Hyderabad:Andhra pradesh cid arrested vizag based Akshaya gold farms directors and branch managers for cheating depositors.
Based on complaints by the victims, cases were filed against Akshaya Gold Farms and Villas Pvt Ltd for cheating and relevant sections of Prize, Chits and Money Circulation Schemes (Banning) Act and AP Protection of Depositors of Financial Establishment Act in Ongole and Chirala towns of Prakasam district, CID additional director general of police T Krishna Prasad said.
Akshya promised agricultural land for investment of Rs 100- Rs 1,000 under the MLM schemes wherein investors were enrolled as members.
Police froze deposits totalling Rs 10.3 crore in as many 145 bank accounts of the firm and is in the process of attaching properties of the firm spread across eight districts in the state.
Out of 26 accused, police recently arrested nine persons, including D Harinath Babu, the founder and director of the firm, along with other officials.
Of the rest, 12 accused have secured anticipatory bail and five are absconding, he added.
The arrested include — Devaki Harnath Babu, founder member and director, Andela Srinivasulu, marketing manager, Shaik Latheef Basha, marketing manager, Maliga Mahaboob Basha, marketing manager, Shaik Muzeeb Basha, marketing manager, Dokkara Krishna Murthy, marketing manager, Shaik Khajavali, branch manager, Kallaguntla Siva Kotaiah, branch manager, Chandolu Ramalingeswara Rao, branch manager.
Akshaya Gold promises 15 square feet of land against subscription of every `100 and an undivided agriculture land measuring 180 square feet in favour of the purchaser for every `1,000 investment. One marketing executive has to join 10 marketing executives and the first will be promoted as senior marketing executive and will get binary commission for new members enrolled. The system will go up to zonal manager 1 to zonal manager 5. At some place, when the link breaks, the management and top-level members only get benefits and the fresh members will lose their money.