ED arrests three promoters in Rs 6,380 crore Agrigold scam

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.