Bommarillu Farms Assets Attached
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Bommarillu Farms Assets Attached :-
The state government on Tuesday issued orders to attach the movable properties of Bommarillu Farms and Villas India Ltd. which had allegedly duped nearly 5,000 investors by collecting 85 crores from them.
The Home Department issued GO No. 193 following a request from the police. The government has appointed the additional DGP or IGP, Crime Investigation Department, as competent authority under sub-section (1) of Section 4 of the AP Protection of Depositors of Financial Establishments Act. 1999 (Andhra Pradesh Act No17 of 1999) to exercise control over the properties attached by the government under Section 3 of the Act.
The CID reported that accused Rayala Raja Rao along with his wife Swathi Raja and his brother Laxmi Narayana had started Bommarillu Farms and Villas lndia Ltd with registered office in Hyderabad and administrative office in Vizag in 2011. The stated aim was to do business in real estate. The police alleged that they resorted to fraud in the guise of deposit collection and plot allotment. On the complaint of victims. five cases were registered against the company. All the cases were taken over by CID for further investigation.
During the course of CID investigation, it was revealed that the accused had cheated more than 5,000 customers and collected unauthorised deposits worth approximately 85 crore, A total of 17 persons were accused in the case.
This Article was First Appeared in Deccan Chronicle.