ED seized Agri Gold Group’s assets worth Rs 4109 crore. The Enforcement Directorate (ED) launched a massive campaign against the Ponzi scam Agri Gold Group companies.
ED confiscated Agri Gold Group company’s assets worth Rs 4109 crore in various states under the Money Laundering Act. The ED has already arrested three of its promoters on Tuesday.
The investigating agency ED has given details of the seized assets of the Agri Gold Group company in one of its statements. Among them, Arca Leisure Entertainments Pvt. Ltd. spread over 48 acres located in Andhra Pradesh.
K Holland Amusement Park, 2809 land assets, shares of various companies and plants and machines, etc. These assets have been confiscated under the Prevention of Money Laundering Act (PMLA).
These assets of the company are located in Andhra Pradesh, Karnataka, Odisha, Tamil Nadu, and Telangana.
The investigation was initiated by the ED following various complaints lodged against the company.
In these complaints, it was alleged that the company had defrauded over Rs 6380 crore by depositing funds from more than 32 lakh investors from Andhra Pradesh, Telangana, and Karnataka.
The main accused in the Ponzi scam are Venkatarama Rao, Venkata S Narayan Rao, and Hema Sundara Vara Prasad, promoters of Agri Gold Group of Companies.
The investigating agency has already arrested them. The company implicated people in the name of getting agricultural land and plots.
What is the matter
A Venkata Rama Rao along with his brothers and other associates established more than 150 companies.
They started depositing money from the general public with the promise of providing developed plots / agricultural land. Investors received neither plots nor deposits.
Disputed organization PFI received more than hundred crore rupees in bank accounts, involved in anti-CAA demonstrations and Delhi riots
The details of the investigation of money laundering of the Popular Front of India (PFI) by the Enforcement Directorate have been given in the court on Thursday.
This disputed organization of Kerala, PFI, has deposited over a hundred crore rupees in its bank accounts over many years.
KA Rauf Sharif, the leader of the PFI student wing, was arrested on charges of money laundering under the PMLA. His statement has been recorded in the special court.
On ED’s plea, the court extended Sharif’s custody for another three days. His seven-day ED custody ended on Thursday, due to which he was produced in court.
The ED has given details of the source and recovery of the amount in its affidavit which is under investigation.