The Enforcement Directorate (ED) on Thursday attached properties worth Rs 4109 crore in an alleged ponzi scheme involving Agri Gold group. The three promoters were arrested on Tuesday. The scam duped 32 lakh investors to the extent of Rs 6380 crore in Telangana, Andhra and Karnataka.
Company chairman Avva Venkata Rama Rao and directors Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad were produced in special ED court that has granted the agency their custody from December 27 to January 5.
“The attached assets include 2,809 landed properties, Haailand Amusement Park in the name of Arka Leisure and Entertainments Private Limited in Andhra Pradesh (spread over 48 acres) and shares of various companies, plants and machinery,” said ED in official statement.
The investigation has been taken up under Prevention of Money Laundering Act (PMLA) on the basis of FIRs lodged in Telangana, Andhra Pradesh and Karnataka.
Agri Gold Group group set up 150 companies and collected deposits from investors promising them developed plots, farm lands or returns at high rate on maturity or pre-term.
The group employed thousands of commission agents for collection of money from 32.02 lakh investor accounts.
The names of Agri Gold promoters was also there in paradise paper leaks.
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