Hyderabad High Court: Akshaya Gold victims seek recourse

Hyderabad: The AP Akshaya Gold Customers and Agents Welfare Association has approached the Hyderabad High Court seeking a committee headed by a retired judge of the High Court, on the lines of the one named in the Agri Gold case, for the purpose of repaying defrauded depositors.

The association, represented by its president V.S.S. Purnachandra Rao of Guntur district, moved the PIL stating that the fraud committed by Akshaya Gold was similar to the Agri Gold Group of Companies case. The money collected by Akshaya Gold was diverted to other companies and the management had purchased land in several states while defaulting payments to about five lakh depositors.

The association said that though the police had registered suo motu cases and referred them to the CID, the depositors had not got justice. The association urged the court to hand over the case to the CBI for investigation and to direct the AP government to attach the properties of Akshaya Gold management and those of benami companies.
 

 

 

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