ED Restores Rs 7,000 Crore in Agri Gold Ponzi Scheme to Andhra Pradesh Victims

The Enforcement Directorate (ED) announced on Friday that it has completed the restitution of assets valued at Rs 7,000 crore to the Andhra Pradesh government. These assets were seized from the fraudulent Agri Gold Ponzi scheme, which deceived investors with promises of high returns from real estate investments.

The federal agency initiated this restitution process in February by restoring properties worth Rs 3,339 crore, now valued at over Rs 6,000 crore. Recently, an additional Rs 611 crore (current market value of over Rs 1,000 crore) in assets was also restituted. The Hyderabad zonal office of the ED had filed a restitution plea with a special court, paving the way for the assets' return under financial protection laws.

The Agri Gold case, registered in 2018, involved 130 companies that falsely collected deposits. Promoters Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao, and Avva Hema Sundara Vara Prasad were arrested, marking a pivotal step in rectifying the fraud and compensating affected investors.

(With inputs from agencies.)