Govt attaches property worth Rs 14.2 crore of chit fund firms in Karimnagar

Owners of the firms, employees and retired employees allegedly collected huge amounts promising high interest on their deposits

Karimnagar: The State government issued orders attaching the properties of Akshara Chit Funds Private Limited and Akshara Township Private Limited here.

Based on a request by Karimnagar Police Commissioner Abhishek Mohanty, the government on February 7 issued a GO attaching properties worth Rs 14.2 crore. Owners of the firms, employees and retired employees allegedly collected huge amounts promising high interest on their deposits.

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They purchased land and other properties. Instead of returning the investors’ money, the organizers closed the firms abruptly. In this regard, cases were registered under various sections against Akshara Chit Funds Private Limited and Akshara Township Private Limited chairman and five of their directors in February last year.

Perala Srinivas Rao from SBH colony, Vaddepalli of Hanamkonda, Suraneni Kondala Rao from Gopalapur of Hanamkonda, Puppala Rajender from Vishnupuri, Kazipet of Hanamkonda, Aluvula Varaprasad and Gone Ramesh were booked under various sections by Karimangar Town-I police.

Following this, the Karimnagar CP requested the government to attach the properties under Telangana Financial Establishment Depositors Protection Act, 1999. Based on the request, the government issued the GO attaching properties including land worth Rs 11.50 crore (50 acres) in Vedire of Ramadugu mandal and land worth Rs 2.70 crore (24,606 square yards) in Velichala of Ramadugu mandal.