Ponzi Scheme Victims: Recently, Prime Minister Narendra Modi, while giving a speech in many states, had comforted the countrymen that we will withdraw the money from those who cheated the money through chit fund and return to the common people who are suffering. He had said that our government will have a lot of effort in this matter. Now the effect of that Bhagirath effort is beginning to show. The Central Investigation Agency ED i.e. the Enforcement Directorate has taken a major action.
Through the Ponzi scheme launched by the companies of Agri Gold Group, the way millions of people were defrauded in many states. Now the investigating agency is working to return its money after attaching a lot of movements of those companies.
ED’s Hyderabad -based zonal office has successfully completed the process of refunding attachment assets of about Rs 3,339 crore to the victims of Ponzi schemes in this case. However, senior sources of the investigating agency say that the market price of that attachment assets of the accused has been stated to be more than Rs 6,000 crore. This means that the amount of money scam was done. Almost the same amount of money has been confiscated by the investigating agency.
Chit fund scam of 6,380 crores
According to the investigating agency, the Ponzi Scheme i.e. Chit fund scam launched by Agri Gold Group companies was carried out. Chit fund scam was carried out by the accused in this case in a total of 9 states including Andhra Pradesh, Chhattisgarh, Odisha, Maharashtra, Tamil Nadu. Under this scam, people were given false assurance to pay many times more money than their investment amount in lieu of investment.
By the time people understood the matter, the chit fund company ran away or declared itself bankrupt. Under the Ponzi scheme launched by companies of this Agri Gold Group, more than 32 lakh people were cheated in the name of investing money. According to the ED, several members of the family of Avrwa Venkat Rama Rao of Agri Gold Group are suspicious for this conspiracy.
At the same time, in the initial investigation, the names of his seven brothers were seen joining this scam. In the investigation of the investigating agency, it was also known that more than 150 rock companies were formed before the Agri Gold Ponzi scam case was carried out. Then there was a transaction of crores of rupees through him.
List of attached properties
In this case, the assets attached by the ED include more than 2300 agricultural land, residential, commercial plots and apartments as well as an amusement park named Hanland in Guntur district of Andhra Pradesh. Along with this, out of several total 2,310 immovable properties of attachment, 2,254 are in Andhra Pradesh, 43 in Telangana, 11 in Karnataka and 2 in Odisha.