AgriGold investors to hold protest at Freedom Park today

People from across the state will take part in the protest, which is likely to affect traffic between the city railway station and the protest venue during morning hours.

Published: 08th July 2019 02:54 AM  |   Last Updated: 08th July 2019 06:26 AM   |  A+A A-

They stated that neither the in-house Internal Complaints Committee nor the complaint at the police station was taken up, which is why they had to stage a protest.

Image used for representational purpose only

By Express News Service

BENGALURU: To bring their grievances to the state government’s notice, members of AgriGold Customers and Agents Welfare Association have planned a protest at 10.30 am at the Freedom Park on Monday. The association represents the depositors from Karnataka who lost their money which was invested in the Andhra Pradesh-based AgriGold company. People from across the state will take part in the protest, which is likely to affect traffic between the city railway station and the protest venue during morning hours.

As many as 8.5 lakh people from Karnataka invested in the firm. The company had collected funds from the public in Karnataka and invested them in Andhra Pradesh and Telangana. “Investors from Karnataka have lost at least Rs 1,700 crore, but the company has only Rs 400 crore-assets in the state. While in Andhra Pradesh, the company had invested Rs 20,000 crore as against just Rs 4,000 crore-claim,” said K Nagabhushana Rao, honorary president of AgriGold Customers and Agents Welfare Association.

“If Andhra Pradesh & Telangana governments sell the company’s assets and clear the dues of depositors, the depositors from Karnataka will not get back their money. We are organising the protest to request the state government to discuss with the governments of Andhra Pradesh and Telangana to take necessary steps to represent the Karnataka’s depositors in the public interest litigation petition filed in the high court of Telangana,” Rao said.