Vijayawada:If the Andhra Pradesh Government’s move to return money of Agri-Gold depositors by auctioning the company’s properties succeeds, the depositors of Abhaya Gold and Akshaya Gold too can hope for similar relief.
AP Crime Investigation Department (CID) sleuths were confident of securing money of all Agri-Gold depositors as the company’s owners stated in the court that they had no objection to selling the company’s assets. “Now we’re awaiting the court order to proceed with the process of auctioning the properties,” a top official of AP CID told this correspondent but was unwilling to be identified. If the move succeeds, it would be replicated in the cases of Abhaya Gold and Akshaya Gold.
When the depositors approached the CID charging that Agri-Gold management cheated them after collecting money, criminal cases were registered against the company. Already, the CID officials secured orders attaching properties of Agri-Gold which had an estimated market value of nearly Rs.14,000 crore. Of them, the investigators identified 14 immovable assets which had no legal hassle or dispute over ownership. Among these properties were 180 acres of land at Keesara village near Vijayawada, 110 acres near Nujiveed, 25 flats in Bengaluru of Karnataka and 470 acres in Jadcherla of Mahabubnagar district in Telangana.
“If sold, these 14 assets would fetch Rs.7,000 crore. Payment of money to depositors will not be a problem then,” the CID officials said. The investigators filed a petition in the court to make attachment of the properties absolute.
Had the company owners opposed the petition, the matter would have dragged on for a couple of years more.
Since they didn’t oppose the petition, the court is likely to issue the order facilitating auction of the properties.