The multi-crore, multi-State Agrigold financial scam is continuing to create sensations in both the Telugu states. Now, the Enforcement Directorate is taking forward its investigation to the depths of the scam. As part of this, Agrigold Chairman Avva Venkata Rama Rao was arrested. Along with him, two Directors Seshu Narayana and Hema Sundar Prasad were also taken into custody. They were all facing charges of committing Rs. 6,400 Cr fraud.
The ED officials were making preparations to produce the three accused before the ED special court. The Agrigold management was slapped with charges of money laundering by forming over 170 shell companies. The ED officials were going to seek custody of the three accused in order to continue their investigation.
It is well known that the Agrigold company has cheated over 3 lakh depositors in Andhra Pradesh, Telangana and Karnataka States. Mostly, Telugu speaking families and their connections were betrayed in the fraud.
The depositors have been demanding immediate payment of their money. Successive Governments have been under tremendous pressure to resolve the case amicably.
