There is growing concern over the lives and security of agents andcustomers of Agri Gold Group of companies. Vijayawada based Agri GoldGroup has collected thousands crores of rupees through multi chainmarketing. The activities are spread across AP, Telangana, Karnatakaetc. There are reports of suicides by Agri Gold agents in AndhraPradesh. The issue has to be resolved by the Government and Regulatorybodies before it takes many lives.
It is estimated by the investigating agencies that the Agri Gold Groupconsisting of various farm projects, real estate ventures,infrastructure ventures etc has defrauded 3.2 million (32 lakhs)customers / depositors across the states. The extent of the amountcheated is around Rs 6,380 crore. The only guarantee they given to thecustomers is just promising them higher returns or developed plots.
There are several companies under the name of Agri Gold. Some of themare Agri Gold Organics, Agri Gold Properties, Haailand, Agri Gold AyurSukha, Club Continental, Agri Gold Milk, Agri Gold Energy, Agri GoldSeeds, Agri Gold Paradise, Agri Gold Foods, Agri Gold Healthcare, AgriGold Joy Land, Agri Gold Infra, Travel Trendz TV etc. The only viable way out for the Government is to take over the movableand immovable properties of the Agri Gold and distribute them to the customers in a phased manner. The pressure being mounted on the agentsby the Agri Gold customers will lead to more suicides of agents. The depositers consists of daily wage labour to lower middle class people from villages, mandals and districts.
The CID has already attached several properties and the SEBI alsoentered into the issue. The transactions of the Agri Gold has beensuspended across the banks. The CID has ordered for the attachment ofthe land of 16857 acres. Let us hope the authorities will findsolution and save the lives of customers / depositors and agents.