File image for representation purpose only.
| Photo Credit: S. Subramanium
Thousands of agents were engaged on hefty commissions to lure people into making investments in various schemes
The Enforcement Directorate (ED) has arrested three promoters of the Agri Gold Group of companies on money laundering charge in connection with a Ponzi scam involving ₹6,380 crore collected from more than 32 lakh investors in six States.
The accused have been identified as Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad. The ED will seek permission for their custodial interrogation. Its probe against them is based on multiple FIRs lodged in Andhra Pradesh, Telangana and Karnataka.