Agrigold Scam: Chairman, Two Directors Arrested By ED

HYDERABAD: The Enforcement Directorate arrested Agrigold Chairman Avva Venkata Rama Rao on  Tuesday. Along with him, two directors Seshu Narayana and Hema Sundar Prasad were also taken into custody and sent to remand in the Chanchalguda jail for 14 days by the ED special court.

The ED which is investigating the  Agrigold scam that rocked the Telugu states  under the Money Laundering Act , is investigating on the basis of cases registered in AP, Telangana and Karnataka.

Agrigold has allegedly defrauded about 32 lakh people to the tune of Rs 6,380 crore. Rs. 942 crore depositors' money was diverted by Agrigold to other businesses by forming over 170 shell companies.