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Fate of bail plea of AgriGold accused to be decided today
The arguments on the bail and custody petitions in connection with the sensational AgriGold Company case concluded on Monday afternoon in the Incharge District Principal Sessions Judge Court here. It may be recalled that the AgriGold Company chairman Avva Venkata Rama Rao and managing director Avva Venkata Seshu Narayana are now in judicial remand at district jail here from February 12.
Eluru: The arguments on the bail and custody petitions in connection with the sensational AgriGold Company case concluded on Monday afternoon in the Incharge District Principal Sessions Judge Court here. It may be recalled that the AgriGold Company chairman Avva Venkata Rama Rao and managing director Avva Venkata Seshu Narayana are now in judicial remand at district jail here from February 12. The CID officials arrested both the accused in the multi-crore deposits case at Hyderabad and produced them before the court on Friday.
The judge ordered 14 days remand to the accused. The accused have filed the bail petitions and the CID officials filed another petition seeking the accused to CID custody on February 12 itself. The hearing of both the petitions came before the judge on Monday afternoon around 1 P.M. After hearing an hour-long hearing from the public prosecutor D Prabhakar and defense lawyer B V Krishna Reddy, the judge announced that the decision would be announced later in the evening or on Tuesday morning.
Speaking to press persons, the public prosecutor said on behalf of the CID officials, he had submitted to the court that some proxy transactions could have taken place in the case as the accused gave away cheques worth crores of rupees, which eventually bounced. He further stated that he had requested that it was necessary to take both accused into CID custody for further investigation. The defence lawyer B V Krishna Reddy said that as per the directions of High Court both accused were regularly attending the court as well as police inquiries as and when called.
He said he had submitted to the court that the accused were ready to repay all the amounts collected from the people. He said the judge had asked whether the accused collected amounts as deposits or for plots. “We represented that the accused collected money for plots and not the deposits. We further submitted to the court that so many specific performance cases have filed against the both accused in various districts relating to the plots.” The Defence lawyer stated that the judge heard both sides and may deliver the judgment in the evening.
