Thursday, 19 April 2012

AP High Court dismisses Akshaya Gold writ petitions

Andhra Pradesh High Court on Wednesday (18-04-2012) dismissed the two writ petitions filed by Akshaya Gold challenging the police action against the company which claims to be in the real estate business and helping the poor to secure house sites at low cost.
It may be recalled that the police recently raided the premises where the agents of Akshaya Gold met to discuss the future course of action to mobilise more deposits from public. The Police of Prakasam District under the dynamic leadership of Dr Kolli Raghurama Reddy, superintendent of police, rounded up the accused persons and arrested the key persons behind the racket.
Akshaya Gold which has been collecting deposits illegally from public in the name of real estate for quite some time, preferred to file two writ petitions in the AP High Court challenging the police action. However, Justice Subhash Reddy after going through the affidavits filed by the fraudulent company and the Government of Andhra Pradesh, opined the police could continue the investigation and there is no harm if the investigation is continued.
The senior Judge of AP High Court dismissed both the petitions and instructed the police to continue with the investigation.
It could be a severe set back to so many other companies which have been cheating the public in the name of real estate business. AgriGold, Abhaya Gold, Forever Gold and KMJ Land Developers, and some other companies have been collecting huge deposits by paying huge commissions of up to 30 per cent to their agents. It is high time, the police concentrated on the activities of other companies too in the larger interest of people of the State.
At national level, there are other racketeers like PACL aka Pearls, Rose Valley and some other companies have been cheating the gullible in the name of real estate.


sekilla said...

Thanks for AP HIGH COURT.And please take action against to this types of all companies who are cheating the many companies are there in AP who are cheating the public please kindly notice them to the public with there name.

Shyam Sundar said...

There are a number of companies which have been cheating the gullible all over India.
Kindly go to the nearest police station and lodge a complaint against these companies.

PrabhakaraRao, Adv, Hyd said...

Shyam sundar,
Please dont furnish misleading information. In Akshyagold following is the AP High court order:
WRIT PETITION No.10506 of 2012
Date : 18.04.2012
Between :
M/s.Akshayagold Farms & Villas India Limited, Visakhapatnam, rep. by its Managing Director & others.
The State of Andhra Pradesh, rep. by its Principal Secretary, Home Department & others.

WRIT PETITION No.10506 of 2012
Counsel for petitioners seeks permission for withdrawal of writ petition.Permission is granted and the writ petition is dismissed as withdrawn. No order as to costs.As a sequel, WPMP.No13274 of 2012 also stands dismissed.
18th April 2012
How can you furnish wrong information in your site. Pl correct it ASAP, or else you will be held responsible for all consequenses.
Prabhakara rao, Advocate

Shyam Sundar said...

The learned counsel has himself admitted that the petition was "dismissed" as withdrawn. Mind everyone that it is not "disposed of" as withdrawn. The learned counsel might have forgotten that the petition has been withdrawn only after strong counter and protest from police in High Court of AP. Withdrawal after strong protest is a stratergic tactic adopted by the Akshayagold to save its face. Kindly contact the police to ascertain the information whether the police have contested the matter in High court of AP or not in WP 10506/2012 and in other WP filed by Akshaya gold?

The police have submitted to the Hon'ble Court that the scheme of Akshaya gold is a Money Circulation scheme apart from collection of deposits from gullible and innocent people with false promises. Permission from RBI and SEBI is required for doing business relating to Farms and collection of deposits. When I personally contacted with the police they informed that neither RBI permission nor SEBI permission granted permission to Akshayagold.

The learned counsel has also not clarified whether the practices of the fraudulent company collecting deposits from the gullible is legally sanctioned or not. He has also not clarified whether the company has permission from the RBI and/or SEBI to collect deposits from public.

