32 Lakhs investors looted 6380 crores, 3 promoters of chit fund company arrested

A chit fund company named Agri Gold has allegedly duped around 6300 crores from millions of investors through the Ponzi scheme. The three promoters arrested by the ED include A. Venkata Rama Rao, A. Venkata S. Narayan Rao and A. Hema Sundara Vara Prasad.

The Enforcement Directorate (ED) has arrested three promoters of a company based in South India. This chit fund company, named Agri Gold, has allegedly duped about 6,380 crores from millions of investors through the Ponzi scheme. 

The three promoters arrested by the ED include A. Venkata Rama Rao, A. Venkata S. Narayan Rao and A. Hema Sundara Vara Prasad. According to the Enforcement Directorate, these people are ‘the main accused and have been arrested for their involvement in money laundering. 

He was arrested on Tuesday under various sections of the Prevention of Money Laundering Act (PMLA) and sent to 14 days judicial custody by a special court in Hyderabad.