Sri Chakra assets to be attached
The company made her believe that the amount will be doubled after four years
By : DC Correspondent
Update: 2015-05-27 05:44 GMT
Visakhapatnam: The state government on Tuesday issued orders to attach the properties of Sri Chakra Gold Farms Villas Private Ltd and its directors who duped thousands of gullible investors with promises of hefty returns and other benefits to the tune of Rs 15.18 crore.
The orders GO No. 65 under Section 3 of Andhra Pradesh Protection Depositors of Financial Establishments Act, 1999 (Act 17 of 1999) was issued following orders from the Commissioner of Police who sought an ad-interim order for attaching the movable and immovable properties.
Earlier, a case was registered in II-Town police in Vizag city after one Kurucha Devi of Sivajipalem area reported that she deposited an amount of Rs 10,000 on July 1, 2011 in Sri Chakra Farms and Villas (India) Ltd for which the company offered Rs 20,000 on maturity after a period of four years and issued a bond of company as well as a cheque.
The company made her believe that the amount will be doubled after four years, so she deposited her money in the company. However she realised that the company was a fly-by-night operator and like her had many duped investors in Vizag and other parts in AP. They approached the police after the company failed to repay the maturity amounts.
The investigation disclosed that Darsi Aruna Devi, managing director, her husband Darsi Narendra full time director, her brother Nidamanuri Anil Kumar, full time director started Sri Chakra Gold Farms and Villas (India) Ltd. The company has not only collected unauthorised dep-osits from the public but also promoted illegal money circulation sche-mes in the backend in the guise of real estate business.
As per the data available, the company has collected deposits to the tune of Rs 1,518 crore from about 32,000 customers in all the branches of Andhra Pradesh and in Bellary of Karnataka state.