Former TANA Foundation Treasurer Srikanth Polavarapu has been accused of diverting over three million dollars to his own company, Bruhat Technologies, located in Irving, Texas, without consulting anyone.
The TANA Board has taken this issue very seriously, as Srikanth Polavarapu redirected funds without discussing it in a Foundation meeting or obtaining the Foundation's approval.
Indian Arrested in US: High-Profile Scandal
Current TANA Board Chairman Dr. Nagendra Srinivas Kodali and Foundation Chairman Sasikanth Vallepalli questioned Srikanth Polavarapu, who admitted to the diversion via email. He confirmed that the decision was solely his and that he takes full responsibility for the incident.
In response, the TANA Board held an emergency meeting on Saturday, November 23, 2024, where all members unanimously passed a resolution urging Dr. Kodali to take immediate action to recover the diverted funds. The Board also decided to implement all necessary measures to address the issue.
Indian-American's GC Marriage Turned Into a Trap
A show-cause notice has been issued to Srikanth Polavarapu, requiring him to attend the next board meeting scheduled for Monday, November 25, 2024. Dr. Kodali assured members and donors that they will be updated regularly, legal counsel will be sought, and prompt action will be taken to recover the funds. He emphasized that this incident will not disrupt the activities of the TANA Foundation.