ED attaches Rs 4,109 crore worth of assets in Agri Gold ponzi scam case

The case pertains to Agri Gold Group of Companies, whose three promoters had been arrested by the central agency on Tuesday.

Published: 24th December 2020 03:34 PM  |   Last Updated: 24th December 2020 03:34 PM   |  A+A A-

After demonetisation, raids were almost a daily affair for the Enforcement Directorate, IT personnel and CBI. Over Rs 266 crore found at a Malappuram bank and the raids on the former TN Chief Secretary Rama Mohana Rao at his office and residence were a few instances that stood out.

For representational purposes

By PTI

NEW DELHI: The Enforcement Directorate has attached properties worth Rs 4,109 crore, spread across various states, in a money laundering case linked to an alleged ponzi scam, the agency said on Thursday.

The case pertains to Agri Gold Group of Companies, whose three promoters had been arrested by the central agency on Tuesday.

"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," the ED said in a statement.

The assets attached provisionally under the Prevention of Money Laundering Act (PMLA) are located in Andhra Pradesh, Karnataka, Odisha, Tamil Nadu and Telangana.

The ED initiated a probe into the matter after going through various police FIRs filed against the accused in Andhra Pradesh, Telangana and Karnataka for allegedly duping about 32 lakh investors after funds worth Rs 6,380 crore were collected from them.

The "main accused" are Avva Venkata Rama Rao, Avva Venkata S Narayana Rao and Avva Hema Sundara Vara Prasad -- the promoters of Agri Gold Group of Companies who have been arrested by the ED.

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