With loads of black money in their baskets, the current serious goal of Megha is to turn all of it into white. Tolivelugu is putting maximum effort to uncover the illicit deeds of Megha. It is believed that in their recent stint to acquire Mangalgiri’s NRI Medical College, Megha had transferred abroad an enormous amount of black money. Sources claim that both Lingamaneni Ramesh and Megha company will be caught and convicted of criminal activities on the aspects of companies’ shell businesses. The whole scenario of them trying to oust the existing management at NRI and excess money changing hands is rising some serious suspicions of money laundering.
It seems that the Enforcement Directorate managed to gather some solid evidence against Lingamaneni Ramesh and Megha Krishnareddy. While the ED officials are planning to begin the investigation, the two are actively trying to get out of this scenario by taking advantage of their political influence.
Lingamaneni’s never-ending saga of illicit money
According to the authorities, Lingamaneni Ramesh owns assets worth Rs 5,000 crore. Being grown up in adverse poverty, Ramesh entered the real estate business with investments from others. He persuaded Bobba Shivaprakash, who is based in Australia, to invest in the projects, and with that amount, the two started a full-fledged partnership business in Vijayawada. Bobba built a huge project called Raintree Park on 60 acres near the Madras-Calcutta Highway near Vijayawada. Lingamaneni then raised hundreds of crores from several influential personalities like celebrities and politicians and invested all the profits from real estate in an airline company called Air Costa. ED is now digging further into the background and history of Lingamaneni.
Sri Chaitanya Educational Institutions, former Speaker, Janasena leader Nadendla Manohar, Mrs. Vijayalakshmi, Nara Lokesh, son of former CM Chandrababu, the late Kodela Sivaprasadarao, and Mukkamala Apparao were some of those prominent people who invested a lot of money in Lingamaneni’s various activities. There are serious allegations that Lingamaneni evaded money from all of them on various pretexts, and amassed large assets for himself in time. To attract millions of dollars investments from the NRIs, he even went a step forward claiming that the then Chief Minister Chandrababu Naidu was close to him. According to the information available, the entire authorities revealed that a shell company was set up just to collect and invest huge sums of money. The transaction was identified along with its address – LEPL USA INC, 15097771, 5665, Peachtree Parkway, Suite 200, Norcross, GA, 30092, USA.
The entire executives were shocked to learn that millions of dollars had been deposited in the company’s account with no business activities done. There is information that the FBI has been asked to investigate the matter. It is said that Megha was doing a lot more illicit activities like setting up shell companies and diverting funds only to find a way to acquire the NRI academy.
The curious case of College acquisition at the end-stage?
With extensive political backing and financial support, Puratipaka Venkata Krishnareddy, MD of Megha company has been trying hard to acquire the NRI Academy of Sciences in Mangalagiri. Tolivelugu published the same about this in the part-5 series of the coverage. Since Krishnareddy didn’t have the power to transfer the members or eliminate them from the board as per Academy Bylaws, he has been persuading them by sending money through shell companies. They promised on paying crores of rupees to all those who step down from the committee while threatening the rest who weren’t willing to do so. According to sources close to him, Megha Krishnareddy paid hundreds of crores of rupees through Lingamaneni Ramesh, Mukkamala Apparao, Narasaraju, Hanumayya Bandlam, Ernani Naveen, Kottapalli Srinivas, and some others in the whole process. ED has collected key evidence related to this. There are reports that some famous film producers were also involved in this.
As a part of this scam, Krishna reddy also paid large sums of money to several NRI doctors. Kottapalli Srinivas deposited the money in Switzerland to avoid being noticed by the tax authorities in the US. Despite all these efforts, it was impossible to change the management as the bylaws didn’t allow it to happen. In connection with these transactions, the entire authorities found several other suspicious transactions that had taken place through the Indus Ind Bank account belonging to Pradyuti Ventures LLC. They found out that 20 acres of land belonging to a company in Vijayawada called by the name of Lexus were tied up with Chaitanya educational institutions through forgery documents and a large amount of money was made. This case is also being investigated as it involved huge money laundering activity. Despite having no support from the members of the academy, Megha managed to take over the ownership by using power and influence.
NRI Case becomes a cash cow for the police
There are serious allegations that of the entire money that changed hands in this case, Lingamaneni Ramesh spent over Rs 5 crore on the police alone just to have them co-operate with his community in preventing the police from taking action on the complaint filed. There is a serious allegation against one police officer that Megha even bought an apartment in his name in Hyderabad. Police are now taking advantage on both sides, by squeezing how much ever money they can. Sources claim that they are demanding huge sums of money not only from Megha but also from those who complained. Tolivelugu Crime Bureau has all the evidence on this transaction. One officer is being pressured to give Rs 25 lakhs to avoid arrest. Officials who came to issue notices also demanded Rs 50,000 to go out shopping with their families in Hyderabad. It is even noticed that the Police are patrolling in Hyderabad in a car belonging to NRI Medical College. There are several instances where police are seen at the members’ homes giving out excuses like notices just to cause trouble. They were continuously threatening the family members of those filing complaints, and all of these were recorded on CCTV records.
However, with a majority of 18 members of the academy going to court, the issue of ownership transfer is currently under court investigation. The members allege that Megha is seriously trying to mislead the courts in this case as well by giving bribes to the people involved in the investigation and even the judiciary itself.
Krishna reddy assures the Fraudsters of safe exit
Sources claim that Lingamaneni assured a safety net to all the fraudsters involved in this case. The members of the board at NRI are complaining of the same at the court. They say that Krishnareddy publicly assured them not to worry about anything since he is already in talks with ED regarding the conspiracy. It is said that Krishna reddy being a businessman who set up so many projects in the country in fact has contacts with Prime Minister, the Union Home Minister and the AP CM Jagan and that he will see to it that none of the people on his side won’t get into any trouble.
As of now, ED is waiting for a heads-up from the FBI to proceed with the full-fledged investigation into the matter.