In the Agri Gold Ponzi scam, ED paid Rs. 4109 crore assets seized

Double interest, a large piece of land and the lure of ample earnings in farming

(PTI) New Delhi, Ta. Thursday, December 24, 2020

The Enforcement Directorate (ED) seized assets worth Rs 4,109 crore in connection with money laundering cases in four states of South India.

Earlier, the ED had nabbed a Rs 6,380 crore scam perpetrated by a beggar named Venkat Rama Rao with the help of his seven brothers. The ED had carried out raids in Andhra Pradesh, Karmatak, Tamil Nadu and Telangana.

The seized assets include 2809 properties, spread over 48 acres in Andhra Pradesh, Arka Leisure and Entertainment Pvt. Ltd.'s name included Highland Amusement Park and shares, plants and machinery of various companies, ”the ED said in a statement.

The properties previously seized under the Prevention of Money Laundering Act were in Andhra Pradesh, Karnataka, Odisha, Tamil Nadu and Telangana. The ED had initiated proceedings following several FIRs for non-return of Rs 6,380 crore from 32 lakh investors in various states.

Among the promoters and main accused in the Agri Gold Group of Companies were Avva Venkat Rama Rao, Avva Venkat S Satyanarayana Rao and Avva Hema Sundara Vara Prasad. The arrested were produced in a Hyderabad court where all were remanded in judicial custody for 14 days.