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Agrigold victims to get back deposits today

ANI  |  General News 

Chief Minister YS Jagan Mohan Reddy is expected to distribute cheques to AgriGold depositors at a public meeting at Police Parade Grounds in Guntur on Wednesday.

The state government is all set to make a payment of Rs 263.9 cores to 3,69,655 AgriGold victim-depositors who have deposits of less than Rs 10,000 with the company, according to a statement by the Andhra Pradesh Chief Minister's Office.

The government has allocated Rs 1,150 crore in its budget for AgriGold victims. In the second phase, the government would make payments to depositors who had deposits less than Rs 20,000.

The move is the fulfilment of the pre-election promise made by Reddy, also the chief of YSR Congress Party, in his Praja Sankalpa Yatra where he had assured AgriGold depositors of resolving their problems upon coming into power.

After becoming Chief Minister a decision to make payments to AgriGold victims was taken in his first cabinet meeting.

AgriGold Company has collected Rs 6,380 crore from 32 lakh depositors from seven states by providing attractive interest rates and land through its network. The company was not able to provide money or land to the depositors.

After realising that they were cheated by the company, the depositors approached the previous TDP government which did not respond. AgriGold victims organised protests across the state and appealed to Reddy who assured them of support.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 07 2019. 02:44 IST