Categories

The Famous AgriGold Scam of Rs. 35,000 Crore: 420 in AP Story

Lakhs of commoners, farmers, and small-time workers have put their savings in the AgriGold, hoping to get high interest later. However, in reality, the depositors’ money was spent on buying thousands of acres of land in AP. in such situations, the government is supposed to arrest the manager of the AgriGold, sell assets of the company, and give back the depositors’ money. Meanwhile, in this scam, the management of AgriGold sold each asset off before the scandal came into the light. All of this was happening with the knowledge and help of the one who is 420 in AP, i.e., Chandrababu Naidu. The dirty secrets of the then CM became clearly visible to the public when Doppa Rammohan, the vice-chairman of AgriGold, joined the TDP in April.

AgriGold Scam

Poor people’s hard-earned money was looted in this AgriGold scam. The CM’s government didn’t pay any attention to this matter or made arrests until the courts intervened. The High Court of AP warned the government because of its negligence of duty towards its citizens, and only then the arrests were made. In February 2016, the government finally arrested the MD and chairman of the company. However, behind the screen, the company successfully sold all the assets because of the protection and support provided by the government. Unless and until the High Court decided to intervene, the government’s inquiry didn’t move ahead. The frustrated High Court ordered the replacement of the investigating official.

Usually, culprits get arrested easily, even for conducting minor offenses. However, here the culprits were backed by the one who is 420 in AP. The AgriGold scam of Rs. 35,000 crore was much more and serious than the Sarada scam of Rs. 2,6000 crore. While the investigation of the Sarada scam was given to the CBI, the AgriGold scam was managed by the CID for understandable reasons. From the very beginning, all the AP government did was, cover the case as much as possible. Furthermore, without punishing the management for money laundering, the state made the CID submit reports to the court, stating no reason to punish the AgriGoldadministration. Now you know how Chandrababu Naidu misused his power to the core.

The very first case

For the first time, the AgriGold victims filed a case on 24th December 2014 at the Nellore police station. After the end of 2014, around 14 cases were filed against AgriGold management. In the districts of Nellore, West and East Godavari, YSR Kadapa, and Chittoor. Apart from that, victims also went to the police in the states of Telangana and Karnataka. The one who is 420 in AP got agitated that this matter is getting serious, and it’ll end up in court, which further might probe a CBI inquiry. Considering his situation, he ordered an investigation by the CID before the court could hand over the case to the CBI. Chandrababu Naidu had a hand over the CID, and he knew that he could manipulate the CID officials into saying what he wanted. Therefore, the CID officials repeatedly submitted to the court, stating that the arrest of the AgriGold management isn’t needed.

Where did the victim’s money of INR 570 crore go?

YanamalaRamakrishnudu, the finance minister of AP, declared on 12th January 2015 about the Deccan Chronicle. He stated that all the deposits from the AgriGold scheme were in non-commercial and commercial banks. According to him, the non-commercial banks held Rs. Seventy crores and commercial banks had Rs. 500 crores. He promised that all the money would be used to repay the depositors. However, the reality came into light after 22 bank accounts of AgriGold management were seized. Only six lakhs rupees could be procured from all those accounts. After hearing the sham that was going on, the judge became furious and wondered where could all the money go.

How did Chandrababu Naidu wreak havoc on poor people?

The AgriGold scam consumed the entire life savings of around 40 lakhs people and took them to the street. According to the figures released by the CID, there eight agents and 32 depositors altogether. The value of the entire scam was Rs. 35,000 crore. The AgriGold scam provided the one who is 420 in AP with huge amounts in exchange for the protection he has been providing. The most heart-breaking part is, around 160 depositors committed suicide because their whole life savings just disappeared into thin air. Some of the lucky ones managed to get the Rs. 5 lakhs ex gratia amount from the CM, while others got nothing. Most of the agents ran to their native places. Regardless of all this, the government became busy protecting the accused instead of providing speedy justice to the affected.

The High Court’s rage on CID

In order to seek inquiry, 2 PILs were filed in the High Court of AP. The court was sure that something fishy was going on with the CID and its investigation. As a result, the High Court openly expressed its rage and anger at the CID. It blamed them for extending help and supporting the illegal activities of the AgriGold management.

The court was not very pleased to know from the revelation of the CID that only an amount of 6 lakhs was left with the AgriGold’s bank account. It pressed the CID to find out where all the deposits went from the bank accounts. Not just that, the court also asked how the CID did not find out when the funds were being diverted to other accounts. Everyone was again surprised to hear the shocking statement of the finance minister, where the minister confidently stated that AgriGold management still holds Rs. Five hundred seventy crores in the bank accounts.

Lands were bought from the depositors’ money

A month prior to the issue of AgriGold assets and the GO on all the attachments, PrathipatiPulla Rao, the agriculture minister of AP, bought a whopping 14 acres of land on his wife’s name, Venkayamma. She also happens to be the director of a hotel group that was related to the AgriGold chain. The purchase was made on 19th January, while the GO was issued on 20th February. This is the reason why these assets were not included in the attachment. In simpler words, bigwigs of the one who is 420 in AP took proper care not to include the valuable lands in the attachment.

Conclusion

Like any other culprit, the government denied all such allegations for three and a half years. The government kept on assuring that justice will be brought to all the victims, and as we all know, nothing was done. Critics argued that Chandrababu Naidu, the CM was keen on acquiring a precious asset, Haailand Resort, owned by the AgriGold. It’s necessary to put such an atrocious person behind bars, who wreak havoc over the lives of so many people. For the victims to get justice, a CBI inquiry is mandatory.

Read Previous Blog: Loot at What Cost | Exposing the Who is 420 in AP

    Leave Your Comment

    Your email address will not be published.*

    Forgot Password