The Enforcement Directorate (ED) has begun transferring seized assets worth Rs 3,339 crore in the AgriGold scam. The move aims to compensate nearly 19 lakh defrauded depositors.
HYDERABAD: In a significant development in the AgriGold scam, the Enforcement Directorate (ED) has initiated the process of transferring seized assets worth Rs 3,339 crore. The market value of these assets is estimated to be around Rs 6,000 crore.
AgriGold, a company that defrauded nearly 19 lakh depositors through 32 lakh accounts, had collected funds under the guise of real estate investments. Investigations revealed that company chairman Avva Venkata Rama Rao diverted the collected money into multiple businesses, including power, dairy, entertainment, and healthcare, through nearly 130 subsidiary firms. The total scam amount is estimated to be around Rs 6,380 crore.
The scam spanned multiple states, including Andhra Pradesh, Telangana, Karnataka, Odisha, and the Andaman and Nicobar Islands, leading to numerous legal proceedings. The ED’s action follows directives to expedite the resolution process and ensure compensation for affected depositors.
With the asset transfer now in progress, authorities aim to bring justice to the victims and hold those responsible accountable. The move is expected to provide financial relief to thousands of defrauded investors who lost their savings in the scam.
