Investigation on vanishing companies after public offer
Hyderabad, April 1, 2006Twenty-one teams from the Crime Investigation Department (CID) on Saturday conducted searches on four companies, which allegedly vanished after collecting cores of rupees in the name of public offers. Nineteen teams conducted search raids on two companies in the twin cities, while the rest in Adilabad and Prakasam according to a press release by the additional director general, CID said. In the city, the raids were conducted at the residences of the directors of Canara Credit Limited (CCL) and Sakthi Sai Flowers and Tissues (SSFT). In 1995, CCL had collected Rs.2.49 crore from the public.
On December 27, Saifabad police had registered a case against SSFT's 10 directors who had reportedly collected Rs.3.3 crores from a public issue. Raids were also conducted at the addresses of the directors of Aquadev India Limited in Ongole, Prakasam district who allegedly cheating the public of Rs.3.55 crores. The CID raided the houses of five directors of Vinimeta Spin Steels Limited in Kothur police station of Mahabubnagar. It had allegedly cheated the public of Rs.8.58 crores.
This is an archive news page about an event that happened in the past. The News / Information might have changed in subsequent days as news gets developed. This page exists for referance purpose only.
Join Discussions on AndhraNews.com