It is very much appreciated and credientials of the company is admired if the learned counsel furnish the details of how much land possessed by the Akshaya gold, no. of agents/memebrs and no. of persons/agents were allotted land when and where and no. of so called agents/members left without allottment of land and how much of amount collected from public and how much of amounts disbursed as commission to agents/members.

corporate frauds watch said...

victor1 has left a new comment on your post "AP High Court dismisses Akshaya Gold writ petition...":

pray tell us mr.prabhakar as to what withdrawal of writ prtition means? Mr.Purushottham reddy, counsel for Akshayagold had to cut a sorry figure before the hon'ble judge as he could not justify the legality of the scheme. sensing that things were not going their way they managed to save face by withdrawing petition fearing thet the Hon'ble judge would pass adverse remarks if he were to pass an order on the writ.incidentally, Mr.Purushottham reddy is a Legal secretary of a political party and considered to be highly influential- but, could he win the case?!!No, he could not.
Akshaya gold company is a fraud because-1. it has no permission to collect deposits operates a chain system/pyramid system of money circulation.
3.The net worth of its assets is about Rs.64 crores , but it managed to collect 271 crores of rupees from gullible public.
4.Its promoters swindled away huge chunks of money from the money collected by the company from the public.Is it not a fact that one of the directors diverted Rs.17 crores to buy a commercial complex in his own name and then coolly resigned from the company?
5.what is the guarantee being offered for the public money?
And if you are not updated,on 25-4-2012, Hon'ble Justice Sri.Seshashayana Reddy refused to quash the F.I.R or even grant a stay after giving an earful to the representative of Akshaya gold regarding their illicit business model.
What is your take on that?

shahbaz said...
This comment has been removed by the author.
Ravi said...

భారతీయ చట్టం నికే కాదు దేశం లో చాల మందికి తెలుసు అన్ని చట్ట ప్రకారమే జరగవు హెల్మెట్ లేకుండా బైక్ డ్రైవ్ చేయడం చట్టబద్ధం కాదు. అలాగని హెల్మెట్ లేకుండా డ్రైవ్ చేసే వారందరు నేరస్తులు కారు.గాలి కబుర్లు మాని ఒక లక్ష మంది నిరుద్యోగులకు ఉపాది కల్పించు. అక్షయ గోల్డ్ ని , అగ్రి గోల్డ్ ని విమర్శించడం గొప్ప కాదు.

Shyam Sundar said...

This type of apologists are the most dangerous people to our society. You say helmetless riders are not criminals. Then why they are paying penalties when police caught them. It is an offence.
Do you really believe that Akshaya Gold and AgriGold are providing employment to people.
They are only lining their pockets with people's money.
If a smuggler provides employment to many goondas, do you approve it. This is also the same case.
All the units run by AgriGold have been incurring losses and the fraudulent company depends upon the new deposits to repay old deposits. IF the new deposits dry up, the fish would be out of water.
We have seen many companies like Golden Forest closing shop after collecting several hundreds of crores. Do you want the same history repetition.
I do not know whether you are part of the racketeering or one of those agents who are lining their pockets with commission. Anyway you are only cheating your own friends and relatives.

balu akg said...

Sir total akshayagold comapany lo 180000 agents unnaru company enthamandhi agents ku upadhi kalipistunnadhi kavuna dayaunchi company paina elanti comments cheyavaddu yendhukante 180000 agents nadiroddunapadatharu a goverment kuda entha mandhi agents ku jobs chupinchaledhu Sir entha varaku akshayagold company a customer ku gani a agent ku gani chinna mosam kuda cheyaledu...

Shyam Sundar said...

I would like to say once again. If a smuggler provides employment to many people is it legal?
Companies like Aksha Gold or AgriGold are giving only peanuts to its so-called agents and pocketing several hundreds of crores of rupees.
You people are not realising how dangerous are these companies. These crooks are interested only in their welfare but not your welfare. They are bleeding our economy with their illegal activities. Kindly understand the ramifications and come out of the web. You are only damaging our economy.

Ravi said...

