Abhaya Gold assets worth Rs 200 crore attached
HYDERABAD: The Andhra Pradesh government directed the Crime Investigation Department (CID) to attach Rs 200 crore worth of assets of Abhaya Gold, an Agri Gold group company, in connection with a cheating case. The assets of the firm have already been identified by the CID and submitted in a report to the government.
The CID investigating the Agri Gold cheating case has sent proposals to government identifying the properties of Abhaya Gold Infratech Pvt. Ltd. to be attached. The government issued two orders attaching the properties.
In fact, two cases were registered in West Godavari and Nellore district against Agri Gold group of companies for defrauding depositors. These cases were transferred to CID for further investigation.
The accused collected deposits from subscribers promising higher rates of interest or a piece of developed land for the deposited amount. So far, they have collected more than Rs 6,380 cr from 32 lakh customers.
Post-dated cheques were given to the matured depositors to the tune of Rs 700 cr, which were dishonoured by the banks due to insufficient funds following which depositors lodged police complaints.
CID gathered information on Agri Gold group activities and reportedly found that the company had cheated the public and hence recommended for attachment of its properties to an extent of 16,857.81 acres and 82,207.08 Sq yards of land in AP besides 2.5 kg of gold, Rs.7.5 lakh cash and 54 four wheelers.
Similarly, Abhaya Gold Infratech Pvt Limited too cheated the public to the tune of Rs 130 cr with the same promises.
'During the investigation, CID has sent proposals to the State government identifying the properties of Abhaya Gold Infratech Pvt. Ltd. to be attached to a tune of Rs 200 crore. Government has issued two orders attaching these properties,' said Additional DGP, CID, AP, Ch Dwaraka Tirumala Rao.
News Posted: 22 February, 2015
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