Govt orders attachment of assets
The Andhra Pradesh government has ordered attachment of assets of Agri Gold and Abhaya Gold companies. These companies allegedly cheated people of crores of rupees under different ventures. Two cases were registered in West Godavari and Nellore districts against Agri Gold group of Industries for allegedly defrauding depositors.
Agri Gold, Abhaya Gold in the dock
Hyderabad/Nellore: The Andhra Pradesh government has ordered attachment of assets of Agri Gold and Abhaya Gold companies. These companies allegedly cheated people of crores of rupees under different ventures. Two cases were registered in West Godavari and Nellore districts against Agri Gold group of Industries for allegedly defrauding depositors. These cases were transferred to CID for further investigation by the government.
The accused collected deposits from subscribers promising higher rates of interest or a piece of developed land for the deposited amount, according to State Criminal Investigation Department officials. It was estimated that the Agri Gold had collected more than Rs 6,380 crores worth of deposits from 32 lakh subscribers. Post-dated cheques were given to some subscribers whose deposits attained maturity.
The company issued post-dated cheques worth about Rs 700 crores, but they had bounced because of insufficient funds. It sparked fears among depositors that the company intended to default on their savings. The CID police, who are still investigating into the activities of Agri Gold group, established that the company had resorted to fraudulent practices and recommended attachment of its properties, which included 16,857.81 acres agriculture land and 82207.08 Sqare yards of developed land in Andhra Pradesh and also 2.5 kg of gold, Rs7.5 lakh cash and 54 four wheelers.
Similarly, Abhaya Gold Infratech Pvt Limited had cheated the depositors of about Rs 130 crore promising them house plots or high rate of interest on their deposits. Several cases were registered on Abhaya Gold in various districts and they were handed over to CID for investigation. During the investigation, CID sent proposals to the government identifying about Rs 20 crore worth of properties of Abhaya Gold to be attached.
A Nellore report said the government had cracked a whip on Agri Gold and Akshaya Gold companies by ordering attachment of their properties as they had accumulated immovable assets. The funds collected from people were allegedly misappropriating and they were converted into individual accounts of the directors. The account holders, however, apprehended that the attachment process would delay their repayment.
Violating RBI rules in running finance business, Agri Gold and other finance companies had purchased lands by enticing common people to deposit their hard-earned money in schemes by promising higher interest. Several finance companies, including Agri Gold and Akshya Gold, had allegedly purchased waste lands in Narganampadu of Vinjamuru mandal, Narampeta, Chinamachanuru of Atmakuru mandal, Nallagonda, of Vinjamuru mandal, Seetaramapuram and Udayagiri mandals.
The account holders of the Agri Gold were shocked on finding that the company had purchased land with the money collected from them by promising higher interest. The company made foray into real estate business by taking advantage of Rs 3,000 crore turnover in Nellore district alone. The company has immovable assets in Vinjamuru, Kaligiri, A S Peta, Atmakur, Marripadu, Udayagiri, Seetaramapuram mandals besides in Jaladanki and Kavali areas, according to official sources.
The company has reportedly possessed 3,000 acres of land in the district and carried out transactions on 100 acres of land. Ventures were developed on 20 acres by dividing its into 340 plots at Rayagunta under Vinjamuru mandal and one third of plots were already sold out. However, the government exempted the plots which were registered earlier. The orders passed by the government, does not apply to plots which were registered before the case was booked against the company.