The Directorate of Enforcement (ED) in Hyderabad has restored assets to victims of the Agri Gold ponzi scheme after restitution of attached properties worth INR10 billion (USD116 million). The assets comprise 397 parcels of agricultural land, residential and commercial plots, and apartments in Andhra Pradesh, Telangana and Karnataka states.
On the day of their attachment, the properties were valued at INR6.11 billion, but today their market value is around INR10 billion.
Agri group had duped 1.9 million customers and 3.2 million account holders under the guise of a real estate investment scheme, falsely promising high returns. The company would collect deposits in advance from victims for plots, which the company never had. The ponzi scheme was finally unearthed in 2018 after several complaints were made across different states.
The total value collected under the fraud was INR63.8 billion.
More than 20 accused persons and entities have been arrested and named by the prosecution before the court, including company promoters Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad. The proceedings are ongoing before Hyderabad authorities.
In addition to an earlier restitution exercise in this case, completed in February 2025, the total value of the restitution has now reached INR39.5 billion.
