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Badvel court finds AgriGold chairman guilty of cheating
Badvel Junior Civil Judge and Judicial First Class Magistrate R M Subhanulla sentenced AgriGold chairman Avvaru Venkataramana Rao to three years imprisonment with a penalty of Rs 6,000 on charges of cheating Maxworth company by purchasing its lands at cheaper prices in Sidhavaram village of Porumamilla mandal of Kadapa district.
Kadapa: Badvel Junior Civil Judge and Judicial First Class Magistrate R M Subhanulla sentenced AgriGold chairman Avvaru Venkataramana Rao to three years imprisonment with a penalty of Rs 6,000 on charges of cheating Maxworth company by purchasing its lands at cheaper prices in Sidhavaram village of Porumamilla mandal of Kadapa district.
According to the Mydukuru DSP BR Srinivasulu, AgriGold chairman A Venkataramana Rao in 2001 purchased 300 acres of land belonging to Maxworth company in Sidhavaram village at cheaper rates by colluding with company agents.
Based on a complaint lodged by Maxworth Company, Badvel police registered a case against the AgriGold chairman under Sections 409, 419, 420 and 120 of the Indian Penal Code (IPC).
The management of the AgriGold Company is facing trial in different courts at 13 places in Andhra Pradesh and Telangana of charges relating to defaulting on payment of depositors to the customers, bouncing of cheques with a face value of Rs 600 crore and cheating of the customers by not registering plots in their favour after receiving payments from them in the real estate ventures.
