Abhaya Gold lands in Rs 200cr scam

May 24, 2013

Tags:

Vijayawada

Vijayawada: The Vijayawada police is believed to have taken into custody K. Srinivas, the chairman of Abhaya Gold, after several depositors lodged police complaints against his company. The arrest has not been announced at the time of going to press. The firm collects money from people in instalments and registers land in their name.
On Thursday, the Suryaraopet police booked a case against the real estate group Sri Abhaya Gold and its managing director K. Srinivas for not paying back the depositors and failing to register the land in the name of the purchasers.
According to police, D. Inna Reddy of Nagarjuna Sagar complained to the Suryaraopet police that Srinivas and his manager K.V. Pavan Kumar issued two cheques of Rs 1.50 lakh, which bounced. Inna Reddy had paid Rs 1.50 lakh for purchasing 800 yards of land at Singarayakonda in Prakasam district in 2008. The Abhaya Group failed to register the land in his name.
Large numbers of depositors and land purchasers gathered at Sri Abhaya Gold’s office on Thursday. The police had seized the office two days ago and posted cops to stop people from ransacking the office.
Sri Abhaya Gold has 140 branches in AP and more than 60 branches in Orissa, West Bengal and Tamil Nadu. The company collected the deposits for land in violation of RBI rules in the names of various real estate ventures. The company allegedly collected more than Rs 200 crore.
It failed to repay the money to depositors since May and closed some of its branches. In Krishna district, the company failed to pay Rs 25 crore to landowners as advance. The company allegedly registered the lands to depositors and customers using duplicate papers. The police are not revealing too many facts in the case as of now.

Post new comment

<form action="/comment/reply/233925" accept-charset="UTF-8" method="post" id="comment-form"> <div><div class="form-item" id="edit-name-wrapper"> <label for="edit-name">Your name: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="60" name="name" id="edit-name" size="30" value="Reader" class="form-text required" /> </div> <div class="form-item" id="edit-mail-wrapper"> <label for="edit-mail">E-Mail Address: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="64" name="mail" id="edit-mail" size="30" value="" class="form-text required" /> <div class="description">The content of this field is kept private and will not be shown publicly.</div> </div> <div class="form-item" id="edit-comment-wrapper"> <label for="edit-comment">Comment: <span class="form-required" title="This field is required.">*</span></label> <textarea cols="60" rows="15" name="comment" id="edit-comment" class="form-textarea resizable required"></textarea> </div> <fieldset class=" collapsible collapsed"><legend>Input format</legend><div class="form-item" id="edit-format-1-wrapper"> <label class="option" for="edit-format-1"><input type="radio" id="edit-format-1" name="format" value="1" class="form-radio" /> Filtered HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd></li><li>Lines and paragraphs break automatically.</li></ul></div> </div> <div class="form-item" id="edit-format-2-wrapper"> <label class="option" for="edit-format-2"><input type="radio" id="edit-format-2" name="format" value="2" checked="checked" class="form-radio" /> Full HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> </fieldset> <input type="hidden" name="form_build_id" id="form-a4c5480808c04ebb0c8b2fbd53063d74" value="form-a4c5480808c04ebb0c8b2fbd53063d74" /> <input type="hidden" name="form_id" id="edit-comment-form" value="comment_form" /> <fieldset class="captcha"><legend>CAPTCHA</legend><div class="description">This question is for testing whether you are a human visitor and to prevent automated spam submissions.</div><input type="hidden" name="captcha_sid" id="edit-captcha-sid" value="91206584" /> <input type="hidden" name="captcha_response" id="edit-captcha-response" value="NLPCaptcha" /> <div class="form-item"> <div id="nlpcaptcha_ajax_api_container"><script type="text/javascript"> var NLPOptions = {key:'c4823cf77a2526b0fba265e2af75c1b5'};</script><script type="text/javascript" src="http://call.nlpcaptcha.in/js/captcha.js" ></script></div> </div> </fieldset> <span class="btn-left"><span class="btn-right"><input type="submit" name="op" id="edit-submit" value="Save" class="form-submit" /></span></span> </div></form>