Bengaluru, Jan 29: Police registered a cheating and criminal conspiracy case against ready-to-eat food pioneer Sadananda Maiya, his wife and son and two others on Monday for allegedly cheating a private equity investor firm, Peepul Capital, of over Rs 140 crore.

K Annamalai, DCP (south), said the case follows a complaint by Deepak Mittal, a representative of Peepul Capital. Calls to Maiya’s son went unanswered.
The firm alleged it had invested over Rs 140 crore in the Maiyas — the eponymous food and beverages brand founded by Sadananda Maiya — two years ago for expanding the brand’s operations and claimed to have purchased 57% stake in the group. But Maiyas Group diverted the funds and misused it, causing huge losses to Peepul Capital, the complaint alleged.
“We booked a case against Maiya, wife Sunanda, son Sudarshan Maiya and company secretaries Gopalan and Ganapati. The allegations are cheating, criminal breach of trust, fraud, forgery and misappropriation of property,” Annamalai said.
Jayanagar police said they’ll collect all documents related to the case from both complainant and accused for verification. “We’ll know what happened once we study the documents. Legal action will be initiated against the accused if the probe finds the allegations are true,” a police officer said.
Comments
Add new comment