Home Tags AgriGold

Andhra Cabinet clears AgriGold compensation, other proposals

0

The Andhra Pradesh cabinet headed by Chief Minister Y.S. Jagan Mohan Reddy on Friday approved educational reforms, compensation to AgriGold scam victims, and an additional Rs 10 lakh package for the families displaced for the Polavaram project.

“The cabinet approved proposals for transforming educational infrastructure and to bring in comprehensive academic and administrative reforms,” said Information and Public Relations Minister, Perni Venkatramaiah.

The ‘Nadu Nedu’ phase 1 programme dedication to the nation and the launch of phase 2 of the programme has been scheduled on August 16.

Likewise, the cabinet has approved organising the YSR Lifetime Achievement Awards and YSR Achievement Awards function on August 13.

It also approved the shifting of Lokayukta from Hyderabad to Kurnool in view of the opinion expressed by the high court and also to notify the headquarters of Andhra Pradesh State Human Rights Commission at the same place.

The Cabinet has also approved to clear the payment of Rs 500 crore to four lakh AgriGold victims, who had deposited less than Rs 20,000.

AgriGold scam is a Rs 7,000 crore inter-state scam in which nearly 32 lakh poor depositors from Andhra Pradesh, Tamil Nadu, Telangana and Karnataka were duped with promises of higher returns.

According to Venkatramaiah, the cabinet has approved the setting up of Rajamahendravaram Urban Development Authority (RUDA), consisting of Rajamahendravaram municipal corporation and Nidadavole and Kovvuru municipal bodies.

The cabinet also accorded approval to the revised DPR and administrative sanction to take up phase 1 project work for the development of a greenfield port at Machilipatnam in Krishna district.

Likewise, the cabinet approved the revised DPR and administrative sanction with a total estimated cost of Rs 4,362 for the development of Bhavanapadu port in Srikakulam district.

Telugu360 is always open for the best and bright journalists. If you are interested in full-time or freelance, email us at Krishna@telugu360.com.

‘Agrigold’ Chairman, 2 Directors arrested in Rs 6,400 Cr scam

0

The multi-crore, multi-State Agrigold financial scam is continuing to create sensations in both the Telugu states. Now, the Enforcement Directorate is taking forward its investigation to the depths of the scam. As part of this, Agrigold Chairman Avva Venkata Rama Rao was arrested. Along with him, two Directors Seshu Narayana and Hema Sundar Prasad were also taken into custody. They were all facing charges of committing Rs. 6,400 Cr fraud.

The ED officials were making preparations to produce the three accused before the ED special court. The Agrigold management was slapped with charges of money laundering by forming over 170 shell companies. The ED officials were going to seek custody of the three accused in order to continue their investigation.

It is well known that the Agrigold company has cheated over 3 lakh depositors in Andhra Pradesh, Telangana and Karnataka States. Mostly, Telugu speaking families and their connections were betrayed in the fraud.
The depositors have been demanding immediate payment of their money. Successive Governments have been under tremendous pressure to resolve the case amicably.

Telugu360 is always open for the best and bright journalists. If you are interested in full-time or freelance, email us at Krishna@telugu360.com.

CPI, Jana Sena leaders arrested for seeking justice in Agrigold scam

0

The YSRCP government’s spree of arrests continued on Wednesday. This time, the government had arrested CPI and Jana Sena leaders in connection with the AgriGold scam.

On Wednesday, the Andhra Pradesh police had arrested CPI state assistant secretary and AgriGold Customers and Agents Welfare Association honorary president Muppalla Nageswara Rao. He was arrested when he along with other victims of AgriGold scam took out a ‘Chalo Assembly’ rally in protest against allotting a measly Rs 200 crore in the Budget to do justice to the AgriGold customers. The YSRCP had allotted a total of Rs 1,150 crore for clearing the dues to be paid to the depositors by the Agrigold.

Muppalla Nageswara Rao, CPI district secretary Jangala Ajay Kumar, city secretary Kota Malyadri and several CPI leaders were taken into preventive custody at Mangalagiri, Guntur and Arundelpet police stations after they tried to take a procession to the Assembly demanding justice to the Agrigold Chit Fund scam victims. Jana Sena MP Boyabina Srinivas Yadav was also kept under house arrest.

The AgriGold agents, depositors and staff under the banner AgriGold Agents and Customers Welfare Association, have been agitating at several places in the State seeking justice. They were even arrested numerous times by the police. Several victims of Agrigold scam had committed suicide after the scandal broke out.

Agrigold was set up in 1995. The company had collected more than Rs 6,000 crore from lakhs of depositors promising high returns, but failed to repay the money after maturity of deposits.

The government had ordered a CID probe into the Agrigold scam following which cases were registered on the prime accused including the company’s chairman Venkata Rama Rao, MD Avva Venkata Seshu Narayana Rao, vice-president Prasad, directors Ramachandra Rao and PLL Khan. The government had issued four GOs with the list of properties attached. The High Court had also set up a panel.

Telugu360 is always open for the best and bright journalists. If you are interested in full-time or freelance, email us at Krishna@telugu360.com.

Zee TV’s Subash Chandra ready to pay Rs 1,000 to Rs 2,000 crore for AgriGold Assets

0

After the reports of Zee owner Subash Chandra showing interest in taking over 175 properties of Agrigold, Accounting Firm Deloitte has finally disclosed the name to the High Court on Monday in the additional affidavit. Following the due diligence, the Essel Group is ready to pay Rs 1,000 to Rs 2,000 crore after 4months.

The Senior Counsel also stated that the Essel Group has the financial capability to pay. The division bench comprising of Justice V Ramasubramanian and Justice S V Bhatt was hearing the PIL of AgriGold, asked the senior counsel what if after due diligence the company decides to back out. So, it suggested to deposit amounts and in case the company doesn’t fails to take over, the deposit amount not be refunded.

The petitioner’s counsel asked the bench to reduce the time for due diligence from 4months to 2months. It also suggested to ensure that the interests of the small and marginal depositors are given high priority. Court declined to reduce the time but agreed on the point of marginal depositors.

Hyderabad High Court asked Agrigold company to provide the details of deposits less than Rs 5,000, between Rs 5,000 and 10,000 and Rs 10,000 and 20000 from across the country. The bench also instructed the AP CID to provide details to cross verify.

Telugu360 is always open for the best and bright journalists. If you are interested in full-time or freelance, email us at Krishna@telugu360.com.

TRENDING

Latest

css.php
[X] Close
[X] Close