Police raids on Agri Gold offices

Vijayawada:The police conducted simultaneous raids on the Agri Gold office in Nellore and also the house of company chairman in Vijayawada. The police refused to divulge the information on the searches being carried out in the company’s office in Nellore and chairman’s house in Vijayawada.

Based on a complaint lodged against Agrigold by its customers at Peddapadu police station in West Godavari district, three teams of police led by DSP (CCS) T Satyanarayana on Sunday conducted the raids, which continued till late night. The complainants alleged that the company failed to honour the checks given to them following the maturity of their investments.

The police action followed a number of complaints lodged by depositors that their deposits were not returned even after maturity date. The company has been in the business for last 15 years.

According to police sources, there were complaints by depositors against the company. The company owed as much as Rs 83 crore to depositors in Nellore district alone, the source said. None from the management had responded though depositors and agents together have been staging protests for past 20 days.

Nellore district Superintendent of Police Senthil Kumar took the initiative to investigate into the case and appointed Central Crime Station (CCS) Inspector of Police P Sridhar as investigative officer.

The Agri Gold Company during last 15 years carried out enormous amount of financial transactions in the district. It has over 4,000 agents in the district. The company, according to an estimate, had carried out its financial transactions up to Rs 700 crore in the district alone. The company conducted business in money saving and recurring deposits, besides real estate. Apprehensions among the accountholders on the fate of their money deposited in company increased after some of the branches were allegedly shut down.

Apart from it, there were allegations that some of important files in the Visakhapatnam branch of the company were reduced to ashes when fire broke out. Depositors in Darsi in Prakasam district, Khammam district and Rajahmundry staged protests in support of their demand that their deposits be returned with interest.

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