Saturday, 14 September 2013

Avani Gold chairman, MD held on fraud charges

Yemmiganur (Kurnool): In yet another crackdown on white collar offences in the district taken up by district superintendent of police Dr K Raghuram Reddy, the Yemmiganur police on Thursday arrested Malyadri, chairman, Venkateswarlu, managing director and five others of Avani Gold Company for swindling Rs. 19 crore from the public.
According to DSP Sivaram Reddy, the company has offered high rate of interest on deposits and collected crores of rupees through agents offering them high commissions.
The accused are arrested under the provisions of the AP Depositors Protection Act and Prize Chits & Money Circulation Schemes (Banning) Act, he said.
The company has collected Rs. 19 crore from the public and the amount was misappropriated by the office-bearers of the company.
The DSP said that the details of properties held by the chairman, MD and others would be investigated to recover the amount.

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