2020-12-23 17:45:03 :
ED officers stepped up velocity in Agrigold rip-off affair. The Agrigold Chairman Avva Venkata Rama Rao was arrested by the official on Tuesday and together with him, two Directors Seshu Narayana and Hema Sundar Prasad had been additionally taken into custody.
Your entire authorities have concluded that Rs 6,400 Cr was concerned within the rip-off. Two Agrigold administrators have already been arrested together with the chairman within the case.
Enforcement Directorate officers are making preparations to supply the three accused earlier than the ED particular court docket. They’ll search custody of the three accused with the intention to proceed the investigation.
Agrigold unfold throughout many states, that concerned a number of thousand crore rupees and duped greater than 3.2 million individuals. To hint the rip-off, lets return to 1995.
The Agrigold firm had simply arrange its roots in Vijayawada as a Collective Funding Scheme (CIS), with its chairman Avvas Venkata Rama Rao and just a few others. The Agrigold firm lured quite a lot of individuals on the promise that their funding would come again with increased returns. The corporate took this cash and invested closely in actual property. In 2014, the corporate’s workplace in Vijayawada witnessed a tense scene when a number of clients stated that the cheques had been bounced.