The key accused in Agri Gold case- Avva Sitaram, who was absconding for the past three years, was detained by Andhra Pradesh CID officers and produced in the court thereafter. The Police, who came to know about Avva Sitaram’s hiding in New Delhi, trapped and nabbed him. The accused VP Avva Sitaram is the brother of Agri Gold chairman, Avva Venkata Rama Rao, who has been arrested earlier.
Avva Sitaram has been also accused of being instrumental in not realising the sale of Agri Gold assets to Essel Group.
Already nine accused have been arrested in this Agri Gold case, including the company chairman.
Agri Gold scam is a Rs. 7,000-crore inter-state affair in which nearly 32 lakh poor depositors from Andhra Pradesh (AP), Tamil Nadu (TN), Telangana and Karnataka states were duped.
Agri Gold scam spread across many states, that involves several thousand crore rupees and duped 3.2 million people. To trace the issue, lets go back to 1995.
The Agri Gold company had set up its roots in Vijayawada as a Collective Investment Scheme (CIS), with its chairman Avva Venkata Rama Rao and a few others. For the next 20 years, the Agri Gold company lured several lakh customers on the promise that their investment would come back to them with higher returns. The Agri Gold company took the money and invested heavily in real estate. By January 2015, the people said that they were not getting their money back. Some of them had invested several lakh, while some had even invested a few cr rupees in the company. The Andhra Pradesh police registered several cases of cheating, fraud and irregularities against Avva Venkata Rama Rao, and also raided his properties.
It is alleged that a union minister, several state ministers, many TDP leaders and others were involved in this matter. Having understood all these, the victims approached the court for their justice.
On Sunday, during the media interaction, Agrigold Victims Association Honorary President Muppaalla Nageshwara Rao said the ruling Telugu Desam Party (TDP) will face the axe of the victims in the 2019 elections. In protest to the government’s inaction on the Agri Gold issue, we will hold a walkathon, “Aathma Ghosha Padayatra,” on 30th and 31st May. The victims are awaiting for justice.
Muppaalla Nageshwara Rao further said, The government should immediately release Rs 3,965 Cr for the victims. Movie Artists Association (MAA) is extending help to avoid suicide of the victims.
from topstories – Tollywood https://ift.tt/2IZIM4d
via IFTTT
