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Agri Gold dupes 3.2 mn customers of Rs 6,380 cr deposits

Andhra govt orders attachment of group's moveable and immoveable properties

BS Reporter  |  Hyderabad 

Fraud
Fraud image via Shutterstock

The state government has issued orders to attach the properties of Agri Gold Group of companies, which has been accused of defrauding 3.2 million customers to the extent of Rs 6,380 crore by promising them higher returns or developed plots, according to the Andhra Pradesh Police.

“The Crime Investigation Department (CID) has made efforts to gather information on Agri Gold group activities and established that the company has cheated the public and hence, recommended for attachment of its properties to an extent of 16,857.81 acres and 82,207 square yards of land in Andhra Pradesh and also 2.5 kg of gold, Rs 7.5 lakh cash and 54 four-wheelers,” T Krishna Prasad, additional director general of police (DGP) heading the CID, said in a statement.

According to him, the depositors had approached the police after the post-dated cheques issued to them to the tune of Rs 700 crore were dishonoured by banks due to insufficient funds when they tried to encash after the maturity period. In another case, Abhaya Gold Infratech Private Limited has cheated depositors to the tune of Rs 130 crore by offering high interest rate and failed to do so. Both the cases were subsequently transferred to the CID for investigation.

Prasad advised the public at large not to enter into agreement with the two for sale or transfer of attached properties as it will deemed to be considered as illegal.

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First Published: Sun, February 22 2015. 20:48 IST
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