Akshaya Gold accused get bail

Justice C Praveen Rao of the High Court at Hyderabad on Friday granted bail to M Srinivasa Rao, founder director, and Talluri Srinivasa Rao, additional director of Akshaya Gold Company.

They are accused in Akshaya Gold fraud case. The judge granted bail on conditions that the petitioners would cooperate with the investigation.

The judge further directed them to furnish bonds of Rs 10,000 each. Appearing for the petitioners, counsel Raj Kumar informed the court that both the petitioners had resigned from the Board in the year 2011 and police had still booked cases against them of duping of depositors though they had nothing to do with the alleged crime.

The police booked four cases in various police stations of Guntur district that too based on a private complaint against both the petitioners and they had taken into custody.

He pointed out that the investigation in the cases had already been completed and police are yet to file the charge-sheets and the question of threatening the witnesses would not arise if the petitioners were enlarged on bail.

The petitioners already got bail in two other cases registered against them in Warangal.