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.