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CB CID seizes assets of Abhaya Gold Infotech India Pvt.Ltd.


March 2, 2014 - Hyderabad

Crime Investigation Department (CID) additional Director General Krishna Prasad on Saturday in a statement asked the people not to buy the assets of Managing Director K Srinivasa Rao and his family members of Abhaya Gold Infotech India Private Limited.

Krishna Prasad said that as many as 18 cases have been registered across the State. The seized assets included eight acres of land in various places, two buildings, liquid cash of RS.47.66 lakh, four cars, three motor cycles, 54 computers, 28 A.Cs and 12 mobile phones, Bank deposits of Rs. 45 lakhs and silver articles weighing 4.5 kgs.

It may be recalled that Sri Abhaya Gold Group Chairman and Managing Director Kokatla Srinivasa Rao, his wife and company's director K Ambika, CMD's private secretary Mahesh and an agent Vijaya Raju were in the last week of May 2013 were arrested following they duped the depositors to the tune of hundreds of crores of rupees across the State and neighbouring States. Police said that the Group was operating nearly six projects including Abhaya Gold Infrastructure India Ltd., Abhaya Reckon Ltd., Abhaya Educational Society, Amma Restaurants, Abhaya Home Care Limited and Abhaya constructions ltd. They had 130 branches that accepted money totalling Rs.32.78 crore in writing from 60,000 customers.

According to CID of police, Srinivas of Singarayakonda in Prakasam district established the firm in 2008 with Registrar of Companies at Hyderabad appointing himself as Managing Director and his relatives as directors and collected deposits through his 140 branches and 16 of sister concern companies. They misappropriated crores of rupees by default payment of deposits on maturity.

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