తమరు -సత్యహరిచంద్రుడిగా ,భారతీయుడు లో కమలహాసన్ లా ,అపరిచితుడు లో విక్రం లా , ఉహించుకోవటం చాల బాగుంది. రెండు కార్పోరేట్ (న్యూస్) సంస్థలలో జీవిత కాలం పని చేసి ,దేశం లో ఎవరు కార్పోరేట్ సంస్థలలో పని చేయవద్దు అనటం చాలాచాల బాగుంది. వ్యాపారం చేయడం తెల్ల కాగితాన్ని నల్లగా చేసినంత సులువు కాదు భారత దేశం లో కిరణా షాపుకి వెళ్లి కావలిసిన వస్తువులు కొనుగోలు చేస్తే ( supermarkets తప్ప ) బిల్లు ఇవ్వరు మీరు అడగరు చట్ట ప్రకారం రెండు తప్పే. వ్యాపారానికి చట్ట బద్ధత కంటే ధర్మ బద్ధత చాల ముఖ్యం నాకు తెలసి తమరు ఏపని లేక ఖాలిగా వున్నారు తమకు నచ్చిన వ్యాపారం చట్ట బద్ధంగా చేయండి. నా మనిషి విజయవాడ
వచ్చి అదే వ్యాపారం ధర్మ బద్ధంగా చేస్తాడు .విజయం మా వాడిదే అగ్రి గోల్డ్ ,అక్షయ గోల్డ్ ఎంత మందికి ఉద్యోగాలు కల్పించిది నాకు తెలియదు కానీ వాళ్ళు చేసేది వ్యాపారం , సేవా కార్యక్రమం మాత్రం కాదు.నువ్వు చేస్తుంది మాత్రం రాళ్ళు వేయటం.వ్యాపారులని స్మగ్లర్సు , గూండాలు అన్నావు కార్పోరేట్ ఫ్రాడ్స్ వాచ్ బోర్డు
తగిలించుకుని సంస్థలను బెదిరించి డబ్బులు గుంజటం హాబి కావచ్చు జెలసి కూడా కావచ్చు.

Shyam Sundar said...

I don't know who you are. And I don't think you know who I am. If you know my background you would not say such things.
Come to Vijayawada and enquire about me and my organisation. We are a group of advocates of repute and working for the welfare of the society. If you are from Vijayawada you must be knowing Consumers' Guidance Society which has been fighting on behalf of the consumers for the last one and half decades.
Now let us come to the point. If you don't know whether Agrigold or Akshaya Gold is providing employment or not, you jump to conclusion that it they are doing only business. What is your interest to claim that they are doing legal business. What they are exactly doing is illegal business lining their pockets with the money of the gullible.
And you assume that it is my hobby to blackmail companies to extort money or jealousy.
You don't believe that they are people who act as whistle blower to unveil the crooks in the society. Probably you are also one of them.

balu akg said...

Dear sir you have any evidence about the fraud cases of akshayagold company any frad complents of customer and agents...

Shyam Sundar said...

Balu, collecting deposits without permission from the RBI itself is a crime. One need not wait till the complaints came in. And the crime is proved beyond doubt in the AP High Court. What evidence still you need?
If you have any point, you could still raise before the judge of the High Court.

Shyam Sundar said...

One of our readers Victor has left a new comment on "AP High Court dismisses Akshaya Gold writ petition...":

Pray tell us Mr.Prabhakar as to what withdrawal of writ petition means? Mr.Purushottham Reddy, counsel for Akshayagold had to cut a sorry figure before the Hon'ble judge as he could not justify the legality of the scheme. Sensing that things were not going their way they managed to save face by withdrawing petition fearing that the Hon'ble judge would pass adverse remarks if he were to pass an order on the writ. Incidentally, Mr.Purushottham Reddy is a Legal secretary of a political party and considered to be highly influential- but, could he win the case?!! No, he could not.
Akshaya gold company is a fraud because-
1. It has no permission to collect deposits operates a chain system/pyramid system of money circulation.
3.The net worth of its assets is about Rs.64 crores, but it managed to collect 271 crores of rupees from gullible public.
4.Its promoters swindled away huge chunks of money from the money collected by the company from the public.Is it not a fact that one of the directors diverted Rs.17 crore to buy a commercial complex in his own name and then coolly resigned from the company?
5.what is the guarantee being offered for the public money?
And if you are not updated,on 25-4-2012, Hon'ble Justice Sri.Seshashayana Reddy refused to quash the F.I.R or even grant a stay after giving an earful to the representative of Akshaya gold regarding their illicit business model.
What is your take on that?

venkat said...

I am appreciating your social service.

there is another company called ACHALAGOLD AGRITECH INVESTMENTS LTD.
it is also doing same business.
the founder and Managing director name is U.V Hariprasad Raju. He is doing business with peoples innocence . I don't want to go details but I warn investors to enquire about the U.V Hariprad raju history and his back ground and his old friends then only you proceed.

sanjeev said...

