Hyderabad: The accused of the Agri-gold scam were sent to Chanchalguda prison following for their judicial custody. The sleuths of the Enforcement Directorate (ED) arrested them and produced them before a judge of ED cases. The Judge later remanded them to judicial custody.
The chairman of the scam-hit firm Avva Venkata Rama Rao, director Seshu Venkata Narayana, and Hemasundara Prasad were produced before the court before their remand by the sleuths of the ED. The judge imposed a remand of 14 days on them. According to reports, the ED is likely to file an interim application seeking the custody of the three accused very soon. The firm has collected Rs. 6380 crore from 9 lakh depositors belonging to Telangana, AP, and Karnataka states.
However, the firm had cheated all its depositors by diverting their money into other businesses. Criminal cases were filed against the firm in the three states of the country. The first case against the firm was registered in Pedapadu police station of West Godavari district in the year 2015. During the investigation, it was found that the firm had founded 156 Fake companies and diverted Rs. 942 crore.