ED arrests 3 in Rs 6,380-crore ponzi fraud that duped many investors

The Enforcement Directorate has arrested three promoters of a south India based company on money laundering charges in an over Rs 6,300 crore alleged ponzi or chit fund fraud case where lakhs of investors hailing from various states were duped, the agency said on Wednesday.
The three persons-- Avva Venkata Rama Rao, Avva Venkata S Narayana Rao and Avva Hema Sundara Vara Prasad-- are the "main accused" and promoters of the Agri Gold group of companies.
"They have been arrested for their involvement in committing the offence of money laundering," the ED said.
The three were arrested under various sections of the Prevention of Money Laundering Act (PMLA) on Tuesday and a special court in Hyderabad sent them to 14 days judicial custody.

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