The Enforcement Directorate of India has revealed a major scam done by a company, over several southern states of India. This scam encompasses Rs 4,109 crore worth money, all of it involving lands.
Agri Gold Group of Companies is the one that has been involved in this scam, with all the three of its promoters, Avva Venkata Rama Rao, Avva Venkata S Narayana Rao and Avva Hema Sundara Vara Prasad, having been arrested by the ED recently.
This huge scam involves 2,809 landed properties, including Haailand Amusement Park in the name of Arka Leisure and Entertainments Private Limited in Andhra Pradesh (spread over 48 acres) and shares of various companies, plants and machinery, spread over various states.
All of these lands now come under the Prevention of Money Laundering Act (PMLA), and these lands are located in Andhra Pradesh, Karnataka, Odisha, Tamil Nadu and Telangana.
The ED started looking into this issue after several FIRs were filed against the promoters of Agri Gold Group Of Companies, in Telangana, Andhra Pradesh and Karnataka, after 32 Lakh investors were cheated.
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