AgriGold CMD and MD arrested

Thursday, February 11, 2016

The Crime Investigation Department officials on Thursday arrested AgriGold Chairman and Managing Director Avva Venkata Rama Rao and MD, Agri Gold Farm Estates India Pvt. Ltd., Avva Venkata Seshu Narayana Rao.

It may be recalled that they were alleged to have collected deposits to the tune of thousands of crores of rupees from its clients on different names of the company and duped them. The State Government had handed over the case to CID two years ago. The Hyderabad High Court is monitoring the investigation of the case and also expressed is anger for not submitting correct details of the assets possessed by the organization.

The police today produced the AgriGold Chairmjan and MD A.Venkateswara Rao and his brother Kumar in Eluru Court. The court ordered 14 days remand. Meanwhile, the CID officials have appealed the court for 14 days custody. They were sent to Eluru Government Hospital for medical examination and later will be shifted to prison.

In another development, Andhra Bank has seized the AgriGold office at Panjagutta for not repaying Rs.105 crore due to it.

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