₹10,000 Crores Joint Development Scam in collusion with SPR Construction Ltd
• CA Used FM Sitharaman’s Photos to Intimidate Regulators
• Shareholders Demand CBI Probe against CA Shankaran Sundar Raman – and Hitesh P Kawad
• Misusing Ministerial Authority for Corporate Shield
- ₹10,000 Crores Joint Development Scam in collusion with SPR Construction Ltd
- • CA Used FM Sitharaman’s Photos to Intimidate Regulators
- • Shareholders Demand CBI Probe against CA Shankaran Sundar Raman – and Hitesh P Kawad
- • Misusing Ministerial Authority for Corporate Shield
- Misusing Finance Minister’s Name to Shield ₹706 Crore Binny Ltd Fraud
- The Anatomy of the Alleged Influence Peddling Scheme
- Binny Ltd: A Prime Asset at the Heart of Corporate Fraud
- Collusion with Alleged Offenders and Regulatory Subversion
- Formal Demands and Broader Implications for Governance
A massive corporate scandal has erupted as shareholders of Binny Ltd have petitioned the PMO and Finance Minister, alleging CA Shankaran Sundar Raman, an Independent Director and a Trojan Horse of SPR Group on the Board of Binny Ltd. is misusing the FM’s Nirmala Sitharaman’s name and photographs to obstruct probes into a ₹706 crore siphoning of funds and Rs. 10,000 Crores JDA fraud. The petition to the PMO and Finance Ministry demands a full-fledged CBI probe into Raman and SPR promoter Hitesh P Kawad, citing influence-peddling, misuse of authority, and deep-rooted corporate corruption.
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Misusing Finance Minister’s Name to Shield ₹706 Crore Binny Ltd Fraud
In a shocking development with serious implications for corporate governance and regulatory integrity, a group of shareholders from listed company Binny Ltd (BSE: BINNY) has filed a formal complaint with the Prime Minister’s Office (PMO) and Finance Minister Nirmala Sitharaman.
The complaint, accessed by the Sprouts News Investigation Team (SIT), accuses Chartered Accountant Shankaran Sundar Raman of systematically misusing the Finance Minister’s name, photographs, and official prestige to obstruct investigations into a ₹706.03 crore fund diversion scandal and Rs. 10,000 crores fraud in Joint Development Agreement with SPR Construction Ltd.
The document alleges that Sundar Raman, portraying himself as the Finance Minister’s “right-hand man,” has engaged in a multi-pronged campaign of intimidation. He is accused of threatening regulatory bodies like SEBI, SFIO, and the EOW with “top-level action” to suppress forensic audits and shield the alleged primary beneficiaries, the SPR Group and its Managing Director, Hitesh P. Kawad. The shareholders have demanded an immediate CBI investigation and his inclusion in the CBI’s ‘List of Undesirable Contact Men’.
The Anatomy of the Alleged Influence Peddling Scheme
According to the detailed complaint, Sundar Raman’s modus operandi involves blatantly flaunting his access to the Finance Ministry to create an “aura of untouchability.” The Sprouts News Investigation Team has verified social media evidence cited in the complaint, including posts on Instagram (@shankaran.sundar.raman) and Facebook where Sundar Raman shares photographs from official events like Union Budget sessions. These posts, dated as recently as March 24, 2025, are allegedly used as tools to bolster false credentials and threaten junior officials.
The complaint states this manufactured proximity is monetized through lucrative consulting contracts and monthly payments from the SPR Group. In return, Sundar Raman allegedly acts as a proxy of SPR Group on the board of Binny Limited, using his influence to block critical audits and facilitate undervalued asset transfers. This includes leasing prime land in Chennai to an SPR-linked trust at a mere ₹0.22 per square foot against market rates of ₹250.
Also Read: CID Arrests Gyanaradha Credit Society Director Archana Kute in ₹3,000 Crore Investor Scam.
Binny Ltd: A Prime Asset at the Heart of Corporate Fraud
The backdrop to these serious allegations is the ongoing corporate governance crisis at Binny Limited, a formerly British-era textile company now sitting on prime real estate assets estimated to be worth thousands of crores. The company’s valuable holdings include 62.74 acres in Perambur, Chennai, developed as “SPR City.” The shareholders’ letter meticulously outlines a history of regulatory actions, including a SEBI adjudication order dated July 31, 2024, which confirmed the massive ₹706.03 crore fund diversion.
Further credibility is added by a DVAC FIR (No. 1/2024) and a recent Madras High Court order referring the matter to the Serious Fraud Investigation Office (SFIO). The complaint alleges that Sundar Raman’s intervention, backed by his false claims of ministerial authority, has successfully stalled these investigations. He is accused of threatening auditors with “Ministry-level action” to prevent a comprehensive forensic audit for the years 2020-2025.
Collusion with Alleged Offenders and Regulatory Subversion
The complaint paints a picture of deep collusion between Sundar Raman and individuals with controversial legal histories. He is allegedly closely associated with Hitesh P. Kawad (SPR Group MD, arrested by the CBI in a 2015 bribery case) and KT Raghavan (a former BJP member who resigned amid allegations of sexual misconduct). The shareholders provide detailed evidence, including records of 1,576 phone calls between Sundar Raman and Kawad within a year, suggesting coordinated efforts to influence ongoing probes.
The ultimate goal of this alleged syndicate, according to the complainants, is to gain complete control over Binny Ltd’s immense land assets while avoiding accountability for the siphoned funds. By leveraging the fear of the Finance Minister’s office, Sundar Raman has allegedly created a chilling effect within regulatory agencies, making officials reluctant to pursue investigations against him and his associates for fear of reprisal.
Formal Demands and Broader Implications for Governance
The shareholders have concluded their letter with specific, actionable demands for the highest offices of the government. These include an immediate ban on Sundar Raman from all Finance Ministry premises, his official designation as an Undesirable Contact Man (UCM), and the constitution of a CBI-led inter-agency team to investigate the entire affair, including the financial trails and alleged corruption within government offices.
This case transcends a single corporate fraud allegation. It strikes at the heart of regulatory independence and the integrity of public office. If proven true, it represents an egregious case of influence peddling that undermines India’s financial markets and erodes investor confidence.
The Sprouts News Investigation Team will continue to monitor the official response to these grave allegations from the PMO and Finance Ministry.
