The two-year-old legal battle of AgriGold victims will almost come to an end with the government making all arrangements to auction the company’s properties and return the hard-earned money invested by lakhs of customers in AgriGold Group of Companies.
The scam is said to be the biggest case being investigated by the Andhra Pradesh Crime Investigation Department (AP CID). The Vijayawada-based company was established in 1995 by its chairman Avva Venkata Rama Rao and few others.
AgriGold management floated many firms, including real estates, dairy, resorts and entertainments, finance, plantations and other organisations. Trade was expanded to Tamil Nadu, Karnataka, Chhattisgarh, Odisha, and Andaman and Nicobar.
As many as 32,02,607 people deposited in AgriGold Group of Companies in eight States and acquired properties in different places in the country. The management had run the company for about 21 years. However, some depositors filed cases with the police in December 2014, alleging irregularities and fraud in the AgriGold firms.
The Nellore district police registered a case two years ago and five more cases were registered subsequently. Police booked Mr. Rama Rao and the company directors under A.P. Protection of Depositors of Financial Establishments Act, 1999 for default of payment of the deposits, fraud and cheating.
Government had transferred all the cases booked in different districts to AP CID, which identified many movable and immovable properties across the country and seized them. The High Court was monitoring the investigation of the case from time to time.
AgriGold agents, depositors and staff under the banner AgriGold Agents and Customers Welfare Association, conducted agitations at many places in the State seeking justice and the police arrested the protestors many times. About 90 persons who lost their money reportedly committed suicide in the State.
Though lakhs of people had deposited in AgriGold Group of Companies and came onto the roads, except for CPI, no other political party extended support to the victims. The victims organised district and State-level meetings demanding justice for them and take action against the fraudsters.
CID Additional Director General Ch. Dwaraka Tirumala Rao, Superintendent of Police (Economic Offences Wing) Gajarao Bhupal and other officers conducted meetings in Kurnool, Visakhapatnam and Vijayawada to explain the status of investigation and allay fears among the depositors.
In November this year, the CID police with the permission of the High Court announced auction of the properties identified in Krishna district and Vijayawada on December 27.
“There will be no pressure or threat to the bidders who are participating in the auction. Interested persons can freely participate in the auction process. ,” said Mr. Tirumala Rao.
CPI state joint secretary Muppalla Nageswara Rao urged the government to involve some departments in the auction, buy some properties and do justice to the victims.
