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ED Restores Additional ₹611 Crore of Agri Gold Scam Assets to Andhra Pradesh

Handed over under a June 10 Special PMLA Court order, the assets boost total restituted value to ₹3,950 crore with a market valuation exceeding ₹7,000 crore

Overview

  • On June 13, the Enforcement Directorate handed over ₹611 crore worth of attached properties to the Andhra Pradesh CID following the court’s restitution approval
  • The latest transfer raises the cumulative restituted assets in the case to ₹3,950 crore out of more than ₹4,141 crore seized since the 2018 Agri Gold probe
  • Among the 397 immovable properties cleared for distribution are agricultural parcels, residential plots and commercial sites located across Andhra Pradesh, Telangana and Karnataka
  • The Agri Gold group allegedly duped around 32 lakh investors by collecting real estate-linked deposits and diverting funds into unrelated sectors such as energy, dairy and entertainment
  • Promoters Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad were arrested in December 2020, and charges have been filed against 36 individuals