CID Finds 70 more hidden AgriGold properties

Hyderabad: AP CID on Friday informed the Hyderabad High Co urt that the management of AgriGold had revealed 70 more assets during interro gation. According to an esti mate, these properties inclu de more than 2,500 plots.
According to a report furnished to the court, the accu sed directors had developed a layout in a single property and divided it into 368 plots AP’s additional advocate ge neral Dammalapati Srinivas told the court that the accu sed had disclosed these details during custodial in terrogation.

The bench of acting Chief Justice Dilip B Bhosale and Justice S V Bhatt, which took up a public interest case that sought justice to the 32 lakh poor depositors who inves ted more than Rs 7,000 crore in the company and were duped later by the fraudulent management, said that CID could have achieved better progress had it shown similar initiative 18 months ago.

The bench directed the state of AP to attach all the 70 newly discovered assets.”When the accused directors apply for bail in various courts, tell the courts about the fact that the management of the company has been misle ading the high court about the total volume of assets they possess,” Justice Bhosale said.
“Despite our repeated appeals, they never revealed that they have some more assets. When they were questioned in the custodial interrogation, they are now revealing truth,” he said.

The bench also formed an experts committee headed by a retired judge of the high court to conduct auction of the assets of the company.

Petitioners’ advocates Karanam Kishore Kumar and NS Arjun brought to the notice of the court about the notification issued by the Andhra Bank for auctioning Rs 25 crore worth AgriGold building and plot in Hyderabad. The bench directed them to place those details on record before the court and posted the case to two weeks.

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