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ED Completes Restoration Of Assets Worth Rs 7,000 Crore Duped From Investors In Agri Gold Fraud
- The Enforcement Directorate has completed the restoration of assets worth Rs 7,000 crore duped from investors through an alleged Ponzi scheme by the Agri Gold group of companies.
- Properties have been restored to the Andhra Pradesh government for further restitution to the victims of the Agri Gold fraud.
- The ED initiated the process in February and has now restituted assets worth Rs 611 crore.
- Investors were allegedly duped by the Agri Gold group under the guise of real estate investment with promises of high returns or residential plots.
- Restitution of assets is provided under the Prevention of Money Laundering Act to help victims of investment fraud.
- The court has allowed the restitution petition by the ED, enabling the restoration of attached assets to the victims.
- The assets include agricultural land, residential and commercial plots, and apartments mostly located in Andhra Pradesh.
- The Agri Gold group ran a fraudulent investment scheme, collecting deposits without providing promised plots, amounting to around Rs 6,380 crore from over 32 lakh investor accounts.
- The ED has arrested the promoters of the company and filed charge sheets against 36 accused individuals.
- This restitution exercise is a significant step in returning proceeds of crime to the affected individuals, according to the ED.
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