ED returns the properties attached to the victims of Agri gold scam

Hyderabad: In a major development, the execution direction (ED), the Hyderabad area, returned on Monday the attached properties of 3,339 crores for the victims of the ponz schemes launched by Agri Gold Group by companies. The present market market value is expected to be more than 6,000 Rs.

The Agency’s investigation revealed that the Agri Gold group has carried out a fraudulent collective investment scheme under the pretext of real estate business, for which over 130 companies were floated. These companies have collected deposits as “advances for plots” from depositors, without the proportional land being available at the company.

Respecting this business module, the accused has lured the lakhs of the people who are thinking of deposits in the investment scheme. These funds have been redirected to various industries such as electricity, dairy, entertainment, health (ayurvedic), agricultural land, without the knowledge of the depositors.

Companies failed to return the deposits either in cash, either in nature, as agreed. Thousands of commission agents, who were employed by Agri Gold Group to attract people, managed to collect around 6,380 crores from more than 32 Lakh investor accounts.

During the PMLA investigation, the mobile and immovable properties spread in different states and worth about 4.141.2 crore were attached by Ed. The agency officials also arrested AVVA Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad in December 2020.

ED submitted the request for refund in accordance with section 8 (8) of the Law on the prevention of money laundering (PMLA), 2002, before the Special Court (PMLA) of the Judge of Metropolitan Session, Hyderabad, for the issuance of mobile and immovable property attached by He at the Crime Investigation Department (CID), Andhra Pradesh.

The court allowed the return petition to open the way to restore the goods attached to the victims. The attached properties include more than 2,300 plots of agricultural land, residential, commercial and apartments, as well as a amusement park in the name “Haailand” in Chinnakakani, Gâztur District, Andhra Pradesh.

Of the total 2,310 real estate properties attached, 2,254 are in Andhra Pradesh, 43 in Telagana, 11 in Karnataka and two in Odisha.

ED initiated the investigation against the group of golden agri companies in 2018, based on several wires registered in Andhra Pradesh, Telangana, Karnataka, Odisha and Andaman and Nicobar.

The group of companies Agri Gold has collected deposits from about 19 Lakh customers and 32 Lakh account holders on behalf of real estate investments, with a promise of high yields or a residential plot.