Duped Abhaya Gold depositors agitate

Fourth financial fraud in a fortnight Gudivada (Krishna): The Gudivada branch of Abhaya Gold joined the list of defaulting private finance companies with depositors staging a protest demanding refund of their matured investment on Wednesday. This is the fourth in a series of financial frauds that rocked the coastal districts of Krishna, Guntur and Prakasam in a fortnight. The depositors grilled branch manager Bhagyaraj demanding return of matured deposits under different money circulation schemes accounting for Rs 25 lakh. Unable to establish contact with head office located at Vijayawada, the manager fled as the investors turned violent. The depositors failed to get proper response from the branch staff over return of their deposits for six months. Many agents have been spending sleepless nights unable to face their clients who trusted them and blindly invested in the money circulation schemes. N Parvati, an agent of Peddaveedhi locality, lamented that some of the depositors had attacked her. She had been staying at the branch and never went home for some days fearing attacks, she said. Chandra Kumari, another agent, said many agents working on behalf of the private finance firm had collected a sum of Rs 50 lakh for the branch. Most depositors belonged to poor and weaker sections of society and invested in the firm with the hope of getting more returns. It was difficult to face the daily wage workers and coolies who had been grilling her for payment of matured fund, she wept. Md Rafi, a mechanic, said he paid instalments to the tune of Rs 40,000 out of his hard earned money. The company had provided him an attractive brochure with photograph of beautiful building. When he approached for matured sum, the company staff has been cheating him with false appointments for final settlement of the financial deal. Just a fortnight ago, depositors of Nuzivid branch went berserk and ransacked the company branch. A week after that, investors who pumped their hard earnings into Akshaya Gold stormed the Sattenapalli branch in Guntur district demanding repayment. It was only on Tuesday that Kancharla Estates, a money circulation company operating from Singarayakonda of Prakasam district, announced closure much to the shock of scores of depositors.