Dear shyam
I am really appreciating you.actually as per my knowledge in agri gold 15000 cr public deposit, akshaya is having 1500cr, welfare run by standing MLA is having 1000cr, myth ri group is having 500cr of public money and many more companies is having thousands of crores of poor people money. There is no rules no guide lines for spending of public deposits.they r real cheaters. For example agri gold is collecting 200 cr public money per month in this 30percent commission means straight away they are loosing 60 crores per month means just imaging what is the huge loss off agri gold as per my knowledge now agri gold is a loss of around 7000 crores one fine day lakhs of its agents are going to suicide. I request all statutory bodies to stop this buisiness immidiatly other wise lakhs of agents are going to suicide. Dear Shyam pl fight againist these companies v all r with u . See u next bye

L.R.RAO said...

sir eppudu varaku kattina money evaru esthe ru mira police valla

L.R.RAO said...

who will pay back the money to the customers whose accounts have been freezed...................? Now the company's higher authorities are on the safe side and now the police are investigating the case so , how can the customer can come out from the from fiasco . ? with out his money getting lost during the due process . The maturity was reached a month ago still there is no sign of the customers money

Shyam Sundar said...

Dear Rao,
You have to make enough enquiries before investing in such fraudulent companies. Anyway you are going to lose money after you were induced to become a member in such fraudulent schemes. Joining and making others join in such schemes is illegal and crime. How could you expect to get away from the law.

john fenny said...

finally i want to say onething this thanks to all guys who are dropped comments regarding this post.anyway those people should know first this blogger is getting money from this type of comments.if u give comments to his posts obviously he will give reply to you.because if u spent more time on this blog he will get more money through online webclick commission.thats why he started to write the blogs.people do not respond this type of such guys comments because we dnt have enough time to waste our time by chating this type of worst post. i dont want to talk about that akshaya gold and agri gold companies.because i am also one of customers in that company .and one thing i want to clarify to that blogger Mr.Shyam Sundar i never cheated by the company.moreover i am a customer to company since 2009..thankig you guys.....

Shyam Sundar said...

This f(u)enny fellow has already wasted so much words advising not to waste their time.
It is not the question anybody was already cheated or to be cheated. It is the question of law. These companies are violating the law in collecting deposits from public. I rest my case.

balu akg said...

present possition of akshayagold

Unknown said...

I am appreciating your social service.

there is another company called TRILLIONS INDIA DISTRIBUTORS LTD., COCHIN. The CMD is SHABU
it is also doing similar business and cheating the innocent public.

Peter said...

If you don't know Hindi Shya, just get lost and stop blogging, You are an Indian you fool by Born or what??? Were you born in Shri Lanka?? hahaha..

Stupid fellow, at this time you have created a controversies, at one place this country is fighting to Kill Un employment and at the other End, Brain Less like you have put a Question Mark on the Future of more than 3,000 employees of Nmart who earn more than 5,000 a Month to run their Houses.. Bull Shit Bull Shit Bull Shit

People like you, should Join TEAM ANNA, they give free Food too.. If you think you have done something nice, just Get up, look your Damn face in the Mirror, and Ask Yourself, how many Kids, How many families will crave for their Salaries this month to feed their families? ever thought of that??? No you never nor your SP have ever thought, do you know that India is the only country these days who is fighting for the economic growth??????? and due to you kind of people, more people will become jobless, homeless and food less.. Just think, your own Kids are asking to get a glass of milk and you have't been paid for this month, you don't have 2 rupees to buy a milk for them.. ever thought of that? there are families like these who are working at Nmart, you have spoiled their days, their month and their hunger..

You might be a crore pati or millionaire, but not every man or woman who work at Nmart are, you speak of Speakasia, you have tried to close the company and guess what??? You have nabbed the throat of the company through that many people who invested money in that, they just died, their money just went to the Govt., in fact you are the one who is responsible to spoil the working lives of poor people, you don't see Future cuz you can't see it, you don't see how many people earn, how many people buy products free every month just to get their expenses lowered, what do you say?? don't you run to sip a cup of tea or coffee just when you get that free?? Don't say no as no one is true by heart, not even you, not even Anna.

