STOCK MARKET BSE NSE

CID Arrests AgriGold Farm Estates India Chairman, MD in Alleged Scam

Published: 12th February 2016 12:53 AM  |   Last Updated: 12th February 2016 12:53 AM   |  A+A-

By PTI

VIJAYAWADA: Chairman of AgriGold Farm Estates India A Venkata Rama Rao and managing director AVS Narayana Rao were tonight arrested by Andhra Pradesh Police in connection with an alleged multi-crore scandal.

They were placed under arrest after an 8-hour interrogation by the CID, and will be produced before court at Eluru tomorrow, sources said. AgriGold was alleged to have duped several lakh gullible investors, who invested their money in many of the company's ventures, to the tune of Rs 22,000 crore.

A case in this regard is heard by the High Court of Judicature at Hyderabad for the state of Andhra Pradesh and the state of Telangana, and is slated to come up for hearing tomorrow.

During the last hearing recently, the court came down heavily on the CID over the "slackness" in the investigation and its failure to arrest the company management.

It warned that the case would be handed over to the CBI.

Stay up to date on all the latest Andhra Pradesh news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp