Hyderabad: Agri Gold chairman remanded in nine-day custody of ED

A special court on Monday allowed the Enforcement Directorate (ED) to take Agri Gold chairman Avva Venkata Ramarao into custody. Following the court's order, the ED took Agri Gold chairman and the promoters AV Seshu Narayana Rao, Hema Sundara Varaprasad into nine-day custody from Chanchalguda jail today.

The Enforcement Directorate will question the three persons in the Agri Gold scam case until January 5 and collect more evidence apart from the investigation reports submitted by several investigation agencies.

Agri Gold management had duped over nine lakh depositors from Telangana, Andhra Pradesh, Odisha and Karnataka by collecting over Rs 6,000 crore and promised them handsome returns. However, they later diverted the funds to various shell companies floated by the management.

On December 24, the Enforcement Directorate attached Agri Gold properties worth Rs 4,109 crore in various states including Haailand properties that was spread across 48 acres under the name of Arka Leisure and Entertainments Private Limited.