Agrigold Director Savadam Srinivas Dies Of COVID-19

 VIJAYAWADA: One of the directors of the tainted Agrigold company Savadam Srinivas died due to complications after he was infected with COVID-19 on Wednesday. He had apparently contracted the coronavirus a week ago and died during treatment. He is the third director to die along with Immidi Sadasiva Varaprasad and Avva Uday Bhaskar.
 
The surge of corona cases in the State, as well as the country, has resulted in the deaths of many people including celebrities, politicians and those wanted in criminal cases. 

The Enforcement Directorate (ED) is investigating the  Agrigold scam that rocked the Telugu states under the Money Laundering Act,  on the basis of cases registered in AP, Telangana and Karnataka.
The ED in December last year arrested Agrigold Chairman Avva Venkata Rama Rao on  Wednesday. Along with him, two directors A Seshu Narayana and A Hema Sundar Prasad were produced before the Prevention of Money Laundering Act (PMLA) court, which granted 14 days of judicial custody.
Agrigold has allegedly defrauded about 32 lakh people to the tune of Rs 6,380 crore. Depositors' money was diverted by Agrigold to other businesses by forming over 170 shell companies. Some of these companies were set up abroad and large amounts of funds were diverted to these off-shore entities
The promoters’ names also figured in Paradise Leaks and they had incorporated companies with the help of Mossack Fonsenca - a  Panama-based Law firm in the Cayman Islands.

Also Read: Agrigold Directors Stashed Funds In Off-Shore Entities In Cayman Islands