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AgriGold Chairman, MD Arrested

Published: 12th February 2016 06:22 AM  |   Last Updated: 12th February 2016 06:22 AM   |  A+A-

VIJAYAWADA: CID sleuths have arrested AgriGold chairman Avva Venkata Rama Rao and managing director Avva Venkata Seshu Narayana Rao, in Vijayawada, Thursday late night, in multi-crore economic offence case.

According to reliable sources, the duo was called for inquiry to the CID office, on Thursday morning, and after questioning them for over eight hours, their family members were informed later in the evening that two accused were arrested.

Rama Rao is accused number two, while his brother Seshu Narayana Rao is accused number 4 in the multi-crore financial fraud that came to light nearly three years ago. With thousands of complaints from across the state and other parts of the country, state government had entrusted the case to CID.

Recently, High Court had observed that the investigative agency dealing with the case is doing a poor job of investigation. Following the court’s observation, the arrests of the two key accused were made. The duo is likely to be produced in Eluru court on Friday.

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