ED attaches assets worth Rs 4,109 cr in Agri Gold Ponzi scheme case
Dec 24, 2020
New Delhi [India], December 24 : The Enforcement Directorate (ED) on Thursday attached assets worth Rs 4,109 crores from Andhra Pradesh, other states in connection with the Agri Gold Ponzi fraud case.
The ED has attached Haailand Amusement Park in Andhra Pradesh, shares of various companies, plant and machinery and 2,809 landed properties located in Andhra Pradesh, Karnataka, Odisha, Telangana, Tamil Nadu that is totalling to Rs 4,109 crores under the Prevention of Money Laundering Act (PMLA) in an Agri Gold Ponzi fraud case, an official from the
economic offences watchdog said.
On December 23, the ED said that it has arrested three promoters of the Agri Gold Group of Companies in a Ponzi Scheme fraud case worth Rs 6,380 crores.
The accused have been identified as Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao, and Avva Hema Sundara Vara Prasad, who are the "main accused in the Prevention of Money Laundering Act (PMLA) investigation into Rs 6,380 crore Agri Gold Ponzi Scam".
The accused were produced before the ED PMLA court, Hyderabad which has granted 14 days of judicial custody to all the three accused, the ED said in a statement.
The ED has initiated an investigation based on multiple FIRs lodged in the States of Andhra Pradesh, Telangana, and Karnataka.
"The scam was perpetrated by Avva Venkata Rama Rao through Agri Gold Group of Companies. Avva Venkata Rama Rao had earlier worked in the Golden Forest CIS Fraud scheme. Having learnt the tricks of the trade in that scheme, he hatched a well-planned conspiracy and along with his seven brothers and other associates setting up more than 150 companies and started collecting deposits from the general public with a promise of providing developed plots/farm lands or withdrawal at a high rate of return on maturity/pre-term," the ED said.
Further investigation is underway.
