AgriGold scam: ED raids at 8 places in Hyderabad, Vijayawada

HYDERABAD: Enforcement Directorate on Wednesday conducted searches at eight locations in Hyderabad and Vijayawada in connection with the ₹6,380 crore Agri Gold scam. The investigation agency found cash, gold and incriminating documents.
The ED has started investigating the case under the Prevention of Money Laundering Act (PMLA) 14 months after the case was registered by Andhra Pradesh Crime Investigation Department.

The agency alleged that the promoters of Agri Gold company collected thousands of crores from depositors on the pretext of high returns and cheated them. The ED is investigating the case and also looking into Benami assets and funds abroad.
Searches, that began on Wednesday morning, continued till the last reports came in. The offices of Agri Gold are closed.
According to AP CID, around 32 lakh depositors in Andhra Pradesh, Telangana and other States were duped by Agri Gold. As many as 19.5 lakh depositors were duped of Rs 3966 crore in AP itself.
First case in the scam was registered in 2015 in Pedpadu police station of West Godavari district under Andhra Pradesh Protection of Depositors of Financial Establishments Act, criminal conspiracy and cheating. Cases were also registered in Nellore, Kurnool, Chittoor and Kadapa.
Police have arrested the key accused, Agri Gold chairman AvvaVenkata Rama Rao, MD Avva Venkata Seshu Narayana Rao Kumar, Vice President E.S.S.V. Prasad, director K.Ramachandra Rao and Director P.L.A.Khan.
AP home department had issued attachment of properties orders in 2015 and 2016. A PIL was filed in High Court for speedy disposal of the deposited amount. The court is monitoring the case.