AgriGold chairman, MD, two accused produced to court; sent to CID custody

AgriGold chairman, MD, two accused produced to court; sent to CID custody

Udupi: The CID police Produced AgriGold Group of Companies Chairman Avva Venkata Rama Rao, Managing Director Avva Venkata Seshu Narayana Rao, director Immadi Sadashiva Rao and Ramachandra Rao in front of the District Sessions and Magistrate court on Saturday, October 1.

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The CID police, who have been probing the multi-crore scam produced them before the court and sought police custody for 13 days. The Karnataka CID DySP Nanjunda Gowda and others produced the accused in the court.

The accused are facing cheating charges in many stations of Karnataka. The first complaint against the AgriGold company is registered in Udupi Town Police Station. Krishna Naika resident of Saralebettu Manipal filed the case against the company. As many as 8,41,616 depositors and agents have lost about Rs 1,640 crore by investing in AgriGold group.

The group had collected deposits from people of eight states including Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Odisha and Andaman and Nicobar Islands. The CID Police of Andra Pradesh are investigating the case. Crime Investigation Department (CID) sleuths arrested the accused on February 12, 2016. The accused are also facing charges in Karnataka. As per the instructions of the High Court of Karnataka, the CID Police brought the accused from Eluru district of Andra Pradesh to Udupi on Saturday and produced them before the court.

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The Advocate of Andhra Pradesh High Court Janaki Ram and High Court Karnataka Advocate Divakar appeared on behalf of the accused. Shanthi Bai Public prosecutor argued against the accused. The CID Police sought 13 days custody of the accused.

After hearing the argument of both sides the Udupi District and Sessions Court Magistrate remanded CID Police custody of the accused till October 5.

The Udupi police arranged heavy security at the court premises to prevent any untoward incident in the wake of producing the accused before the court in the sensational fraud case.

Depositors and agents who had gathered near the court premises demanded justice.

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