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22 bank accounts have just 6 lakh
In one of the biggest scams of recent times, AgriGold has duped over 32 lakh depositors in Andhra Pradesh, Telangana, Karnataka and Odisha of nearly Rs 7,000 crores through its Ponzi schemes.
Hyderabad: In one of the biggest scams of recent times, AgriGold has duped over 32 lakh depositors in Andhra Pradesh, Telangana, Karnataka and Odisha of nearly Rs 7,000 crores through its Ponzi schemes.
The Andhra Pradesh CID has been probing this scam for the last one and half years. The progress of its investigation and its efforts to safeguard the depositors' monies with the company came as a shock to the High Court at Hyderabad on Friday during the course of hearing of PIL on AgriGold scam.
The division bench comprising Acting Chief Justice Dilip B Bhonsle and Justice S V Bhatt came down heavily on the lackadaisical attitude of Andhra Pradesh CID when court was informed by the Special Government Pleader of Andhra Pradesh that the CID had sealed 22 bank accounts of AgriGold firm and the cash balance in all of them was just Rs 6 lakh.
The bench questioned what was the CID doing during its investigation into the scam and felt that the laxity on the part of the CID resulted in the firm siphoning off Rs 7,000 crore depositors' monies from their accounts.
The court also pulled up the AP CID for not arresting the AgriGold top brass until the bench brought pressure during the hearings. It felt that the long period of freedom for the top brass enabled them to siphon off the monies of depositors.
The bench asked the counsel for AgriGold company to talk to the company heads who are now in jail and arrange Rs 25 lakh from them towards meeting the expenditure of the Committee appointed by the High Court to oversee the disbursement of AgriGold properties. This would be a test of their bona fide and a last chance for them, said the bench.
