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Depositors sceptical of CID probe

Depositors sceptical of CID probe
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Depositors of the Agri Gold, which has come under police scanner, have scoffed at the State government handing over the investigation to the State Crime Investigation Department (CID). The Nellore police, who initiated investigation into the alleged irregularities in the company, were left dazed on finding some shocking aspects of transactions in the firm.

Agri Gold case

Nellore: Depositors of the Agri Gold, which has come under police scanner, have scoffed at the State government handing over the investigation to the State Crime Investigation Department (CID). The Nellore police, who initiated investigation into the alleged irregularities in the company, were left dazed on finding some shocking aspects of transactions in the firm. Preliminary investigations by the police reportedly threw light on some of the accounts of the customers being transferred to individual accounts.

The company, the police said, had flouted the laws by not carrying out transaction through bank or online. The money mobilised in the name deposits had reportedly been conveyed to the Agri Gold’s headquarters in Vijayawada by vehicles. The firm’s management, the police said, had exploited the agents’ network to the full in rural areas of Nellore district for mobilisation of deposits on a massive scale.

Family members grieving for Lingala Satyanarayana Chary who died of  heart attack at Gurujepalli in Prakasam district on Tuesday

The customers who invested in the company’s real estate business were reportedly in rude shock as the assets’ value declined. The Agri Gold company possesses farm lands on a large-scale in Kaligiri, Vinjamuru, Udayagiri, Marripadu, Kavali, Dadarthi and A S Pet mandals. The company management attempted to sell the eucalyptus groves two days ago. However, the local people, on knowing about the transaction, staged a protest and stopped it, the police said.

By:V Narasimhulu

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