A cheating case has been registered against former Tenali MLA and YSRCP leader Annabathuni Shivakumar and his wife Pushpa. The Tenali One Town police registered a case based on a complaint filed by representatives of IKF Finance. According to Srinivasa Rao, legal advisor of IKF Finance, in 2019, Pushpa, wife of then MLA Annabathuni Shivakumar, was the director of APJ Apex Company. At that time, APJ Apex Company took a loan of Rs. 3 crore from IKF Finance. Shivakumar mortgaged a 1,200-yard plot in his name for that loan.
However, due to non-payment of loans, the arrears have now increased to over Rs. 5 crore. While trying to take possession of the land as part of the recovery of loan arrears, it was found that the entire 1,200-yard land mortgaged was not in Shivakumar's name, said Srinivasa Rao, legal advisor of IKF Finance. He said that according to the records of the Tenali Municipality, only 700 yards of land were in his name. He said that their investigation revealed that out of the 1,200 yards mortgaged, 500 yards were sold to others in 2012 itself.
Srinivasa Rao said that a police complaint has been filed against Annabathuni Sivakumar and his wife Pushpa for cheating IKF Finance Company. He revealed that a case has been registered under sections 318(4), 338, 336(3), 340(2), 6/W 3(5) of the Indian Penal Code (IPC).