In a Ponzi scheme, the Directorate of Enforcement (ED) has filed a prosecution complaint in the Hon’ble Metropolitan Sessions Judge cum PMLA Special Court, Visakhapatnam against M/s Akshayagold Farms and Villas India Limited, its promoters/directors Bhogi Subramanyam, Devaki Harnath Babu, M Sudhakara Rao, and others. The Prosecution Complaint has been acknowledged by the Honourable Court.
On the basis of an FIR filed by the Ongole I Town PS, Andhra Pradesh Police under the Prize Chits & Money Circulation Scheme Act and the Indian Penal Code for allegedly deceiving and scamming thousands of trusted members of the public, the ED began an investigation. The AP Police, Telangana Police, Karnataka Police, and CBI Odisha each filed several First Information Reports (FIRs) under various IPC sections and other sections connected to their respective State Public Deposit Acts against M/s Akshayagold Farms and Villas, its Directors, and others.
According to the ED probe, M/s Akshayagold Farms and Villas defrauded the public by collecting deposits without receiving approval from the RBI or SEBI. Millions of trusting investors were lured into the scheme by agents who were paid large commissions to sign up new customers, and the guilty pocketed money from them. In order to receive high commissions, a pyramidal hierarchy of agents was established. Promising websites that marketed real estate opportunities and high rates of return in different deposit plans seduced investors into depositing their life savings.
Previously, the ED had attached assets worth Rs. 268.24 crore, including 376 immovable properties, such as agricultural lands, commercial plots, buildings, flats, and other property, located in the states of Andhra Pradesh, Telangana, and Maharashtra, as well as movable properties, such as bank account balances and stock investments. Further research is now being conducted.
