Hyderabad: The Telangana High Court has allowed the police to proceed with the auction of properties attached to the Dhanwantari Foundation International Trust (DFI) and disburse the amount to the victims of their Rs 516 crore scam.
The Central Crime Station, Hyderabad, had registered a case against the foundation in 2023 under the Telangana Protection of Depositors of Financial Establishments Act for duping 4000 people.
The director Dr P Kamalakar Sharma and others were booked for luring senior citizens in the name of the Brahmin community by assuring to give good profits on their deposits within a specific period.
During the course of investigation, the investigating officer identified properties acquired by DFI and its floated companies, including nearly 450 acres of land in Telangana/Andhra Pradesh and also a commercial space of about 3000 square yards in Hyderabad.
The deputy commissioner of police of the detective department, being the competent authority under the Depositors Act, then sent proposals to the government for the issuance of ad-interim attachment of properties and obtained 8 GOs.
Later, the competent authority approached a sessions court and successfully obtained confirmation for attaching the properties. However this was challenged by the accused in the High Court.
After the competent authority filed its counter in the case, the High Court ruled in its favour and allowed auction of the properties.
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