Agri Gold Scam is a story that includes a few thousand crore rupees. 3.2 million individuals were hoodwinked altogether. To follow the issue gives up back to 1995. The organization had recently set up its underlying foundations in Vijayawada as a Collective Investment Scheme (CIS), with its director AvvasVenkata Rama Rao and a couple of others. For the following 20 years, the organization attracted a few lakh clients on the guarantee that their speculation would return to them with higher returns. It likewise conveyed a few operators to persuade individuals to put resources into the gathering of organizations.
What is Agri Gold Scam?
The organization supposedly took this cash and put vigorously in the land, before stretching out to different territories too, at the same time promising their clients that the profits would just increment. In 2014, things gradually started to go downhill. In November that year, the organization’s office in Vijayawada saw a strained scene as a few clients arrived there, apparently saying that the checks were skipping and intrigue was not being paid. By January 2015, thousands had turned up, saying that they were not recovering their cash. Some of them had contributed a few lakh, while some had even put a couple of crore rupees in the organization.
The Andhra Pradesh police enrolled a few instances of cheating, extortion against Rao, and assaulted his properties. It was then uncovered that the organization was doing its activities without authorization from the Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI). A few thousand specialists additionally said that they were swindled by the organization. Inside a couple of days, because of the sheer size of the trick, the case was handed to the CID.
In February 2016, the CID formally captured Chairman A Venkata Rama Rao, and Managing Director A VenkataSeshuNarayanaRao from Hyderabad. However, they were discharged on contingent safeguard later.
The Agri gold scam victims are protesting every now and then. Though everybody is promising to do justice, it truly takes time.
Relief for Lakhs of Victims with Chief Minister’s Promise
After four years of this issue, lakhs of victims have felt the relief. Chandra Babu Naidu, the chief minister of Andhra Pradesh has promised to distribute Rs. 250 crores to lakhs of victims of this scam.