ED seizes Hailand, 4000 Crores more assets of agrigold

By Nehru.T Dec. 24, 2020, 08:33 pm IST
ED seizes Hailand, 4000 Crores more assets of agrigold

Agrigold a nonbanking financial company which has collected hundreds of crores and failed to re pay the depositors ,which is in deep crisis is now reached further critical stage.

On Thursday the Enforcement Directorate (ED) has attached properties like hailand and some other amusement venues spread across various states which costs around worth Rs 4,109 crore. The ED said that it has attached the assets include 2,809 landed properties, Haailand Amusement Park in the name of Arka Leisure and Entertainments Private Limited in Andhra Pradesh spread over 48 acres and shares of various companies, plants and machinery. The assets attached provisionally under the Prevention of Money Laundering Act (PMLA) are located in Andhra Pradesh, Karnataka, Odisha, Tamil Nadu and Telangana. The ED initiated a probe into the matter after going through various police FIRs filed against the accused in Andhra Pradesh, Telangana and Karnataka for allegedly duping about 32 lakh investors after funds worth Rs 6,380 crore were collected from them. The enforcement directorate officials have arrested the Chairman Avva Venkata Rama Rao, and two directors Avva Venkata S Narayana Rao and Avva HemaSundaraVara Prasad and sent them for Judicial custody for two weeks. There are some evidences that the previous Telugu Desam government has harassed the grabbed the lands in huge quantity from the promoters, threatening with cases. The YSRCP government has released some funds to support the depositors who put their money in the Agrigold company. The funds are disbursed to the depositors who deposited less than Rs.10,000. Any how the company has collected deposits illegally from mostly from rural areas of Andhra, Odisha, Telangana, Karnataka and Tamilnadu offering a huge interest and returns.

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