Hyderabad: Ad firm defrauds TSRTC of Rs 21 crore, representative held

Hyderabad: The Central Crime Station (CCS) sleuths of Hyderabad Police have apprehended a representative of an advertising firm on charges of defrauding the Telangana State Road Transport Corporation (TSRTC) of Rs 21.72 crore.

As per the First Information Report (FIR) filed in the case, the accused, Vaddanu Suneel, allegedly involved his wife, Chebrolu Mrudula, who served as the proprietor of ‘Go Rural India Pvt. Ltd.’ The firm secured successful bids for region-wise advertising contracts to display advertisements on Metro Express and Metro Deluxe buses in the Hyderabad region.

The agreement between TSRTC and Go Rural India spanned five years, from September 12, 2015, to September 11, 2020, with payment terms established for the entire contract duration. Go Rural India made a security deposit and issued a bank guarantee in favour of TSRTC, fulfilling the contractual obligations.

However, an outstanding amount of Rs 10.7 crore remained unpaid by Go Rural India. Despite repeated requests for payment from TSRTC, the accused, Suneel, issued five cheques, each amounting to Rs 10 lakh, as partial payment. Unfortunately, all the cheques were either returned due to differing signatures or were stopped by the drawer.

Now, a case has been registered under sections 406 and 420 of the Indian Penal Code (IPC) for criminal breach of trust and cheating.

The fraudulent activities has caused losses of Rs 10.7 crore to TSRTC Hyderabad region and Rs 10.9 crore for the Secunderabad region.

Investigations are ongoing, and legal proceedings will follow to address the financial discrepancies and bring the accused to justice, an official said.