Hyderabad’s business circles were stunned today as police arrested prominent entrepreneur Kanthi Dutt in Jubilee Hills. The founder of Tritiyaa Fine Jewellery and SustainKart faces multiple fraud allegations from investors and business partners, marking a dramatic turn in his entrepreneurial journey.
Background and Business Rise
The Visakhapatnam-born entrepreneur had established himself in Hyderabad’s elite business community through various ventures. His initial partnership with Shilpa Reddy in fashion retail paved the way for launching Tritiyaa Fine Jewellery and SustainKart. Kanthi Dutt’s success in attracting celebrity endorsements, including Bollywood actress Parineeti Chopra, enhanced his business profile.
Fraud Allegations Emerge
The arrest follows serious accusations from several parties. Tritiyaa co-founder Srija Tippala reported being unlawfully removed as director through forged documents after investing ₹2.5 crore. India Accelerator has accused Kanthi Dutt of misrepresenting SustainKart’s financial data. Investigators discovered discrepancies between reported figures and GST filings, raising concerns about financial manipulation.
Celebrity Connections and Investments
Notable personalities including Parineeti Chopra and Samantha Ruth Prabhu are reportedly among those affected. Kanthi Dutt allegedly used these celebrity connections to attract substantial investments, leaving many investors with significant losses.
Legal Proceedings
Kanthi Dutt faces investigations at both Jubilee Hills Police Station and Central Crime Station and is currently under custody. The case has expanded beyond initial complaints, revealing a pattern of alleged fraudulent activities affecting multiple victims across different business ventures.
Impact on Startup Community
This arrest has sent ripples through Hyderabad’s startup ecosystem, raising concerns about investment safety and due diligence in high-profile business partnerships.
Kanthi Dutt’s Instagram Post
Kanthi Dutt, one of the founders of SustainKart, 5 days back posted in his Instagram, addressed the allegations against him, calling them baseless and false. He explained that all actions by the company were in agreement with India Accelerator (IA), their compliance and fundraising advisors. Despite working together, IA turned against the startup, accusing it of discrepancies to protect their reputation. Kanthi clarified that SustainKart did not violate FEMA rules, and the $500,000 raised through SAFE notes was used for private labels and offline retail, which led to a quick burn of funds. Due diligence was done by IA, but delays in funding and lack of support affected the company’s operations. He expressed regret over the challenges but thanked those who supported the journey, acknowledging the lessons learned and looking forward to better opportunities in the future.
-Sanyogita
