The Home Department of Andhra Pradesh has issued an ad-interim order to attach some movable and immovable properties of Sri Chakra Gold Farms and Villas, under Section 3 of Andhra Pradesh Protection Depositors of Financial Establishments Act, 1999. The firm had been in the business of luring people by dishing out attractive Ponzi schemes, since 2010.
The malpractice came to light when one Kuracha Devi, wife of Apparao, resident of Sivajipalem, Visakhapatnam, had reportedly deposited an amount of Rs 10,000 on July 1, 2011, in Sri Chakra Farms and Villas, and for which the company offered a maturity sum of Rs.20,000, after a period of four years.
