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3 Promoters of Agri Gold Group Arrested in Rs6,830 Crore Ponzi Scam
IANS
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The Enforcement Directorate (ED) on Wednesday said it has arrested three promoters of the Agri Gold Group of Companies in a Ponzi Scheme Fraud Case worth Rs6,380 crore.
Those arrested have been identified as Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao, Avva Hema Sundara Vara Prasad, who are the main accused under the Sections of the Prevention of Money Laundering Act (PMLA).
The ED had filed a case on the basis of multiple first information reports (FIRs) lodged in 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.
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ED arrests 3 people in Rs 6,380 crore Agri Gold Ponzi scam
ED arrests 3 people in Rs 6,380 crore Agri Gold Ponzi scam
The ED had initiated its investigation based on multiple FIRs lodged in Andhra Pradesh, Telangana, and Karnataka.
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The Enforcement Directorate (ED) has arrested three persons in connection with the Rs 6,380 crore Ponzi scam involving Agri Gold Group of Companies, officials said. The probe agency produced Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao, and Avva Hema Sundara Vara Prasad before the ED court in Hyderabad which granted 14 days of judicial custody to all the 3 accused.
Home » Website » National » ED Arrests Three In Rs 6,300 Cr Chit Fund Fraud Case, Recovers Rs 22 Lakhs In Cash
ED Arrests Three In Rs 6,300 Cr Chit Fund Fraud Case, Recovers Rs 22 Lakhs In Cash
The trio duped 32 lakh investors, the Enforcement Directorate said
PTI 23 December 2020 Unsplash PTI 2020-12-23T14:44:40+05:30 ED Arrests Three In Rs 6,300 Cr Chit Fund Fraud Case, Recovers Rs 22 Lakhs In Cash outlookindia.com 2020-12-23T14:47:59+05:30
The Enforcement Directorate (ED) arrested three promoters of a south India-based company over money laundering charges in connection with a 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.