ED secures court order to restore over Rs 3,300 crore assets to ponzi victims
Enforcement Directorate Monday said it has «accomplished» the process to restore assets worth Rs 3,339 crore to the victims of an alleged ponzi scheme that was perpetrated in Andhra Pradesh, Telangana and some other states. The case pertains to Agri Gold group of companies which is alleged to have collected deposits from around 19 lakh customers with a total of 32 lakh accounts in the name of real estate investment with a promise of «high returns» or a residential plot, the federal agency said in a statement.
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A money laundering probe was initiated by the ED in this case in 2018 taking cognisance of «several» police FIRs registered in Andhra Pradesh, Telangana, Karnataka, Odisha and Andaman and Nicobar Islands.
The ED found that the Agri Gold group ran a «fraudulent» collective investment scheme in the guise of real estate business, for which more than 130 companies were floated.
«These companies used to collect deposits as 'advances for plots' from depositors, without commensurate land being available with the company. By adhering to this business module, the accused lured lakhs of gullible persons and got deposits from them,» it said.
These funds were later «diverted» to various industries like power, energy, dairy, entertainment, health (ayurvedic), farm land ventures, etc., «without the knowledge» of the depositors and the companies
