Andhra Pradesh government attaches additional AgriGold-linked properties
The Andhra Pradesh government has ordered the temporary attachment of properties linked to the AgriGold financial scandal to protect the interests of 32 lakh depositors. The CID has been tasked with managing these assets to facilitate future recovery and settlement.
Why it matters
Represents a significant legal intervention to recover funds for millions of victims of a major financial fraud.
The Andhra Pradesh Government has ordered the temporary (ad-interim) attachment of certain properties allegedly acquired with funds collected from AgriGold depositors, in a move aimed at preventing their sale or transfer and safeguarding the interests of thousands of depositors.
The government issued G.O.Ms.No.146 on Tuesday, ordering the attachment of the properties pending further legal proceedings in the case.
According to the order, AgriGold is alleged to have collected around ₹6,380 crore from nearly 32 lakh depositors by promising high returns or allotment of plots. However, the company allegedly failed to repay the amounts due to depositors or register the promised plots in several cases.
The investigation into the company’s financial transactions reportedly found that funds collected from depositors were diverted to sister concerns and used to purchase properties in the names of the company’s directors and their relatives.
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