CID plans to seize firm's property for cheating people

CID plans to seize firm's property for cheating people

CID officials plan to seize the property of Agro Gold Company, which had cheated its customers of several crores of rupees.

The company had asked people to deposit money in return for residential plots, flats, villas and farmhouses.

A CID official said that people should not buy property offered by the company, which has cheated the people of their money. It has written to the government seeking permission to confiscate the properties.

The company had cheated around 8.41 lakh people, who had deposited around Rs 1,639 crore. They had asked people to invest in their company for high returns.

After a while, they neither provided the promised properties not returned the deposited money. With the money they collected from customers, company officials had bought property worth several crores in various parts of the state and in Tamil Nadu, added the official.

Anyone trying to sell these properties will be arrested. The public should inform the CID if anyone is found trying to sell the properties, said the CID official.