Hyderabad High Court asks Telangana, AP govt for report on Akshaya Gold inquiry

Hyderabad: The Hyderabad High Court on Monday directed the AP and Telangana state governments to file affidavits explaining the status of investigation into cases registered against the Akshaya Gold Group that allegedly duped depositors.

A division bench comprising acting Chief Justice Dilip B. Bhosale and Justice P. Naveen Rao was dealing with a PIL filed by AP Akshaya Gold Customers and Agents Welfare Association, represented by its president V.S.S. Purnachandra Rao of Guntur district. It urged the court to appoint a committee headed by a retired judge of the High Court, on the lines of the panel appointed to oversee repayment to aggrieved depositors of AgriGold.

Telangana special counsel Sharath Kumar said the AP CID was investigating the case. TS police had registered the case but was unable to move forward as the documents were with the AP police which he said was not cooperating. Counsel of AP said the company’s properties had been seized. The bench directed both counsels to file affidavits by Friday on details of properties seized and arrests made. Posting the case to February 26, the bench directed the registry to tag the case with the petition on AgriGold.