ED officials stepped up speed in Agrigold scam affair. The Agrigold Chairman Avva Venkata Rama Rao was arrested by the official on Tuesday and along with him, two Directors Seshu Narayana and Hema Sundar Prasad were also taken into custody.
The entire authorities have concluded that Rs 6,400 Cr was involved in the scam. Two Agrigold directors have already been arrested along with the chairman in the case.
Enforcement Directorate officials are making preparations to produce the three accused before the ED special court. They are going to seek custody of the three accused in order to continue the investigation.
Agrigold spread across many states, that involved several thousand crore rupees and duped more than 3.2 million people. To trace the scam, lets go back to 1995.
The Agrigold company had just set up its roots in Vijayawada as a Collective Investment Scheme (CIS), with its chairman Avvas Venkata Rama Rao and a few others. The Agrigold company lured a number of people on the promise that their investment would come back with higher returns. The company took this money and invested heavily in real estate. In 2014, the company’s office in Vijayawada witnessed a tense scene when several customers said that the cheques were bounced.