Agri Gold scam, spread across many states, that involves several thousand core rupees and duped 40 Lakh people. The company owes Rs 9,000 crore to over 32 lakh depositors in nine states, with Andhra Pradesh leading the list with 19 lakh depositors. Agri gold never returned the deposits it collected from public with the promise of high returns. About 150 people committed suicide because Agri gold didn't pay their money. Now the Essel Group (Zee TV) has come forward to taking over 175 odd companies of the Agri Gold group.
Dr Subhash Chandra Foundation, a not-for-profit group company of Esselgroup, that includes Zee TV, has informed the High Court at Hyderabad that it is interested in take over AgriGold group as a going business. The Delloitte firm has finally disclosed the name to the High Court on Monday in the additional affidavit. Senior counsel Raghuram appearing for Delloitte firm informed the division bench comprising of Justice V Ramasubramanian and Justice S V Bhatt that the Essel Group would require four months’ time to complete due diligence of the AgriGold assets and liabilities.
The bench was hearing PIL petition filed by Telangana Agri Gold Customers and Agents Welfare Association seeking a CBI probe into the scam and repayment of monies to the depositors. Raghuram informed the bench that the Esselgroup is willing to take over all the 175 properties of the AgriGold group even by paying thousands of crores. After due diligence, if needed, the Foundation is ready to pay Rs 1,000 to Rs 2,000 Cr.
The court directed the AgriGold company to submit details of deposits less than Rs 5,000, between Rs 5,000 and 10,000 and Rs 10,000 and 20000 from across the country. The bench also instructed the CID to provide details to cross verify. The court adjourned the case to 14th September .
As many as 40 lakh people had lost their money by investing in Agri Gold group. Of this, 32 lakh people are depositors, while eight lakh people are agents. About 150 lost their lives by committing suicide after the company defaulted to pay their money. Will the Essel Group pay the damage to suicide victims who kill themselves in Agri Gold scam?