Sri Chakra Gold Directors arrested

Visakhapatnam : Visakhapatnam City police arrested the financial racketeers of Sri Chakra Gold Farms and Villas (India) Ltd. They seized original unregistered agreement papers worth of Rs 27 lakh, besides two cars, City Police Commissioner B Sivadhar Reddy told the media.

He said three persons of Chilakaluripeta-Dasari Aruna, her husband Dasari Narendra and her brother Nidamanuri Anil Kumar- started a public limited company, Sri Chakra Gold Farms and Villas (India) Ltd. Later Boddepalli Giribabu, Chapala Padmavathi, Dasari Ganesh, D Lova Raju and N V Suresh Kumar joined as the directors. According to the registration norms they had to do real estate business; but in the guise of real estate business collected deposits, violating the RBI norms, of Rs 15.18 crore from 32,000 customers. They established branches in the State and at Bellary (Karnataka.

Sivadhar Reddy said they ‘lured’ public in the name of daily, monthly and fixed deposit schemes in a deceitful manner. The company did not have such sizable land to again sell it to members, as claimed; yet it distributed land possession certificates to some members for 300 and 500 yard sites, which did not belong to the company.

The company also started Sthirasthi Chit Fund Pvt Ltd and Sri Chakra Shopping Mall and took bank loans of Rs 1.75 crore hypothecating the mall. The Sri Chakra Gold Company paid about Rs 5.26 crore to 8,000 depositors, while it still had to repay Rs 8 crore to nearly 24,000 members. The CP said the ten accused were taken into custody at Baachi Towers and sent to remand. Company managing directors Dasari Narendra, Giridhar and Dasari Ganesh Kumar were yet to be arrested.

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