Latest news with #AndhraPradeshProtectionofDepositorsofFinancialEstablishmentsAct
Time of India
20 hours ago
- Business
- Time of India
ED restores properties worth Rs 611 cr to AgriGold victims
Hyderabad: Enforcement Directorate , Hyderabad, has restituted properties worth Rs 611 crore to thousands of victims of the AgriGold ponzi scam in Telangana, Andhra Pradesh and Karnataka. The group had collected over Rs 6,000 crore from investors making fraudulent promises. The present market value of these attached properties is estimated to be more than Rs 1,000 crore. ED had earlier restituted properties worth Rs 3,339 crore (present market value of more than Rs 6,000 crore) in Feb. The total value of properties restituted in this case now stands at Rs 3,950 crore (present market value of more than Rs 7,000 crore). In May, ED filed a restitution application under Section 8(8) of the Prevention of Money Laundering Act (PMLA) before the special PMLA court of the metropolitan sessions judge, Hyderabad, for release of properties attached by it to the Crime Investigation Department (CID), Andhra Pradesh. CID had earlier attached these properties. The court allowed the ED's petition and the attached properties will now be restored to the victims under the provisions of the Andhra Pradesh Protection of Depositors of Financial Establishments Act. The attached assets for which restitution has been allowed include 397 parcels of agricultural land, residential/commercial plots and apartments. Out of the total attached immovable properties, 380 are located in Andhra Pradesh, 13 in Telangana and four in Karnataka. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like पुरानी लक्जरी घड़ियों की ऑनलाइन कीमतें आपको आश्चर्यचकित कर सकती हैं। Luxury Watches For Sale | Search Ads अभी खरीदें Undo The money laundering probe was initiated in 2018 based on several FIRs registered in Andhra Pradesh, Telangana, Karnataka, Odisha and Andaman & Nicobar Islands against AgriGold group of companies and its promoters . The companies 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. "Investigation revealed that AgriGold group ran a 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," the agency said in its provisional attachment order. ED said, "The accused lured lakhs of gullible persons and got deposits. These funds were diverted to various industries such as power, dairy, entertainment etc., without the knowledge of depositors. The companies defaulted on returning the deposits either in cash or land. Thousands of commission agents were engaged by AgriGold to lure people, and they managed to collect around Rs 6,380 crore from more than 32 lakh investors. " During the course of the PMLA investigation, ED had attached movable and immovable properties across various states worth around Rs 4,141 crore. ED also arrested company officials Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad in Dec 2020 and filed a prosecution complaint before the special PMLA court, Nampally, against 14 accused persons and entities in Feb 2021. Cognisance of the offence of money laundering was taken by the court in Aug 2023. Subsequently, a supplementary prosecution complaint was filed on March 28, 2024, against 22 accused, and court took cognisance in Nov 2024. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
The Hindu
a day ago
- Business
- The Hindu
ED hands over ₹611 crore worth properties to victims of Agri Gold schemes
The Enforcement Directorate (ED) has handed over attached properties worth around ₹611 crore to the victims in the Agri Gold case. The properties, whose current market value is pegged at over ₹1,000 crore, include hundreds of plots and parcels of land across Andhra Pradesh, Telangana and Karnataka. The Special PMLA Court in Hyderabad allowed the ED's petition for restitution on June 10, enabling the release of these assets to the Andhra Pradesh Crime Investigation Department (CID) for onward distribution to the victims. This move comes under Section 8(8) of the Prevention of Money Laundering Act, and the Andhra Pradesh Protection of Depositors of Financial Establishments Act. Among the 397 immovable properties cleared for restitution, 380 are located in Andhra Pradesh, 13 in Telangana, and 4 in Karnataka. The ED had launched its probe into the scam in 2018 after multiple FIRs were lodged across five States and Union Territories. Investigators found that the Agri Gold group had operated a fraudulent collective investment scheme under the guise of a real estate business, floating more than 130 shell companies. The group collected deposits from around 32 lakh investors, promising either high returns or a piece of land, but ended up diverting these funds to unrelated sectors like dairy, entertainment, Ayurveda, and energy. As part of the ongoing investigation, the ED has so far attached properties worth over ₹4,141 crore and arrested key accused, including Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad. The agency had already restituted assets valued at ₹3,339 crore in February this year. With the latest tranche, the total value of restituted properties in the case has reached ₹3,950 crore, with the present market worth exceeding ₹7,000 crore. The agency has filed prosecution complaints against 36 accused, and courts have taken cognisance of the charges, paving the way for further legal proceedings.
Hindustan Times
a day ago
- Business
- Hindustan Times
ED restores ₹1,000-cr worth assets to Andhra govt to help Ponzi victims
New Delhi, The Enforcement Directorate on Friday said it has achieved finality in restoring assets worth a total ₹7,000 crore, duped from investors through an alleged Ponzi scheme, to the Andhra Pradesh government for further restitution to the victims of the Agri Gold "fraud". The federal probe agency initiated this process in February as it restored properties worth ₹3,339 crore . The ED has now done the same and restituted assets worth ₹611 c rore , it said. The case pertains to Agri Gold group of companies which is alleged to have collected deposits from around 19 lakh customers in the name of real estate investment with a promise of "high returns" or a residential plot, as per the agency. The Hyderabad-based zonal office of the ED had in May filed a restitution application under Section 8 of the Prevention of Money Laundering Act , 2002 before a special court for release of movable and immovable properties attached by it, during the course of investigation in this case, to the Crime Investigation Department of Andhra Pradesh. This was done so that the attached properties can be restored to the victims of the Agri Gold Ponzi schemes under the provisions of the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999, the agency said in a statement. Restitution of assets is a provision allowed in the PMLA for helping the victims who get duped in an investment fraud and with the restoration of the properties by the ED to the state government, the authorities can now further hand over the funds to the victims under the PDFE Act, officials said. The court, as per the ED, issued an order on June 10 allowing the restitution petition filed by ED and, thus, paved the way for restoration of the attached assets to the victims. The assets include 397 parcels of agricultural land, residential and commercial plots and apartments. 380 of these assets are located in Andhra Pradesh, 13 in Telangana and four in Karnataka. The money laundering case against Agri Gold group of companies was registered in 2018 taking cognisance of several FIRs registered by the police in Andhra Pradesh, Telangana, Karnataka, Odisha and Andaman and Nicobar Islands. "Agri Gold Group ran a 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," it said. "These funds were thereafter diverted to various industries like power/energy, dairy, entertainment, health , 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 around ₹6,380 crore from more than 32 lakh investor accounts," it said. The agency had arrested the promoters of the company Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad in December, 2020 and has filed two charge sheets against a total of 36 accused. "This restitution exercise marks a significant step in ED's efforts to restore properties to their rightful claimants and to ensure that Proceeds of Crime are returned to those affected," the agency said.
