AP seizes asstes of fraudsters AbhayaGold, AgriGold

Vijayawada, Feb 21: On the recommendations of the CB CID, the Andhra Pradesh government has finally confiscated the assets of the fraudulent financial organisations named Abhya Gold and Agri Gold. The CB CID had probed the money spinning racket of the organisations in Vijayawada. The confiscated assets of the organisations include the 16,850 acres of Abhaya Gold spread across cities/towns like Kurnool (1285 acres), Anantapur (1633 acres), Nellore (3312 acres), Prakasham (6239 acres), Mangalarigi mandal of Guntur (85 acres of highland) and Krishna district (2037 acres). The AP-headquarted AgriGold, which had spread its tentacles across Andhra Pradesh state, is owned by VR Rao. Rao was a former employee of another fraudulent company named Golden Forest Ltd. Promoter of Golden Forest had vanished along with thousands of crores of public money. They are now facing criminal cases. AbhayaGold and AgriGold do not have permissions from the Reserve Bank of India.