‘Agrigold’ Chairman, 2 Directors arrested

By Nehru.T Dec. 23, 2020, 06:37 pm IST
‘Agrigold’ Chairman, 2 Directors arrested
In an another move in multi cores agrigold scam, on Wednesday chairman and two more directors are arrested by the enforcement directorate. The scam is connected with lakhs of customers in four, five southern states and many big wigs are also involved in it. Any how as of now theinvestigation agencies have estimated around Rs.6400 crores are collected from lakhs of customers, mostly rural , down trodden people in Andhra, Telangana states. The Enforcement Directorate is taking forward its investigation to the depths of the scam. As part of this, Agrigold Chairman Avva Venkata Rama Rao and two Directors Seshu Narayana and Hema Sundar Prasad were also been arrested. They were all facing charges of committing Rs. 6,400 Cr fraud. The ED officials were making preparations to produce the three accused before the ED special court. The Agrigold management was slapped with charges of money laundering by forming over 170 prank companies. The ED officials were going to seek custody of the three accused in order to continue their investigation. It is well known that the Agrigold company has cheated over 3 lakh depositors in Andhra Pradesh, Telangana and Karnataka States. Mostly, Telugu speaking families and their connections were betrayed in the fraud. The depositors have been demanding immediate payment of their money. Successive Governments have been under tremendous pressure to resolve the case amicably. Customers of these two states have deposited their hard earned money into the company on assurance of high income and interest offered than the national banks. The YSRCP government has helped the depositors who deposited lesser than Rs.10,000 in the company and it paid the deposited amount to the customers in two phases. Even some allegation also were circulated that bigwigs of Telugu Desam party have grabbed huge lands from the company directors threatening them with cases.
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