The former director of Celkon Impex Pvt., Ltd., Y. Swapna Kumar filed a case against the remaining four directors of the company. The case was filed under Sections 406 (criminal breach of trust,) 420 (cheating,) 468 (forgery,) 471 (aware of forged documents) and 120B (criminal conspiracy) of the Indian Penal Code.
The directors named in the complaint are Guruswamy Naidu, Retineni Murali Krishna, Kandukuri Radhaiah and Kunjeti Krishna Pavan. Swapna Kumar was a part of Celkon till 2015 when he resigned willingly and sold his shares.
But now Swapna Kumar has come forth with allegations that the directors have been taking bank loans in a personal capacity. However, the police have titled the case Civil in Nature and closed the investigation. The Madhapur police closed the case after Swapna Kumar failed to provide proper documents and proof to support his claims.
The police contacted each of the banks associated with Celkon and found no suspicious activity. Swapna Kumar claims he was forced to resign and sell his shares after he learned about the embezzlement by the other directors.
There is written proof of Swapna Kumar’s resignation on the 24th of September 2015. There are also documents to prove Swapna willingly sold his shares to the Celkon Managing Director Guruswamy Naidu.
Now Swapna Kumar is in the middle of two FIR cases lodged against him. The first lodged by common Director of Celkon and Big C Pavan Kunjeti and the second FIR was filed by a Big C shareholder in Nellore. Swapna Kumar is being accused of misappropriating funds personally worth Rs. 3 crores.