Agri gold Ponzi fraud case: ED attaches assets worth Rs 4,109 crores from Andhra, other states
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Kochi (Kerala) [India], December 24 (ANI): The Enforcement Directorate (ED) on Thursday attached assets worth Rs 4,109 crores from Andhra Pradesh, other states in the ongoing Agri gold Ponzi fraud case.
"ED has attached Haailand Amusement Park in Andhra Pradesh, shares of various companies, plant and machinery and 2,809 landed properties located in Andhra Pradesh, Karnataka, Orissa, Telangana, Tamil Nadu that is totalling to Rs 4,109 crores under Prevention of Money Laundering Act (PMLA) in an Agri gold Ponzi fraud case," an official from ED stated.
ED in its report submitted in special PMLA Court had stated, "Over Rs 100 crores were deposited into the bank accounts of Popular Front of India (PFI) in last few years. The source and disbursal of these funds are under probe."
Special PMLA Court, has extended custody of KA Rauf Sheriff, the national general secretary of the Campus Front of India (CFI), the student organization of Popular Front of India (PFI), for three more days.
On December 23, the Enforcement Directorate said that it has arrested three promoters of the Agri Gold Group of Companies in a Ponzi Scheme Fraud Case worth Rs 6,380 crore.
The accused has been identified as Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao, Avva Hema Sundara Vara Prasad who are the "main accused in the Prevention of Money Laundering Act (PMLA) investigation into Rs 6,380 crore Agri Gold Ponzi Scam".
The accused were produced before the ED PMLA Court, Hyderabad which has granted 14 days of judicial custody to all the 3 accused, ED said in a statement.
ED has initiated an investigation based on multiple FIRs lodged in the States of Andhra Pradesh, Telangana, and Karnataka.
"The scam was perpetrated by Avva Venkata Rama Rao through Agri Gold Group of Companies. Avva Venkata Rama Rao had earlier worked in the Golden Forest CIS Fraud scheme. Having learnt the tricks of the trade in that scheme, he hatched a well-planned conspiracy and along with his seven brothers and other associates setting up more than 150 companies and started collecting deposits from the general public with a promise of providing developed plots/farm lands OR withdrawal at a high rate of return on maturity/pre-term," ED said.
Further investigation is underway, ED said. (ANI)
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