Mumbai: The Enforcement Directorate (ED)’s investigation into a multicrore ponzi scheme unearthed across several states has revealed that 8,688 investors in Maharashtra have been duped.
The three promoters of Agri Gold Group of Companies — Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad – have been arrested in the Rs 6,380 crore ‘Agri Gold Ponzi’ scam.
The investigation was initiated based on multiple FIRs lodged in the states of Andhra Pradesh (AP), Telangana and Karnataka and revealed that in Maharashtra, 8,688 depositors holding 9,160 accounts had been collectively cheated to the tune of Rs 23,42,49,040.
The agency has provisionally attached assets worth Rs 4,109 crore under the Prevention of Money Laundering Act, 2002 (PMLA) in the fraud case. The attached assets include 2,809 landed properties, Haailand Amusement Park of M/s Arka Leisure and Entertainments Private Limited in Andhra Pradesh spread over 48 acres, shares of various companies, plants and machinery.