: Friday, December 25, 2020, 7:31 AM IST
8,688 investors in Maharashtra duped; ED arrests 3 in Rs 6,380 cr ponzi scheme
Mumbai: The Enforcement Directorate (ED) s investigation into a multicrore ponzi scheme unearthed across several states has revealed that 8,688 investors in Maharashtra have been duped.
The three promoters of Agri Gold Group of Companies Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad â have been arrested in the Rs 6,380 crore âAgri Gold Ponziâ scam.
The investigation was initiated based on multiple FIRs lodged in the states of Andhra Pradesh (AP), Telangana and Karnataka and revealed that in Maharashtra, 8,688 depositors holding 9,160 accounts had been collectively cheated to the tune of Rs 23,42,49,040.
Updated:
Share Article
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.
3 promoters of Agri Gold Group arrested in Rs 6,830Cr ponzi scam
Wed, Dec 23 2020 03:04:47 PM
New Delhi, Dec 23 (IANS): 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 Rs 6,380 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 accused were produced before the ED PMLA Court, Hyderabad, which granted them 14-day judicial custody.
The ED had filed a case on the basis of multiple FIRs lodged in Andhra Pradesh, Telangana and Karnataka.
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.
3 Promoters of Agri Gold Group Arrested in Rs6,830 Crore Ponzi Scam
IANS
1
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.