New Delhi: The ED has connected properties charge Rs 4,109 crore unfold right thru completely different states in a money-laundering case linked to an alleged Ponzi draw, the company said on Thursday.
The case pertains to the Agri Gold Community of Companies. Three promoters of the group agree with been arrested by the central company on Tuesday.
“The connected sources include 2,809 landed properties, Haailand Amusement Park in the name of Arka Leisure and Entertainments Non-public Diminutive in Andhra Pradesh (unfold over 48 acres) and shares of assorted corporations, plant life and machinery,” the Enforcement Directorate (ED) said in a assertion on Thursday.
The sources connected provisionally under the Prevention of Money Laundering Act (PMLA) are positioned in Andhra Pradesh, Karnataka, Odisha, Tamil Nadu and Telangana.
The accused can appeal against the ED repeat sooner than the Adjudicating Authority of the PMLA inner six months.
The ED initiated a probe into the topic after going thru completely different police FIRs filed against the accused in Andhra Pradesh, Telangana and Karnataka for allegedly duping over 32 lakh investors after funds charge Rs 6,380 crore agree with been tranquil from them.
The “fundamental accused” are Avva Venkata Rama Rao, Avva Venkata S Narayana Rao and Avva Hema Sundara Vara Prasad — the promoters of the Agri Gold Community of Companies who agree with been arrested by the ED.
The company initiated the probe against the accused after going thru completely different police FIRs filed against them in Andhra Pradesh, Telangana and Karnataka.
Merchants from Odisha, Tamil Nadu, Maharashtra, the Andaman and Nicobar Islands and Chhattisgarh agree with been additionally duped thru the Ponzi draw, it had said.
“The scam was once perpetrated by Avva Venkata Rama Rao thru the Agri Gold Community of Companies. He had earlier labored in the Golden Woodland CIS (collective funding draw) fraud and having learnt the tricks of the alternate in that draw, had hatched a neatly-deliberate conspiracy.
“He, collectively on the side of his seven brothers and pals, effect up extra than 150 corporations and started collecting deposits from the favored public with a promise of offering developed plots/farm lands or withdrawal at a high charge of return on maturity/pre-time duration,” the company had said.
It alleged that the accused “engaged” hundreds of price agents to trap folks with completely different schemes for a hefty price and managed to amass Rs 6,380 crore from a crammed with 32,02,628 investor accounts.
“In the pinnacle, the gullible investors neither got plots nor also can get better their deposits. The group tranquil deposits illegally from right thru the nation,” the ED alleged.
The company said the Agri Gold Community of Companies “didn’t manufacture permission from the RBI to amass such deposits”.
“The SEBI has reported that the alternate of the Agri Gold Farm Estates India Non-public Diminutive (a group firm) was once nothing but a CIS and ordered the firm to halt taking extra deposits and return the money to the depositors.
“As a replace of complying with the instructions of the SEBI in letter and spirit, accused Avva Venkata Rama Rao opened novel corporations and started collecting deposits in the names of the novel corporations on the pretext of accurate estate alternate with the support of an military of price agents,” it alleged.
The ED said its probe found that the accused “never developed lands ample to present plots to the total investors”.
It had said Avva Venkata Rama Rao and his family went on a “siphoning spree”, illegally diverted the general public deposits and invested in myriad verticals and non-public corporations, which agree with been straight owned by their family.
The company had said the accused “additionally effect up corporations in another country” and diverted big amounts of funds to offshore entities. PTI NES RC