SEBI bars Agri Gold for money pooling activities!!!

Mumbai:In a fresh clampdown, Sebi has barred Agri Gold Farm Estates India from the capital markets for four years for raising more than Rs 100 crore through illicit Collective Investment Schemes.

Besides, the company and its directors have been asked to refund the money collected from the investors.

Besides the company, its directors — Venkata Rama Rao Avva, Avva Venkata Seshu Narayana Rao, Avva Hema Sundara Vara Prasad, Savadam Srinivas, Moganti Bhanuji Rao and Emmadi Sada Siva Vara Prasad Rao — have been directed “not to collect any fresh money from investors under its existing schemes” as well as “not to launch any new scheme”.

According to Sebi, Agri Gold was running collective investment schemes without having a registration for the same and had raised more than Rs 100 crore.

The company was luring the general public through its ‘purchase/sale and development of land’ scheme.

The company has been directed to wind up the existing collective investment scheme and refund the money collected under the schemes with returns which are due to its investors.

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