Telangana Government Seizes Assets Worth Rs.14.27 Crore from Akshara Townships in Fraud Case
NEWS CHARIOT : The Telangana government has issued an order to seize assets valued at over ₹14.27 crore from Akshara Townships Private Limited, a company accused of fraudulent activities and deceiving several people, particularly in the erstwhile Karimnagar district. The move follows a formal request from Karimnagar Police Commissioner, Abhishek Mohanti, to the Directorate General of Police (DGP) CID, Hyderabad.
The seized assets, located in the villages of Vedir and Velichala in Ramadugu mandal, include 50 acres of land worth ₹11.50 crore and additional properties totaling ₹2.70 crore, covering an area of 24,606 square yards. Akshara Townships reportedly lured people into investing in chit funds by promising high returns, but instead of managing these investments transparently, the company misused the funds for purchasing properties.
When investors, including employees and retirees, demanded their money back, Akshara Townships failed to reimburse them, leading to the closure of its operations. This fraudulent scheme prompted multiple complaints and led to an investigation into the company’s activities.
The Telangana Police have taken legal action against six individuals involved, including the chairman and five directors of Akshara Chit Funds and Akshara Townships Private Limited. These individuals are under investigation for defrauding the public through false promises of high returns and misappropriating the funds.
The government’s move to attach the company’s assets is aimed at protecting the interests of the defrauded investors. The case, which was first registered in February last year at the Karimnagar One Town Police Station, continues to unfold as investigators gather more evidence.
The seizure of these properties highlights the government’s commitment to curbing fraudulent activities and ensuring that justice is served for the victims of financial scams.
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