Hyderabad: Central crime station has booked a former director of GS Biotech Ltd for allegedly siphoning off ₹1.67 crore that was credited to the company’s account as compensation for land acquired by the govt of Maharashtra in Nanded district.The case was registered following a complaint by Rajesh Chillale, the liquidator appointed by the National Company Law Tribunal for the corporate debtor, GS Biotech Ltd. According to the complaint, the Hyderabad bench of the NCLT ordered the liquidation of the company on Sept 13, 2024, and suspended its board of directors as part of the insolvency process. Despite the suspension of the board, the accused, Sanjay Kumar Makhariya, allegedly opened a bank account in the name of the company and projected himself as an authorised signatory. He is accused of collecting compensation released by the Maharashtra govt for 54.2 acres of land belonging to the company that was acquired in Nanded district on March 24, 2025. In his complaint, Chillale told police that the ₹1.67 crore paid by the Maharashtra govt formed part of the company’s liquidation estate and should have been under the control of the liquidator. “By misrepresenting himself, the former director induced the release of the funds and misappropriated them for personal gain,” the complainant alleged. Following the complaint, CCS police registered a case against Makhariya on Feb 28 under BNS sections 316(5) (criminal breach of trust by public servant, or by banker, merchant or agent) and 318(4) (cheating).“The case is under investigation. We are verifying the details provided by the complainant,” a CCS official said.
