In a major scandal, a police case was registered against four directors of the mobile retail chain store, Big C. On the 27th of October, Mr. Pavan Krishna Kunjeti filed a complaint at the Madhapur police station in Hyderabad. The accused have been identified as Balachandrudu Memparala, the Managing Director since 2002 and directors Yenuga Swapnakumar, Gondhesi Balaji Reddy and Gouthama Reddy Rachamallu.
The complainant alleges the four directors of embezzling company funds and transferring it to their individual personal accounts. It has been reported the scam is worth nearly Rs. 9 crores. The directors have also been accused of threatening the complainant of dire consequences if he did not exit the company.
The police registered a case under the IPC Sections 384 (extortion,) 403 (dishonest misappropriation of property,) 406 (criminal breach of trust,) 420 (cheating) and 506 (criminal intimidation) read with 120b (criminal conspiracy.) The FIR mentions the case is booked under the Companies Act 2013, sections 447 (fraud) and 448 (false statement/evidence.)
Big C was established on the 18th of November 2002 with a total of five directors. The fifth director is the one who placed the complaint against the other four directors.
Big C, reportedly has 175 outlets across Andhra Pradesh and Telangana. According to the company’s website, it employs 1,200 people.
This is a developing story, updates will be forthcoming, stay tuned.
