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    Home - National News - Fraud, Promises & a Rights Issue: How GACM Technologies Ltd’ Past Is Catching Up with Its Promoter
    National News

    Fraud, Promises & a Rights Issue: How GACM Technologies Ltd’ Past Is Catching Up with Its Promoter

    By Paid mediaUpdated:May 3, 2025No Comments5 Mins ReadMay 1, 2025
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    GACM Technologies
    By CA Khan LLC – Advisors to Investor Victims in the Tirupati Rao Fraud Case
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    As GACM Technologies Ltd. proceeds with a public Rights Issue, a group of investors is
    stepping forward to expose what they call a “pattern of systemic deceit and
    misrepresentation” at the hands of its promoter, Mr. Jonna Venkata Tirupati Rao.
    One such victim is Mr. Mohd Abdul Moiz Khan, a Hyderabad-based investor who has
    initiated formal legal action against Mr. Rao and his associates for alleged conspiracy,
    cheating, and breach of trust — supported and advised by CA Khan LLC, a global
    corporate advisory and accounting firm. Mr. Khan is among several investors who say
    they were defrauded through a complex structure of companies and financial promises.

    Table of Contents

    Toggle
    • A Pattern of Deception
      • The Rights Issue: A Risk to Public Investors
      • Next Steps That Affected Investors Should Take
      • A Word of Caution to Investors

    A Pattern of Deception

    According to the chargesheet filed by the Central Crime Station (CCS), Hyderabad,
    Mr. Khan was one of several individuals targeted by executives of GA Capital, a group
    entity operated by Mr. Rao. They were promised lucrative allotments in companies like
    Bheema Cements Ltd. and Market Simplified India Ltd., including guaranteed
    buyback agreements, premium exits, and pre-listing share access.
    Despite payments totaling approximately ₹60 lakhs by Mr. Khan’s family to Fortuna
    Cements Pvt. Ltd.—a company with shared directorship with Bheema Cements Ltd.—
    and to Gayi Adi Capital Management Private Limited, a privately held company
    operated by Mr. Tirupati Rao, promoter of GACM Technologies Ltd., the shares
    promised to them were never allotted, and the contractual obligations were left
    unfulfilled.
    In the case of Bheema Cements, the share price appreciated substantially post-listing.
    However, due to deliberate delays and the non-transfer of securities, investors like Mr.
    Khan were denied the opportunity to benefit from this upside.
    Separately, in the investment made in Market Simplified India Ltd., a formal Buy Back
    Agreement was signed between Mr. Tirupati Rao and the shareholders, o􀆯ering a
    guaranteed exit. This agreement was subsequently dishonoured, and the financial
    projections presented at the time of investment were found to be misleading and
    materially inaccurate.
    Importantly, Mr. Khan is not the only victim. According to a former employee of Gayi Adi
    Capital Management Private Limited who refused to be named, the total amount
    raised from investors under false promises of guaranteed returns and exaggerated
    growth projections is estimated to exceed ₹100 crores, pointing to a wider pattern of
    systemic investor deception.
    The Times of India has confirmed that four separate cases involving GACM
    Technologies and Mr. Rao have been registered with CCS Hyderabad, including one by
    Mr. Khan. Charges include cheating, conspiracy, and criminal breach of trust under
    various IPC sections.

    The Rights Issue: A Risk to Public Investors

    Despite these pending criminal proceedings, GACM Technologies Ltd. — formerly
    known as Stampede Capital Ltd. — is actively conducting a Rights Issue, seeking to
    raise capital from public investors through stock exchanges.
    Shockingly, the Rights Issue documents fail to disclose:

    • The pending criminal cases against Mr. Rao,
    •  His expulsion by NSE in 2021 along with family members and associates,
    • The ongoing chargesheeted fraud cases filed by investors,
    • Serious allegations of misappropriation and breach of contractual
      obligations.

    As per SEBI’s ICDR Regulations, 2018, and Listing Obligations and Disclosure
    Requirements (LODR) Regulations, such material events and criminal proceedings
    must be disclosed in full during any public fund-raising activity.
    The suppression of these facts, say advisors, amounts to securities fraud and poses a
    serious threat to unsuspecting investors who are being encouraged to participate in the
    Rights Issue under false pretenses of clean governance.

    Next Steps That Affected Investors Should Take

    In light of these developments, CA Khan LLC is guiding Mr. Khan and other a􀆯ected
    investors through a multi-pronged legal and regulatory strategy to both recover funds
    and prevent further abuse of the capital markets. The recommended steps include:
    1. Complaint to SEBI Market Intelligence Division
    Investors are filing detailed reports through SEBI’s Market Intelligence Portal, citing
    non-disclosure of criminal proceedings during the ongoing Rights Issue. This aims to
    trigger enforcement action and potentially suspend the issue pending investigation.
    2. Complaint to the Enforcement Directorate (ED)
    Given the cross-entity fund movements and Dubai linkages, investors are seeking
    investigation under the Prevention of Money Laundering Act (PMLA), which could lead
    to account freezes and asset attachment.
    3. Action Under the Telangana Depositors Protection Act
    Through the District Collector, victims are requesting attachment of company and
    personal assets, including those of GA Capital, Fortuna Cements, and GACM
    Technologies.
    4. Civil Money Recovery and NCLT Petition
    Parallel civil recovery suits and Section 7 petitions under the Insolvency and
    Bankruptcy Code (IBC) are being considered to push promoters toward a legal
    settlement or surrender of assets.
    5. SEBI and Exchange Complaints Against Rights Issue
    Formal complaints have also been submitted to SEBI and the stock exchanges
    (BSE/NSE), demanding a halt or review of the Rights Issue for failure to disclose
    promoter-level litigation.

    A Word of Caution to Investors

    Mr. Moiz Khan’s case is a cautionary tale for Indian investors. It is also a critical test of
    our financial regulatory system.
    If companies with such visible legal baggage are allowed to raise fresh funds from
    public markets without accountability, the damage extends far beyond the victims — it
    undermines trust in India’s entire capital markets ecosystem.
    CA Khan LLC urges SEBI, ED, and MCA to act decisively and send a strong message:
    Capital markets are not a playground for repeat offenders.
    For coordination with other affected investors or to join the legal recovery action, please
    write to info@cakhan.com or visit www.cakhan.com

    CA Khan LLC Fraud Case GACM Technologies Tirupati Rao
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