ED attaches assets worth Rs.4,109 cr in Agri Gold Ponzi fraud case
Hyderabad: A day after the arrest of three Agri Gold Group of Companies promoters – Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad, the Enforcement Directorate (ED) has provisionally attached assets worth Rs.4109 crore under Prevention of Money laundering Act- 2002 (PMLA) in the Agri Gold Ponzi fraud […]
Hyderabad: A day after the arrest of three Agri Gold Group of Companies promoters – Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad, the Enforcement Directorate (ED) has provisionally attached assets worth Rs.4109 crore under Prevention of Money laundering Act- 2002 (PMLA) in the Agri Gold Ponzi fraud case.
The attached assets include 2809 landed properties, Haailand Amusement Park of Arka Leisure and Entertainments Private Limited in Andhra Pradesh (AP) spread over 48 acres, shares of various companies, plants and machinery.
These attached properties were located in the following districts of various States: Anantapur, Kurnool, Krishna, Chittoor, Guntur, Kadapa, Vizianagaram, East and West Godavari, Visakhapatnam, Nellore, Prakasam, Srikakulam and Kadapa districts in AP.
The attached properties were also located in Bengaluru, Kolar, Yadgir and Mandya districts in Karnataka while Khorda district in Odisha and Krishnagiri district in Tamil Nadu and Narayanpet, Khammam, Hyderabad, Ranga Reddy, Vikarabad, Medchal-Malkajgiri, Nalgonda and Mahabubnagar districts in Telangana.
The ED has initiated investigation under PMLA based on multiple FIRs lodged in AP, Telangana and Karnataka. The scam was perpetrated by Rama Rao through Agri Gold Group of Companies.
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