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Agri Gold scam: More skeletons tumble out

Agri Gold scam: More skeletons tumble out
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The sleuths of Crime Investigation Department (CID) are understood to have been shocked at the state of affairs in the Agri Gold Company. The company is facing the ire of depositors and agents as it defaulted in repaying deposits and a number of cheques issued by it being bounced.

Nellore: The sleuths of Crime Investigation Department (CID) are understood to have been shocked at the state of affairs in the Agri Gold Company. The company is facing the ire of depositors and agents as it defaulted in repaying deposits and a number of cheques issued by it being bounced.

According to sources, the CID investigation into the company’s affairs led to several skeletons tumbling out of cupboard. The company, which began its operations in Nellore district, mobilised deposits and conducted thousands of rupees transactions. The management of the company had mainly focussed its attention on mobilising deposits from the people belonging to middle class even in remote places in the district.

The company’s management adopted a strategy to attract deposits by recruiting agents. Some of the agents recruited were associated with either directly or indirectly one or the other government department. It took help of employees in Post Offices, field officers and technical assistants working under Mahatma Gandhi National Rural Employment Guarantee Scheme (MRNEGS) to trap gullible people belonging to middle class and the poor to mobile deposits at the rate of Rs 10 a day by promising higher interest on their savings.

Apart from them, the company’s management engaged community co-ordinators and assistant project managers to ensure that DWCRA women too became depositors in Agri Gold. Meanwhile, the company management in Ongole made an announcement on Saturday that it had restored online account. It called upon the depositors to be ready to get house plots registered.

It also advised the agents to collect money from depositors who discontinued the savings. The Agri Gold had mobilsed Rs 1,500 crore deposits from 3 lakh persons in the district. Four persons had so far committed suicide on learning that their hard-earned money deposited in the company might not be refunded.

By:V Narasimhulu & Showry

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