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Telangana attaches assets of Agri Gold Farms

AP CID says attachment of assets already attached void.

Hyderabad: The Telangana home department on Monday issued orders attaching the properties of Agri Gold Farms and Estates in connection with a case booked by the CID Economic Offences Wing for duping depositors.

The AP CID has already attached several properties in connection with cases filed against the company. AP police said that if the TS CID attaches the same properties, it would become invalid as their attachment was done much earlier.

The interim order to attach properties was issued under the Telangana State Protection of Depositors of Financial Establish-ments Act.

The order stated: Agri Gold Farms and Estates India Private Limited, and its Board of Directors deliberately cheated the public by carrying out non-banking financial transactions, without obtaining permissions from RBI and the Security Exchange Board of India. They collected crores violating existing laws, diverted a major part of the funds to sister concerns and misused funds for their own needs.

The TS CID registered the case based on a complaint filed by software professional K. Narsimha Rao of Venkateswaranagar, Malkaj-giri. Another case was registered with the Kanagal police of Nalgonda district under the Indian Penal Code, Protection of Depositors Act and the Prize Chits and Money Circulation Schemes (Banning) Act.

“All immovable properties belonging to the company and its board and their kin, friends and relatives have been attached,” the TS home department said.

An AP CID official said, “We have to see the properties they have listed. We have attached almost all properties except those which have been mortgaged by Agri Gold. If TS is attaching the assets we have attached it will be invalid.

( Source : Deccan Chronicle. )
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