Sleuths of the Enforcement Directorate (ED) reportedly conducted searches on the houses of AgriGold chairman and directors here on Wednesday.
Police registered cases against AgriGold in different police stations across the State and shifted all the cases to the Crime Investigation Department (CID) five years ago, when the management reportedly failed to repay the deposits.
CID officials registered about 15 cases and arrested about 22 persons.
Investigation officers had arrested its chairman Avva Venkata Ramarao, directors A. Venkata Seshu Narayana, Seetaram, Hema Sundar and other representatives of AgriGold Group of Companies.
Many of them came out on bail and investigation is under progress.
About 140 persons, including some depositors and agents have died, and the government gave ₹7 crore compensation to the bereaved families.
The management had reportedly floated about 15 companies in different States.
According to the AgriGold Customers and Agents’ Welfare Association, the company established some 27 years ago, had collected about ₹7,625 crore from 32 lakh customers, of which 19.52 lakh customers were from Andhra Pradesh. They invested ₹3,957 crore in the company.
833 properties identified
CID had identified about 833 properties owned by AgriGold Group of Companies.
The company has properties in seven other States, the investigation officers said.
As the State police has been investigating the multi-crore scam, the ED searches raised the eyebrows of many and created confusion among the customers, who have been waiting for the return of their hard-earned money for the last five years.
The ED officials who raided the houses of the directors seized some documents and records. The raids continued till late in the night.