Telangana High Court rejects Agrigold's new proposal to develop its lands

HYDERABAD: The Telangana police crime investigation department (CID) submitted to the High Court that the 150-acre land in Midzil of Mahbubnagar was bought by the 'benami' of the Agrigold company 's chairman, during the auction of Agrigold properties, to return depositors’ money.

The CID submitted an affidavit that a person with low income won the bid of 150 acres of land for Rs 15.30 crore. Moreover, the bidder was a police constable, before he ventured into realty. As the High Court, during earlier hearing, rejected the proposal of the Agrigold company for real estate development on its lands with the joint venture companies, to repay the depositors money, the company on Friday came with the new proposal that it would deposit Rs 100 crore before it started the development of properties. The company said around Rs 2,000 crore would be made if its properties were sold after developing the real estate projects and that money would be used to pay the dues of the depositors.

The court did not accept the proposal stating that it would take several years of time and directed the Telangana and the Andhra Pradesh governments to respond on the Agrigold proposal.