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New Indian Express
12 hours ago
- Business
- New Indian Express
ED returns properties worth Rs 611 crore to agri gold victims
HYDERABAD: The Enforcement Directorate Hyderabad Zonal Unit has accomplished the process of restitution of attached properties worth `611 crore (value of the properties at the time of attachment) to the victims of Ponzi schemes launched by Agri Gold group of companies. The present market value of the properties is expected to be more than Rs 1,000 crore. In May 2025, the ED filed restitution application under Section 8(8) of the Prevention of Money Laundering Act, 2002 before the Special PMLA Court of the Metropolitan Sessions Judge, Hyderabad for release of movable and immovable properties attached by it to the Crime Investigation Department, Andhra Pradesh. The ED filed the petition so that attached properties could be restored to the victims of the Agri Gold Ponzi schemes under the provisions of the Andhra Pradesh Protection of Depositors of Financial Establishments (APPDFE) Act, 1999. The Court vide, in its order dated 10.06.2025, allowed the restitution petition filed by ED. The attached assets for which restitution has been allowed by the court include 397 parcels of agricultural land, residential/commercial plots and apartments. Of the total 397 attached immovable properties, 380 are in the state of Andhra Pradesh, 13 in Telangana and 4 in Karnataka. The agency initiated investigation against M/s Agri Gold group of companies in 2018 on the basis of several FIRs registered in Andhra Pradesh, Telangana, Karnataka, Odisha and Andaman & Nicobar. Agri Gold group of 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. The ED 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. By adhering to this business module, the accused 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 on returning the deposits either in cash or in kind as agreed upon. The agency stated that thousands of commission agents were engaged by the firm to lure people and they managed to collect around Rs 6,380 crore from more than 32 lakh investor accounts. During the course of PMLA investigation, movable and immovable properties spread across various states worth around Rs 4,141.2 crore were attached by ED. ED had also arrested Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad in December 2020 and filed prosecution complaint before the Special PMLA Court, Nampally, Hyderabad against 14 accused persons and entities in February 2021. Cognizance of the offence of money laundering against all the accused was taken by the court on August 29, 2023. Subsequently, a supplementary prosecution complaint was filed on March 28, 2024 against 22 accused and cognizance of the same was taken by the court on November 4, 2024. In the instant case, ED had earlier restituted properties worth Rs 3,339 crore (present market value of more than Rs 6,000 crore) in February 2025. The total value of properties restituted in this case now stands at Rs 3,950 crore (present market value of more than 7,000 crore). 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.
Hans India
15 hours ago
- Business
- Hans India
ED facilitates restitution of Rs 611 cr to AgriGold victims
Vijayawada: The Directorate of Enforcement (ED), Hyderabad Zonal Office, has completed the process of restituting attached properties, valued at approximately Rs 611 crore (at the time of attachment), to the victims of Ponzi schemes orchestrated by the AgriGold group of companies. The current market value of these properties is estimated to exceed Rs 1,000 crore. In a significant development, the ED filed a restitution application in May 2025 under Prevention of Money Laundering Act (PMLA), 2002, before the Special PMLA Court of the Metropolitan Sessions Judge, Hyderabad. The application sought the release of attached movable and immovable properties to the AP CID (where properties were also attached by AP CID), for their restoration to AgriGold Ponzi scheme victims under the Andhra Pradesh Protection of Depositors of Financial Establishments (APPDFE) Act. On June 10, 2025, the court approved the ED's restitution petition, paving the way for the return of these attached assets to the victims. The properties for which restitution has been allowed include 397 parcels of agricultural land, residential/commercial plots, and apartments. Of these, 380 properties are located in Andhra Pradesh, 13 in Telangana and four in Karnataka. The ED initiated its investigation into AgriGold Group of companies in 2018, based on multiple FIRs. The AgriGold Group had purportedly collected deposits from approximately 19 lakh customers and 32 lakh account holders. ED's investigation uncovered that the AgriGold Group operated a fraudulent Collective