The Telugu Association of North America (TANA) is addressing a serious financial issue after former Foundation Treasurer Srikanth Polavarapu diverted approximately $3 million in funds to his own company, Brihat Technologies, based in Irving, Texas. This action was carried out without consulting any TANA board members or obtaining the Foundation’s permission.
According to TANA’s current Chairman, Dr. Nagendra Srinivas Kodali, and Foundation Chairman, Sri Shashikant Vallepalli, Polavarapu confirmed via email that the decision to transfer the funds was his own, and he took full responsibility for the diversion.
In response to the incident, the TANA Board convened an emergency meeting on Saturday, November 23, 2024.
During this session, the Board expressed serious concern about the situation and unanimously passed a resolution to take immediate action to recover the diverted funds.
As part of the next steps, TANA has issued a show-cause notice to Srikanth Polavarapu, requiring his attendance at a board meeting scheduled for Monday, November 25, 2024.
Dr. Kodali stated that legal advice would be sought to ensure that the funds are returned to the Foundation's account and that the ongoing activities of the Foundation are not affected by the incident.
TANA has expressed regret over the diversion of funds and assured its members that further updates will be provided as more details about the situation are revealed.
The organization remains committed to resolving the issue swiftly and ensuring that its operations continue smoothly.