ED Restores Rs 3,339 Crore Assets to Victims of Agri Gold Scam

The Enforcement Directorate has restored assets worth Rs 3,339 crore to the victims of the Agri Gold Ponzi scheme. This scam deceived lakhs of people through false real estate investment promises, amassing over Rs 6,380 crore. The recovery process was enabled by a restitution application approved by a Hyderabad court.

The Enforcement Directorate (ED) has made significant progress in the Agri Gold Ponzi scheme case by restoring assets worth Rs 3,339 crore to the victims. This development comes after a thorough investigation following multiple FIRs across Andhra Pradesh, Telangana, Karnataka, Odisha, and other regions.

The Agri Gold scam, a fraudulent collective investment scheme masquerading as a real estate business, conned approximately 19 lakh customers by pledging high returns or residential plots, without actual asset backing. The ED's probe revealed that funds were misappropriated into various industries, leaving depositors without their promised returns.

In a landmark move, the Hyderabad court approved the ED's restitution plea under the Prevention of Money Laundering Act, facilitating the transfer of seized properties back to the victims. These assets, now worth more than Rs 6,000 crore, include agricultural lands, residential and commercial plots, and an amusement park in Andhra Pradesh.

(With inputs from agencies.)