Investment Scheme disguised as a real estate business, for which over 130 shell companies were floated. These entities collected deposits as 'advances for plots' from unsuspecting depositors, despite not possessing commensurate land. Through this deceptive model, the accused lured millions of gullible individuals, accumulating vast deposits. These funds were subsequently diverted to various unrelated industries, including Power/Energy, Dairy, Entertainment, Health (Ayurvedic), and Farm Land Ventures, without the knowledge of depositors. The companies ultimately defaulted on their commitments to return deposits, either in cash or kind. Thousands of commission agents were employed by the AgriGold Group to entice investors, successfully collecting around Rs 6,380 crore from over 32 lakh investor accounts. During the PMLA investigation, the ED attached movable and immovable properties across various States, totaling approximately Rs 4,141.2 crore. The ED also arrested Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad in December 2020. A prosecution complaint was subsequently filed against 14 accused persons and entities in February 2021. The court took cognizance of the money laundering offensc against all accused on August 29, 2023. A Supplementary Prosecution Complaint was filed on March 28, 2024, against 22 additional accused, with cognizance taken by the court on November 4, 2024. Earlier, in February 2025, the ED had restituted properties worth Rs 3,339 crore (with a present market value exceeding Rs 6,000 crore) in this case. With the latest restitution, the total value of properties returned to victims now stands at Rs 3,950 crore, with a present market value exceeding Rs 7,000 crore. This restitution exercise marks a significant achievement in the ED's ongoing efforts to restore properties to their rightful claimants and ensure that proceeds of crime are returned to those who have been defrauded.
NDTV
a day ago
- Business
- NDTV
Probe Agency ED Restores Assets Worth Rs 611 Crore To Ponzi Scam Victims
New Delhi: In a breakthrough in the Agri Gold Ponzi scheme case, the Hyderabad zonal office of the Enforcement Directorate (ED) has successfully restituted attached properties worth approximately Rs 611 crore (at the time of attachment) to the victims of the scam. The present market value of these properties is estimated to be over Rs 1,000 crore. The move follows an application filed by the ED in May under Section 8(8) of the Prevention of Money Laundering Act (PMLA), 2002, before the Special PMLA court of the Hyderabad metropolitan sessions judge. The application sought release of attached properties to the Andhra Pradesh Crime Investigation Department (CID), enabling their return to the victims under the Andhra Pradesh Protection of Depositors of Financial Establishments (APPDFE) Act, 1999. On June 10, the court approved the restitution petition, paving the way for restoration of 397 attached properties - comprising agricultural land, residential and commercial plots, and apartments. Of these, 380 properties are in Andhra Pradesh, 13 in Telangana, and four in Karnataka. The ED's investigation into the Agri Gold Group began in 2018 based on multiple first information reports (FIRs) filed across Andhra Pradesh, Telangana, Karnataka, Odisha, and Andaman and Nicobar Islands. The group duped nearly 19 lakh customers and maintained over 32 lakh investor accounts by promising high returns and residential plots through a fraudulent collective investment scheme. The probe revealed that more than 130 shell companies were floated to collect advances for plots - without owning sufficient land - and the funds were diverted to sectors like power, dairy, entertainment, ayurveda, and farmland ventures. Over Rs 6,380 crore was collected through this scam, with the help of thousands of commission agents. During the PMLA investigation, the ED attached properties worth Rs 4,141.2 crore spread across several states. The key accused Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao, and Avva Hema Sundara Vara Prasad were arrested in December 2020. A prosecution complaint was filed against 14 accused in February 2021, and a supplementary complaint against 22 accused followed in March 2024. Earlier in February, the ED restituted properties valued at Rs 3,339 crore (market value over Rs 6,000 crore). With the latest order, the total value of restituted properties in the Agri Gold case now stands at Rs 3,950 crore with a current market value exceeding Rs 7,000 crore. This restitution marks a crucial step in returning the proceeds of crime to the rightful victims and demonstrates the ED's commitment to securing justice for those defrauded by financial scams, officials said.
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.