When you wake up tomorrow, Go to the Mirror, look at your face, and ask, How many families have you feeded yesterday and how many you will feed today, how many families will you be able to feed them whose lives you are just rolling them by creating these un employments...

Else, i believe God is in everyone, the moment the God will knock the doors of your Heart, you will be the one to see the world, else your are just a dead man, born to spoil the lives of others.

For me, You have spoiled my life at this Date.. Will meet you some day.

Do remember all, Govt. gives almost 30% to such peoples who supports them to get the accounts freeze of the companies, now guess what?? from Akshayagold, Shyam and his company will get 30% of your invested money and that too officially, this how these people grow on our hard earned money.

Unknown said...

Dear Shyam Sundar
I have read your posts. It is very correct that Akshaya gold and other like sisters mobilised crores of gullible customers money, who only thinks of currents returns and commission and don't know rules. These like companies are that tricks and providing agents to get near and dear customers to invest money. One of my close aid / brother is invested huge amount hard earned money in last year. but after maturity of his bond he is not getting maturity amount from last 3 months. Can you do something for him to get out of it.

Unknown said...

hi readers of this block i have read all the comments of this statement and i could say one thing clear that if a rider of a motor bike does not wear helmet he will loose his life in an accident and his family will get lots of problems, similarly if a company will not take necessary permissions many families will be on roads, as the helmet cost is of nothing when he buy bike and permissions are also nothing to the company which are gaining huge profit so i concluded that the person is cheating his family and company is cheating his members/agents/subscribers even a pan shop has its approvals from municipality why the company has not taken the approvals? means they have a second thought to save themselves.

BANGARAM said...

ravi garu,
vanda mandiki upadhi chupi konni kotla mandi pedavalla kadupu meda kottatam nyayama? pedavaru rupai rupai kudabetti kadithe chivaraki boards thippe samsthalaku support cheyatam nyayam laku emaina chetlu unaya miku commisionlu luxury life lu ivataniki. miku istamaite kattukondi. anthe kani prajalaki nyayam chese variki addam rakandi. idi oka rogam. u have 2 get well soon

Kishore babu said...


Shyam Sir i appreciate ur Teams resposibility and affort and i wish u all the sucess in future. please find if u are aware of this problem then u have to support to shyam garu but no discourage. one of my friend said in earlier post lot of employeement was given and some of the sgents are benfited but the point here to identify that lot of employment and ageny benfits are all with the innocent peoples money...not only in vzag in vijayawada no of this types of companies are doing the same business like AKSHAY GOLD, AGRIGOLD, ABHAYAGOLD, JANAHITHA GOLD , SRI CHAKRA GOLD , ACHALAGOLD ETC.

Paulson said...

Dear Shyam,

Can we register a complaint in "" as Iam not getting refund/reply since last 8 months.

Paulson, Chirala

Shyam Sundar said...

YES. You could complain and you could lodge a criminal complaint with the police too.

Unknown said...

i don't know what to say right now.
but i lost my future because of this companies. it's been 9 months i'm not getting any income from akshaya gold. and i don't know what to do right now. all my customers are harassing me for their payments. i'm from a middle class family. i don't know how to feed my family. some customers are threatening me that they are going to kill me also. i have only one way that i have to kill my self or fight with my customers that i am not responsible for their maturities. i have done above 20,00,000 business in this company.
please give me suggestion or guide me what to do.
and finally i am so sorry to say this. i have read your blog 7 months before but i didn't respond to it. i think that's why i'm having this much pain.

Shyam Sundar said...

Dear dontaskmy details, Several people would not hear sane advice. By the time they realise it would be too late. Most of these crooks ask the members to enroll their own friends and relatives.
It is high time, you lodged a complaint with the police and proceed a civil suit against the company demanding repayment of dues. They have already purchased properties in various names. Just track them and try to get back your money.

Unknown said...

i don't know how start the procedure. even my customers also not supporting me to put a complaint against this company. is it possible that without my customers support may i start the legal proceedings. and what are the requirements that i have to produce at my legal adviser.

suneel said...

