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Enforcement Directorate arrests three Agri Gold Group promoters in ₹6,380-cr. Ponzi scam

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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. ....

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3 promoters of Agri Gold Group arrested in Rs6,830 crore Ponzi scam

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. ....

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