Agri Gold scam involved several thousand crore rupees and duped 3.2 million people. To trace the issue, lets go back to the year 1995. In Andhra Pradesh, the affected depositors are Rs 19.62 Lakh and it collected Rs 9000 Crs across the country including many states like Andhra Pradesh, Telangana, Tamil Nadu, and Karnataka. The company took the money and invested heavily in real states and other businesses, before branching out to other areas as well, all the while promising their customers that the returns would only increase. Agri gold never returned the deposits to the depositors and number of people committed suicide.
The main accused are Avva Venkata Rama Rao, Avva Hema Sundara Vara Prasad and Avva Venkata S Narayana Rao– the promoters of Agri Gold Group of Companies.
Agri Gold company cheated over 3 lakh people in Telangana, Karnataka and Telangana States. Mostly, Telugu states families and their connections were betrayed in the fraud. Agri Gold Group also invested close to Rs 100 Cr, which they collected from the people, in Tollywood TV. Due to the lack of a robust legal framework, illegal businesses are continuously growing. Such types of illegal businesses are killing actual business owners.
The criminals/Cheaters and their business are getting the opportunities to expand the scope and scale of their operations in a manner that has direct impacts to actual business owner. The illegal businesses are booming and growing significantly every hour of every day.