ED files supplementary chargesheet in Agri gold case
Hyderabad: Enforcement Directorate(ED), Hyderabad has filed a Supplementary Prosecution Complaint (PC) in the case of Agri Gold Group of companies under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 before the Special Court (PMLA) of Nampally, Hyderabad. The court has taken cognizance of the PC Wednesday.
The list of compliant against which ED filed prosecution complaint include Agri Gold Exims Limited, Amruthavarshini Dairy Farms Private Limited, Avvas Infotech Private Limited, Mathaangi Infra Ventures Private Limited, Shakti Timber Estates Private Limited, Avva Sita Rama Rao, Avva Venkata Subrahmanyeswara Sarma and Sanctuary Homes Pvt. Ltd.
ED initiated investigation on the basis of several FIRs registered by the Police authorities of several states including Andhra Pradesh, Telangana, Karnataka, Odisha and Andaman & Nicobar against the Agri Gold group of companies. These FIRs were registered on the basis of numerous complaints from depositors against the Agri Gold group of companies which had collected deposits from around 19 Lakh customers and 32 Lakh account holders in the name of real estate investment with a promise of high returns or a residential plot.
Anti Money laundering agency’s investigation revealed that Agri Gold Group ran fraudulent Collective Investment Scheme in the guise of real estate business, for which more than 130 companies were floated. These companies used to collect deposits as ‘advances for plots’ from depositors, without commensurate land being available with the company, without specifying the Plot No., Survey Number and location of the land and also by reserving rights to offer plots in any other venture if plots in the offered venture are not available. It was further advertised that in case the customer is not interested in buying plots offered by Agri Gold Group, full money would be refunded with some bonus.
Collected Rs. 6380 Crore from more than 32 lakh investor accounts: ED
“By adhering to this business module, the Agri Gold Group led by Avva Venkata Rama Rao and other Directors lured lakhs of gullible persons and got deposits from them. These funds were thereafter diverted to various industries like Power/Energy, Dairy, Entertainment, Health (Ayurvedic), Farm Land Ventures etc., without the knowledge of the depositors and the companies defaulted in returning the deposits either in cash or in kind as agreed upon. Thousands of commission agents were engaged by the Agri Gold group to lure people and they managed to collect Rs. 6380 Crore from more than 32 Lakh investor accounts,” said ED in a statement.
During the course of investigation, properties worth Rs. 4141.33 Crore were attached by ED. Further, Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad were arrested in December 2020. Prosecution Complaint against 14 accused persons / entities including Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao, Avva Hema Sundara Vara Prasad, Agrigold Farm Estates India Pvt. Ltd. and Agri Gold Constructions Pvt. Ltd. was earlier filed before the Special Court (PMLA), Hyderabad in February 2021 and cognizance of the same was taken in 2023.
ED, Hyderabad has filed a Supplementary Prosecution Complaint (PC) in the case of Agri Gold Group of companies against M/s Agri Gold Exims Limited, M/s Amruthavarshini Dairy Farms Private Limited, M/s Avvas Infotech Private Limited, M/s Mathaangi Infra Ventures Private Limited,…
— ED (@dir_ed) November 7, 2024
