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AAA The Enforcement Directorate (ED) has attached assets worth ₹4,109 crore in connection with a Ponzi scam involving ₹6,380 crore collected from over 32 lakh investors in six States. The agency had arrested three promoters of the Agri Gold Group of companies in the case earlier this week.
The attached properties include 2,809 land parcels, Haailand Amusement Park of Arka Leisure and Entertainments Private Limited spread over 48 acres in Andhra Pradesh, shares of various companies, plants and machinery.
They are located at Anantpur, Kurnool, Krishna, Chitoor, Guntur, Kadapa, Vizianagaram, East/West Godavari, Visakhapatnam, Nellore, Prakasam, Srikakulam and Kadapa in Andhra Pradesh; Bengaluru, Kolar, Yadgir and Mandya in Karnataka; Khurda in Odisha; Krishnagiri in Tamil Nadu; and Mahaboob Nagar, Narayanpet, Khammam, Mahboob Nagar, Hyderabad, Ranga Reddy, Vikarabad , Medchal, Malkajgiri, Nalgonda and Mahabubnagar in Telangana.
ED arrests three promoters over Rs 6,380-crore Ponzi scheme fraud
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.
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New Delhi: The Enforcement Directorate has arrested three promoters of a south India based company on money laundering charges in an over â¹ 6,300 crores 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.
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| 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.
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.