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Zee Man Comes To Rescue?

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Zee TV and Subhash Chandra Foundation of Essel group is reportedly keen to buy out the scam-hit Agri Gold firm. As per reports, Zee has agreed to take over the reigns of the 175-odd units of Agri Gold. And the same was informed to the High Court by the Deloitte company on Monday.

Regarding the same, senior counsel Sri Raghuram, appearing for Deloitte filed an additional affidavit before division bench of justices V Ramasubramanian and SV Bhatt, that is dealing with a batch of petitions filed by the Telangana Agri Gold Customers and Agents Welfare Association and others for a CBI probe into the scam and return of the depositors’ monies.

Agri Gold scam is a multi-crore inter-state scam involving over six thousand crore rupees and has affected over 40 Lakh families. At least 112 deaths – of victims – were registered as suicides, heart attacks and owing to depression in the multi-crore scam.

It all began in 1995. Agri Gold had just started its roots in Vijayawada as a Collective Investment Scheme (CIS), with its chairman Avva Venkata Rama Rao and a few others. In the next 20 years, the company attracted several lakh customers on the promise that their investment would come back to them with higher returns. It also hired several ‘agents’ to convince people to invest in its group of companies.

Agri Gold allegedly received money from people and invested largely in the real estate market, besides a few other areas as well, all the while promising their customers that their money would only increase.

In the year 2014, things started fading. In November 2014, the company’s office in Vijayawada witnessed a tense scene as several customers landed there, reportedly saying that the cheques were bouncing and interest was not being paid.

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