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Agrigold Directors Stashed Funds In Off-Shore Entities In Cayman Islands


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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