HYDERABAD: Enforcement Directorate on Tuesday arrested
Agrigold scam accused
Avva Venkata Rama Rao
,
Avva Venkata Seshu Narayana
alias Kumar and another director in the multi-crore scandal.
Sources in ED said that the three accused were arrested for Rs 6,380 crore scandal in
Prevention of Money Laundering Act
case.
ED booked PMLA case based on the FIRs and chargesheets filed by crime investigation departments of Telangana,
Andhra Pradesh and Karnataka.
ED in March conducted searches on accused in Hyderabad and Vijayawada. In Andhra Pradesh and Telangana alone 32 lakh depositors were duped by Agrigold. The case was first registered in Pedapadu police station of West Godavari district following which several FIRs were registered from across three states.
Agri Gold Farm Estates (I) Pvt. Ltd. attracted the gullible public to make deposits in their group of companies, promising them a high rate of interest or a plot in their layouts. In the year 2007, Agrigold management gave publicity about their schemes that if a person deposits Rs 25,000/- in their firm, he will get double the amount in six years or a residential plot in lieu of it.
Sudhakar Reddy Udumula is the Editor (Investigation) at the Times...
Read MoreSudhakar Reddy Udumula is the Editor (Investigation) at the Times of India, Hyderabad. Following the trail of migration and drought across the rustic landscape of Andhra Pradesh and Telangana, Sudhakar reported extensively on government apathy, divisive politics, systemic gender discrimination, agrarian crisis and the will to survive great odds. His curiosity for peeking behind the curtain triumphed over the criminal agenda of many scamsters in the highest political and corporate circles, making way for breaking stories such as Panama Papers Scam, Telgi Stamp Paper Scam, and many others. His versatility in reporting extended to red corridors of left-wing extremism where the lives of security forces and the locals in Maoist-affected areas were key points of investigation. His knack for detail provided crucial evidence of involvement from overseas in terrorist bombings in Hyderabad.
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