The Crime Investigation Department (CID), probing the Abhaya Gold Infratech India Limited and Akshaya Gold Farms and Villas India Private Limited, has recently arrested Kukatla Srinivas Rao the prime accused in both cases.
Mr. Rao was the managing director of Abhaya Gold Company and acted as a director of Akshaya Gold Farms.
Police registered more than 35 cases on both the firms on various charges under the A.P. Protection of Depositors and Financial Establishment Act, 1999, Prize Chits and Money Circulation Scheme (Banning) Act, 1978 and other IPC sections.
The Abhaya Gold Company had collected about ₹221 crore from 3.99 lakh depositors in Andhra Pradesh and Telangana, and about 15.94 lakh depositors, from various States in the country apart from A.P. and TS, invested ₹735 crore in Akshaya Gold Farms. They collected deposits from the public promising huge returns, villas and farm houses and deceived them, the police said.
Police registered about 19 cases each on both the managements in Kurnool, Krishna, West Godavari, Guntur, Anantapur and other districts in the State from 2012 to 2014, and the investigation is in different stages. They arrested about 15 persons.
Assets attached
CID police identified movable and immovable assets worth some hundreds of crores of rupees belonging to the two firms and attached the properties.
“Kukatla Srinivas Rao was arrested earlier in both Abhaya Gold and Akshaya Gold frauds. Still five non-bailable warrants (NBWs) are pending against him. He was arrested at Rajahmundry recently and was sent to Eluru jail,” the CID police said.
