AgriGold scam: District Court sends Four to Judicial Custody till Oct 18
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 October 5.
The CID police, who have been probing the multi-crore scam, produced them before the District Sessions and Magistrate’s residence on Wednesday morning. The Karnataka CID DySP Nanjunda Gowda and others produced the accused to the court.
After hearing the argument of both sides the Udupi District and Sessions Court Magistrate remanded the accused to judicial custody till October 18.
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 accused are facing cheating charges in many police stations in Karnataka. The first complaint against the AgriGold Company was registered in the Udupi Town Police Station. Krishna Naik a 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.