ACB Court: ACB Court allows attachment of Terasoft assets in Fibernet case

Vijayawada: Vijayawada ACB Court has allowed attachment of Terasoft assets in Fibernet case. It has issued orders allowing the attachment of properties worth a total of Rs.114 crores. On Tuesday, ACB Court Magistrate Himabindu gave the verdict on the previous petition filed by CID regarding the attachment of Terasoft company’s assets.

The CID has requested the confiscation of assets of Tummala Gopichand (A11), his wife Tummala Pawan Devi, the assets of TeraSoftware Limited, of which he is MD, and the assets of Neptops Fiber Solutions, of which Kanumuri Koteswara Rao (A23) is a director. It has requested to confiscate properties worth Rs.114 crore belonging to the accused in Guntur, Visakhapatnam and Hyderabad. During the hearing held on Friday, special PP arguments were heard on behalf of CID. The Magistrate questioned how the allegation of misappropriation of funds dates back to 2014, but how can they confiscate the properties prior to that? The special PP replied that the court has the power to confiscate assets valued at the amount of misappropriated funds. The verdict on the CID petition was announced today.

Adjournment of hearing of liquor case in High Court

A hearing was held in the High Court on Tuesday on the anticipatory bail petition filed by TDP chief Chandrababu and former minister Kollu Ravindra in the case of licenses to liquor companies. Advocate Nagamuthu heard arguments on behalf of Chandrababu and Kollu Ravindra. Vaikapa, who was earlier in the opposition, did not raise any objection during the licensing of liquor companies. The privilege fee was also taken according to the rules. The case was registered for political reasons,” he explained. After hearing the arguments, the bench adjourned the hearing to Wednesday. The counsel for the CID will hear arguments on Wednesday.