CID to probe Akshya Gold fraud

The High Court at Hyderabad directed the state governments of Andhra Pradesh and Telangana to probe the role of directors of Akshaya Gold company in the fraud committed by the company. It asked the CID authorities of both the states to verify how many directors were changed in the Board, their tenure periods and their role in the fraud and submit status reports.

A division bench comprising of Acting Chief Justice Dilip B Bhosale and Justice S V Bhatt gave this direction while dealing with a public interest litigation filed by the AP Akshaya Gold Customers and Agents Welfare Association, represented by its president V S S Purnachandra Rao of Guntur district.

Special government pleader for Telangana S Sharath Kumar, informed the bench that so far three directors of the company had been arrested and that the probe agency was trying to get information about the properties being held by the company in the State.