Telangana: Akshaya gold officials get bail in fraud case

Hyderabad: The Hyderabad High Court has granted bail to  Akshaya Gold Company’s two top officials, founder and director M. Srinivasa Rao and additional director Talluri Srinivasa Rao, who have been accused in the Akshaya Gold fraud case.

While dealing with petitions moved by M. Srinivasa Rao and Talluri Srinivasa Rao, Justice C. Praveen Kumar granted bail, directing them to furnish Rs 10,000 each and directing the petitioners to cooperate with the investigation.

Mr Raj Kumar, counsel for the petitioners, told the court that both the petitioners have resigned from the Board in 2011. Counsel said that the police has booked cases against his clients of duping depositors even though they have nothing to do with the alleged crime.

He also said that the police has booked four cases in various police station of Guntur district based on a private complaint against both the petitioners and that they have been taken into custody.

Counsel submitted to the single judge bench that the investigation in the cases has already been completed and that the police is yet to file the charge sheets against the accused and the question of threatening of witnesses does not arise if the petitioners are enlarged on bail as they already got bail in two cases registered against them in Warangal district.