Agri Gold MD's house,Haailand raids by police

Vijayawada:Andhra pradesh Police conducted raids on Agri Gold Group of Companies Chairman and MD Avva Venkata Seshu Narayana Rao’s house at Satyanarayanapuram here on Sunday.

DGP J.V. Ramudu who visited the city recently said the police registered cases against the alleged irregularities in Agri Gold management in several districts. “Based on the complaints lodged by the customers, the police registered cases and investigation is under progress,” said the DGP.

Earlier, the customers of Agri Gold went en masse to the company headquarters at Revenue Colony, recently alleging that the company officials were not repaying the amount though the maturity period was over. Some customers alleged that the staff were delaying work and cheques issued by them had bounced. The customers staged protests at Prakasam and other districts in the State demanding immediate payment of their deposits. They lodged a complaint with the police in Nellore district, said the police.

The police on Sunday registered a case under various sections, including the one dealing with cheating, against MD of the Agrigold Group of companies following a complaint from Ghantasala Venkanna Babu, a resident of Vaddigudem under the Pedapadu police limits.

Superintendent of Police K. Raghuram Reddy quoted one of the hapless customers as having complained to him that he was subjected to cheating involving more than Rs 3 crore by the company.

The SP said the preliminary inquiries by the police revealed that the firm was allegedly found to have been indulging in collecting deposits under the so-called Collective Investment Scheme without any permission from the Reserve Bank of India and Securities and Exchange Board of India.

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