Ponzi schemes: Andhra Govt ready for CBI probe with a rider

Andhra Pradesh government today said it was ready for a CBI investigation into the Agri Gold Estates and Farms scandal but with a rider that YSR Congress chief Y S Jaganmohan Reddy should take responsibility for any eventuality after the probe.
Responding to Jagan's demand for a CBI probe into the Agri Gold issue, Youth Affairs and Labour Minister K Atchannaidu told the Legislative Assembly that the Hyderabad High Court was currently hearing a bunch of petitions on the matter.
"The Government is ready to order a CBI inquiry but the Agri Gold victims do not want it as they may not get refund of their money soon. The Communist parties, too, are opposed to a CBI investigation.

"But if you are ready to give an undertaking and take responsibility for anything that happens, we will order a CBI probe," Atchannaidu said, replying to a short-duration discussion in the Assembly this evening.
Taking part in the discussion, Jagan said Agri Gold cheated its investors to the tune of over Rs 10,000 crore.
"The CBI investigated the Sharada Chit Fund scandal in West Bengal, which was only Rs 2,460 crore. Agri Gold is four times more than Sharada. So it is a fit case for CBI inquiry."

The Leader of Opposition claimed as many as 40 lakh people fell victim to the Agri Gold schemes.

The ongoing investigation by the state CID was not progressing well, he said, alleging the Government was "influencing" it. "Even the High Court found fault with the CID probe," the YSRC leader said.
Jagan's allegation that about 14 acres of land was purchased by Agriculture Minister P Pulla Rao's wife from a Director of an Agri Gold associate firm led to a strong rebuttal from the latter Minister.
Rao also refuted Jagan's claim that the land in question was deliberately omitted from attachment along with other properties of Agri Gold. "If you can prove that the land belonged to Agri Gold or its associates, I will give it back. Also, I will pay penalty for it."

The Labour Minister said the HC has already fixed dates for auctioning of Agri Gold properties attached by the government. "We will ensure that the company's depositors get their due and justice is done."
Earlier, Deputy Chief Minister N China Rajappa, who holds the Home portfolio, informed the House that Agri Gold defaulted on payment of Rs 6,850 crore worth of deposits to about 32 lakh customers.
Earlier in the day, the YSRC disrupted proceedings of
the Assembly insisting on a debate on the Agri Gold issue through an adjournment motion.
Speaker Kodela Sivaprasada Rao adjourned the House twice to bring order as the Opposition MLAs remained in the Well and raised slogans.

The Speaker later announced that a short-duration discussion would be taken up on the issue after lunch, following which the House took up regular business.