   5. The continuing hardship faced by thousands of affected investors;

            We most respectfully request your good office to treat this representation as a matter of utmost urgency and to take immediate investigative, preventive and recovery measures for safeguarding investor interests, preserving evidence, securing assets and ensuring that the objectives of law are fully achieved.

            The Victims Rights Protection Trust reiterates that its objective is not confrontation but lawful recovery, transparency, accountability and protection of investor interests through due process of law. We remain committed to extending full cooperation to the investigating agency and all competent authorities in achieving these objectives.

Declaration

  This Representation is submitted bonafide in the interest of protection of depositors and recovery of investor funds. The Victims Rights Protection Trust (VRPT) and affected investors remain committed to extending lawful cooperation to CCS, Competent Authorities and Courts. The objective of this Representation is to assist the investigation, facilitate recovery of concealed assets and ensure eventual restitution of investor funds through lawful and transparent mechanisms.

 “The victims do not desire to initiate further litigation against CCS or any Government authority. It is sincerely hoped that consequential recovery proceedings will now be initiated pursuant to the Hon’ble High Court Judgment dated 05-05-2026. However, if recovery-related measures continue to remain unattended despite repeated representations and judicial developments, the victims may be compelled to seek appropriate directions from the Hon’ble High Court. It is earnestly hoped that such a situation will not arise and that the matter will progress through administrative and legal action by the concerned authorities themselves.”

Kalle Giri Prasad Sarma
Convenor

 

Mamillapally Vijay Kumar
Co-Convenor

               /06/2026