BRIEF NOTE ON GOLD QUEST CASE


Gold Quest / Quest Net India Enterprises:

In the year 2001, one Ms. Pushpam Appala Naidu, MD got registered Gold Quest International Private Limited Company under the Companies Act, 1956 at Chennai.

The main object of the company is “to establish a market of import and export of Numismatic and other precious and non-precious metal products including jewellery made from Gold, Platinum, Palladium, Radium and Silver and precious and non- precious stones” and develop it in India and abroad.  The Directors have established a chain link system and collected depositors from the public by luring them that the numismatic coin would fetch them good returns and collected more than 110 crores in Andhra Pradesh.  They could not give the promised product to  the depositors and thus cheated.

Total Depositors                                           :         56,000

Amount collected by the Company         :         Rs. 110 Cr.

The following 15 cases have been registered against them and all are being investigated by the CID, Andhra Pradesh.

  1. Cr. No. 124/2008, U/Sec. 420 IPC of Nandyal-III Town PS, Kurnool District.
  2. Cr. No. 37/2008, U/Sec.  420 IPC , Sec.4,5,6 r/w 2 (C), 3 of PCMCS (B) Act, 1978 of Kavali-II Town PS, Nellore  District.
  3. Cr. No. 119/2008, U/Sec. 417, 420  r/w 34 IPC Sec. 4,5,6 r/w 2(C),  3 of PCMCS (B) Act, 1978 of  Nellore IV  Town PS, Nellore  District.
  4. Cr. No. 186/2008, U/Sec. 420 IPC Sec.4, 5, 6 r/w 2 (c), 3 of PCMCS (B) Act, 1978 of Kadapa I-Town PS, Kadapa  District.
  5. Cr. No. 186/2008, U/Sec. 420 IPC and 4, 5 & 6 of PC & MCS (B) Act, 1978 of Vijayawada- II Town  PS, Vijayawada City District.
  6. Cr. No. 38/2008, U/Sec. 420 r/w 34 IPC and Sec. 4,5 r/w 2 (c)  of Prize Chit Money Circulation (Banning) Act  1978 of Kuchipudi  PS,  Krishna  District.
  7. Cr. No. 144/2008, U/Sec. 420 IPC and 4, 5 & 6 of PC & MCS (B) Act, 1978 of Governorpet PS, Vijayawada City District.
  8. Cr. No. 10/2007, U/Sec. 385, 420 IPC & Sec. 4, 5 & 6 of Prize Chits & Money Circulation Schemes (Banning ) Act 1978 of CID PS, Hyderabad PS, Guntur (U) District.
  9. Cr. No. 211/2008, U/Sec. 420 IPC & Sec. 4, 5,6  of Prize Chits & Money Circulation Scheme (Banning) Act 1978  of  Penamaluru PS, Vijayawada City District.
  10. Cr. No. 230/2008, U/Sec. 420 r/w 34 IPC and Sec 4,5, 6, r/w 2(C) and 3 of Prize Chit Money Circulation (Banning) Act 1978. of Patamata  PS, Vijayawada City District.
  11. Cr. No. 85/2008, U/Sec.  420  r/w 34 IPC and Sec 4, 5, 6 r/w 2 (c) and 3 of Prize Chit Money Circulation (Banning) Act 1978  of  Annavaram  PS, East Godavari District.
  12. Cr. No. 156/2008, U/Sec. 420 IPC r/w 34 IPC & Sec.156 (3) Cr.P.C., Sec 4, 5, 6 r/w 2 (c) and 3 of Prize Chit Money Circulation (Banning) Act 1978  of Kakinada- I Town  PS, East Godavari  District.
  13. Cr. No. 67/2008, U/Sec. 420 r/w 34  IPC Sec 4, 5, 6 r/w 2 (c) and 3 of Prize Chit Money Circulation (Banning) Act 1978  of  Annavaram  PS, East Godavari District.
  14. Cr. No. 75/2008, U/Sec.  420 IPC and Sec. 5 of APPDFE ACT & Sec. 3, 4, 5 PCMCS (B) Act, 1978. of Ganapavaram PS, West Godavari District.
  15. Cr. No. 5/2008, U/Sec.  420 r/w 34 IPC & Sec. 4, 5  6 r/w 2 © (d) , 3 of Prize Chits & Money Circulation Scheme (Banning) Act 1978  of  CCS, VSP City PS, VSP City District.

The following persons were arrested and remanded to judicial custody.

Ms. Pushpam Appala Naidu, Managing Director.

Properties (immovable and movable) have been attached vide orders:

G.O.Ms. No. 68, Home (Genl.A2) Department, dt. 30.05.2015

G.O.Ms.No.59, Home (Genl.A2) Department, dt. 19.05.2015

Petitions have been filed in Special Court, Nellore for making the above GOs absolute.

Related G.O's


Gold Quest - GO Ms No. 68, dt. 30-05-2015.PDF
Gold Quest - GO Ms No. 59, dt. 19-05-2015.PDF