Agri Gold scam: Court peeved over cops laxity

The two-judge PIL bench of the High Court at Hyderabad comprising Acting Chief Justice Dilip B Bhosale and Justice SV Bhatt on Monday voiced displeasure at the attitude of the police in failing to take action against promoters and directors of Agri Gold Farms Ltd in spite of criminal cases being filed against them.

The bench was dealing with a public interest writ petition filed by Telangana Agri Gold Customers and Agents Welfare Association through its President A Ramesh Babu. The petitioners complained that around 40 lakh depositors have been suffering due to non-payment of maturity amount by the company.

They informed the court that around 70 depositors and agents had committed suicide due to non-payments. The company had earlier informed the court that about 14 properties of the company were selected to be sold and the proceedings were enough to repay the depositors.

The bench was informed that Securities and Exchange Board of India (SEBI) had already initiated process against the company. The bench directed the company to place before it a full list of properties of the company and adjourned the matter to Thursday.