Apr 22, 2021, 16:31 IST
VIJAYAWADA: One of the directors of the tainted Agrigold company Savadam Srinivas died due to complications after he was infected with COVID-19 on Wednesday. He had apparently contracted the coronavirus a week ago and died during treatment. He is the third director to die along with Immidi Sadasiva Varaprasad and Avva Uday Bhaskar.
The surge of corona cases in the State, as well as the country, has resulted in the deaths of many people including celebrities, politicians and those wanted in criminal cases.
The Enforcement Directorate (ED) is investigating the Agrigold scam that rocked the Telugu states under the Money Laundering Act, on the basis of cases registered in AP, Telangana and Karnataka.
Agrigold Directors Stashed Funds In Off-Shore Entities In Cayman Islands Dec 24, 2020, 12:22 IST
HYDERABAD: The Enforcement Directorate arrested Agrigold Chairman Avva Venkata Rama Rao on Wednesday. Along with him, two directors A Seshu Narayana and A Hema Sundar Prasad were produced before the Prevention of Money Laundering Act (PMLA) court, which granted 14 days of judicial custody.
Agrigold has allegedly defrauded about 32 lakh people to the tune of Rs 6,380 crore. Depositors money was diverted by Agrigold to other businesses by forming over 170 shell companies. Some of these companies were setup abroad and large amounts of funds were diverted to these off-shore entities, Enforcement Directorate (ED) said in a release.
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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.
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ED attaches assets worth Rs 4,109 crore across various states in Agri Gold Ponzi fraud scam.
The Enforcement Directorate (ED) has provisionally attached assets worth Rs 4,109 crore under Prevention of Money laundering Act, 2002 (PMLA) in Agri Gold Ponzi fraud Case. The attached assets include 2,809 landed properties, Haailand Amusement Park of Arka Leisure and Entertainments Private Limited in Andhra Pradesh spread over 48 acres, shares of various companies, plants and machinery.
These attached properties are located in the following districts of various states:
Andhra Pradesh: Anantpur, Kurnool, Krishna, Chitoor, Guntur, Kadapa, Vizianagaram, East and West Godavari, Visakhapatnam, Nellore, Prakasam, Srikakulam, Kadapa Districts.
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.