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The Hindu
The Hindu
National
Devesh K Pandey

ED attaches ₹268-crore assets in Ponzi scheme case in Andhra Pradesh

ED Andhra Pradesh RBI SEBI

The Enforcement Directorate has attached movable and 376 immovable properties worth ₹268 crore in the Akshaya Gold Farms & Villas India Limited (AGFVIL) Ponzi scheme case.

The accused persons had collected deposits to the tune of ₹857 crore from about 19.17 lakh investors across 10 States. The company failed to return close to ₹384 crore to the customers.

According to the ED, the attached assets are in the company’s name and that of its sister concerns, directors, their relatives and proxies. The money laundering probe is based on the 29 cases lodged with the Andhra Pradesh police. The Central Bureau of Investigation (CBI) has also instituted a case against the Akshaya Gold group.

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