TANA has released a press note regarding the ongoing controversy involving former Foundation Treasurer Srikanth Polavarapu and the diversion of funds from the TANA Foundation. Below is the content of the release:
"The TANA Board is fully committed to recovering every penny from former Foundation Treasurer Srikanth Polavarapu, who diverted TANA funds to his own company. The Board is taking all necessary steps to resolve this matter as quickly as possible.
"An emergency board meeting was held on November 25th to address this unprecedented incident. During the meeting, Srikanth Polavarapu attended and admitted to his mistake, taking full responsibility for his actions. He clarified that the diversion of funds was his personal decision and that no one else was involved.
"In light of these developments, Srikanth tendered his resignation as a Foundation Trustee, which was promptly accepted. Srikanth has already repaid $100,000 and has pledged to repay the full amount of $3.6 million that was diverted.
"The TANA Board is now taking legal action, working closely with the judicial system and the FBI to ensure the full recovery of the diverted funds.
"TANA Board Chairman, Dr. Nagendra Srinivas Kodali, has announced that strict technical and administrative measures will be put in place to prevent such incidents from occurring in the future".
