₹516-crore DFI deposit scam: HC clears way for auction of attached properties to repay victims

The Telangana High Court has cleared the way for auctioning of properties attached in connection with the ₹ 516 crore deposit scam involving Dhanwantari Foundation International (DFI), giving hope of early relief to nearly 4,000 victims, mostly senior citizens.

According to a statement made by Hyderabad Police Commissioner VC Sajjanar, the case was registered at Hyderabad Central Crime Station (CCS) on December 23, 2023, based on the complaint of Susrala Narsimha Murthy.

DFI, represented by its director P. Kamalakar Sharma and others, is accused of luring depositors by invoking the name of the Brahmin community and promising high returns within a certain period of time. Investigators allege that the foundation collected around ₹516 crore from around 4,000 victims before defaulting on repayments.

During the investigation, police identified properties allegedly acquired using defrauded funds, which included around 450 acres of land in Telangana and Andhra Pradesh, as well as around 3,000 sq ft of commercial space located in the heart of Hyderabad.

After hearing the matter, the Supreme Court upheld the actions of the authority and gave orders in its favour.