The worst thing is that,even if people are complaining and file cases
on the most important victim Bhogi Subramanyam (Managing Director)of akshaya gold to police there are not even taking action or arresting him.
As well as there are supporting him even if he is diverting the money.

This is what our cop's does?its really great even if there are having evidence why ?? they are not
taking any action on him


Ramesh said...

Regarding AkshayaGold investments, clients having bonds and whose bonds are got, matured already submitted at least 8 months back in the company, but maturity amount not yet provided by akshayagold. Every month they say, they will send by month end. Hundreds of investors are waiting from return of money. I have sent a letter to SEBI. AkshayaGold company is not registered in SEBI, So no response received from it. We have no idea what to do.I request someone to help us.

ahmedhyderabadi said...

thanks to shyam sunder gaaru for spending so much of his precious time for welfare of the poors. i have to salute the true well wishers of poor. the people of not only AP but entire India needs your guidence. Allah may shower all his blessings on you. though i have not seen you but my prayers are always with you. and in every act against any fraud to nation i'll try to work on your lines. THANKS.....

Anonymous said...

I hope you have seen many cases like Akshaya Gold in ur experience. Is there any solution to get back the money to the customers? My father is also an agent in this company.We are facing huge pressure from customers to repay the money which we cant bear.Please do something if you can help or suggest me some procedure to start with. Many agents like my father are daily crying ... please help us
Also one thing in the starting CID people have released some checks by verifying the bonds of customers for two or three months.Why they stopped after that?? Can they continue the same procedure now and solve the same..Please reply

Anonymous said...

from the news i have searched for akshaya gold it is found that this company existed for more than 5 years.It has given many paper statements about the company.Then what this police doing all these years? why they havent find it guilty all these years??Why they suddenly finding it a fake one?? Is it any political drama to stop the company??

I asked so because if the police have taken action in the starting year or so people might not have believed such a company and have not joined or invested in it.

Though the amount is with the court why police or court are not doing anything to give it to the customers who is sadly waiting for the returns???

Unknown said...

Dear Shyam Sunder,

Could you please tell me any latest update on Akshaya Gold fraud?

My brother also joined as agent in this comapny and put lakhs of money in this company.

Please let me know latest update on this company


Unknown said...
This comment has been removed by the author.
ursally said...

Hi, Any one could you please provide latest update on the issue?

Unknown said...

sir i dont know who r u , i want to know some information from u that is ,
those company employees are also fraud people or not,

Unknown said...

Dear all,

Akshya gold people really returning the money to depositors in hyderabad??some one has told me that on 26th Nov 2014 EENADU news paper saying that these are repaying money!! If so please give me the address.



Unknown said...

అక్షయ గోల్డ్ లాంటి నీచమైన స్కీం వల్ల చాలా మంది ప్రజలు వారి జీవితన్ని పోగొట్టుకొన్నారు. అలాంటి వారిని ఉరి వేసి చంపాలి.సిగ్గు లేదు రా.

Unknown said...

అక్షయ గోల్డ్ వల్ల నా జీవితఒ కూడా దెబ్బతినింది. కుటుంబం ను పోషించడానికే కష్టం గా వుంది.

Unknown said...

Mr.రవి గారు మీరు ఒకరిని గురించి మాట్లాడడం కాదు. డబ్బులు పోగోట్టుకున్న వారి వేదన తెలుసుకొని వారికి తిరిగి చేతనైతే డబ్బులు ఇప్పించండి. అంతేగాని పిచ్చిగా మాట్లడకండి.

Unknown said...

I lost my money in Akshya Gold. For the last three years I am waiting to get money. Mr. Syam garu.. Can you please update the present status of the Akshya Gold company returning the money to its depositers.. I know many people who are waiting for the refund of their deposits...

Shyam Sundar said...

Please approach Vijayawada police commissioner with a petition.

Unknown said...

please post latest updates

Unknown said...

Sir kindly required help to log a case against KMJ land developers India private limited company,it's been more than a year the company is not paying us the policies amount.its closely to Lacs mine and other of my friends and relatives.

Shyam Sundar said...

Naveen, Have you approached the police and lodged a complaint with them. Tell them to file a case against the company under the provisions of AP Depositors Protection Act.