Tolivelugu Crime Bureau has been keeping track of Megha’s illicit activities for over months now. The illicit activities of the Megha company are taking everyone by shock. Starting from setting up the sister companies and acquiring vast lands throughout the state in the name of Benamis, Megha is doing it all recklessly with the backing of the TRS Government.
The company that accomplished million dollars turnover within a short period is now targeting the medical business. It is believed that their motive behind entering the medical business is converting black money into white. Breaking it down, they are planning to manipulate the illicit money they have earned so far into the cash spent as corporate social responsibility funds. To make this plan feasible, they are thinking of opening a medical college registered under the educational society category. Analysts believe that Megha is all set to take advantage of this college as a place where they can convert all the black money they have. Megha has a reputation for changing the names of everything they acquire, and it is believed that they are eyeing a vast 50-acre NRI Academy land located in the middle of Vijayawada and Guntur. Earlier, the management of Srichaitanya Colleges has negotiated to take over the existing NRI college which is already doing very well. Lingamaneni Ramesh, who acted as a mediator, devised a plan to help Megha to acquire this land in any possible way.
This Medical College is many NRI’s dream project.
This medical college is a dream project for the 24 NRI’s who resided abroad. All of them wanted to do something good for the country, and that was the motive behind setting up this prestigious college in 2003 on a 50-acre site in Chinkakani, near Mangalangiri. They managed to get together all the brilliant staff from different parts of the world by paying them higher and better salaries. The management witnessed amazing results in the first year itself. Forward five years, the students’ count had gone up exponentially. They even got permission for the PG courses and there was a point when parents used to dream of a medical seat for their children in NRI. On the whole, in 7 years, NRI has become capable of treating over 1000 patients a day, while the managing partners had gone up from 24 to 30, with the growing need for facilities.
Lingamaneni playing his tactics
Lingamani is known for his expertise in making deals with government officials, legal or illegal. With all the success NRI college has been accomplishing for years, leading educational institute Sri Chaitanya tried its best to acquire them. Lingamaneni played an important role in mediating between management from both sides. As per the sources, it is believed that over Rs 100 crores were transferred to the 8 directors, 11 per person in the year 2015. There are allegations that the corrupted directors closed the doors and maintain the upper hand on the Society’s managing committee to prevent anyone from entering the general body meeting. However, all of this went against the rules of society, and the vast majority criticized the conduct. With all the pressure, the founders’ members agreed to return the money to Sri Chaitanya.
In the years 2018, 2020, the Founder Member Team was transformed into the Governing Body. Founder members criticized Lingamaneni for plotting to overthrow their organization and trigger squabbles amongst them. It is well known that there are many business deals between Megha Krishnareddy and Lingamineni. So, it is believed that Megha created this ruckus amongst the members to pave his way to acquire the college in 2019. It appears that the money was sent illegally through shell companies to those abroad.
How does Megha do it?
Megha’s advent has started with bribing 12 members of the board, Rs 14 crore per person asking them to turn against the board, many of these members are appointed against the rules. Megha’s interest in acquiring this college has grown multi-folds with the increase in Covid-19 cases and the growing reputation of the NRI’s. Since Megha always has a lot of hard cash in their hands, having an educational society will come in handy to deal with activities like bribing politicians when needed.
They appointed a CEO, along with a CFO against the rules. Following the end of the founder body’s tenure, re-election has taken place in 2020 when the old committee was re-elected with a soaring majority, adding another 2 years of leadership until 2022. Aggravated at this, Megha decided to go brutal with the college. They made people file numerous police cases against the college claiming reasons like charging extra money during COVID. Amid the growing controversies, the then CFO along with Dr. Srinivas was arrested for misappropriation of funds. To fill the gaps, another governing body was appointed in the Society. All three members of that executive body are legally and morally ineligible. For an instance, the treasury chief CT Chowdary was already declared ineligible by the civil court, and despite this, he was appointed the chief of the treasury. He is an acquaintance of Megha, and now Megha is able to keep a track of all the transactions of funds happening in society. It is believed that this has been happening for 8 months.
Meanwhile, there is are allegations on the hospital that over Rs 23 crores of cash was transferred to a politician recently, and this happened under the influence of Megha. To fight these misdeeds, the Raghavrao-led committee campaigned through a paper advertisement addressing the medical students and patients that all the money transfers should be entirely made only through the bank, and no cash is acceptable. Despite these serious measures, it is noticed that the illegal fund transfers are still going on under Megha’s radar.
High Court takes it out on Society Registrar
Ever since the new committee has entered, the Registrar of Society acted in favor of those belonging to the Megha Company. Considering this, the High Court bashed the society for not respecting corporate morale. The bench headed by Justice Somayajulu Bench clarified that it is not the job of the Registrar of Societies to approve and reject the Annual Reports, and the Selection List of Members. The court also criticized the approval of the affidavit submitted by Narasimha, further abolishing the endorsements as a whole, and urging the society to respect the rules until the final judgment is given. The court further added that there are various loopholes which they are not very critical about, and are being gracious on finding a feasible solution on all ends.
Pressure from the Police
As of now, Megha has spent Rs 200 crore on a medical college which actually is worth Rs 1,500 crore. It is assumed that the rest of the money is transferred through the shell companies. Meanwhile, they are putting humongous efforts to take down the medical college by using the police force. Over 4 cases have already been registered against the members, even those in the US are feeling the pressure. The information has it that they appointed an ACP level officer in the CCS to oversee the business of this college. Megha has successfully acquired so many companies in the Telugu states, and there is a huge chance of them acquiring the medical college by kith and kin. The full details about the situation can only be revealed when a serious investigation takes place.
The role of ICICI Bank executives
Following the High court orders, the ICCI bank has entirely suspended all the transactions of the college and society, further freezing the accounts. But, it looks like the NRI branch of ICICI is succumbing to Megha’s influence and pressure as they are still continuing the activities. As a response to this behavior from the bank side, the society members approached the court once again.