CID told to declare Akshaya Gold honchos proclaimed offenders

A two-judge bench of the High Court at Hyderabad comprising Acting Chief Dilip B Bhosale and P Naveen Rao on Thursday directed the CID to declare the former directors of Akshaya Gold Company as proclaimed offenders.

The bench was dealing with a petition filed by Akshaya Gold Customers Agents Welfare Association. The petitioner association complained that the company committed fraud along the lines of Agro Gold Company.

It wanted directions to seize properties of the company, sell them and compensate the investors. Krishna Prakash Special Counsel for Andhra Pradesh informed the bench that the officials of CID were trying to trace the directors of the company.

Acting Chief Justice Bhosale enquired as to why they were not being declared as absconders. Prakash informed the bench that the former directors were trying to secure bails in lower courts.

The bench directed the government to direct all Public Prosecutors to oppose bail applications of the former directors. It further directed the government to file an action plan by the next day of hearing and adjourned the matter to April 26.

In a similar matter, the bench found fault with the CRDA authorities for failing to develop layouts in land belonging to the Agri Gold company.