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The Shady Investigation of the AgriGold Scam & Chandrababu Naidu

The AgriGold scam was one of the most scrutinized scams in Andhra Pradesh and one of the many under the leadership of Naidu. The scam let 40 lakhs investors high and dry when the company took the money and used it for its vile purpose. Instead of arresting the top management and seizing the property of the company, Chandrababu Naidu let the culprits go. He ordered a probe by CID, which is nothing short of a laughable investigation.

If you want to know who is 420 in AP, the details of the CID investigation in the matter of AgriGold scam will tell you everything. The shady probe only allowed the culprits to go free but without showing the world how corrupt the Naidu govt was. Not to mention the deep nexus between the govt and the company.

High Court Fumes at CID Investigation

A total of Rs. 570 crores were in the accounts of the company scattered between 22 commercial and non-commercial accounts. When the scandal broke out, the Naidu govt should have seized the property and frozen the bank account. Instead the company was allowed to withdraw and move money around. In the end, the CID submitted a report that said that only 6 lakhs rupees were in the account. This amount was not enough to compensate the poor victims.

The Andhra Pradesh High Court was furious at the way the investigation was carried out. It also pointed how why the Naidu govt allowed the company to move money around after the FIRs were launched across the state. The CID had also submitted a report that said that since the alleged culprits were helping in the investigation, there was no need to arrest them.

Of course, the CID was under the Naidu govt and did what it was told to do. It shielded the culprits and allowed them use the funds from the bank. This is enough to ascertain the level of corruption in the state. Who is 420 in AP? The AgriGold scam had clearly pointed at Chandrababu Naidu.

Major AgriGold Assets Were Not Attached

Even as the investigation was going on, the company was allowed to make transaction. It sold many of its assets fearing it will be a part of attachment. The assets would have been sold to compensate the people who were affected by it. But the Naidu govt was deeply involved in it and it conveniently left out major assets from the attachment to protect it. Not to mention, the vice-chairman of AgriGold Doppa Rammohan Rao had joined the TDP later in 2016 further confirming the nexus between the govt and the company. 

Major assets of the company were left out of the attachments to protect it from getting sold for compensation. In one such instance, the then TDP Minister Prathipati bought lands from the AgriGold company in the name of his wife. The land belonged to Uday Dinkar who was the director of Ram Awas resorts hotels group of the AgriGold chain. Government Orders were passed on February 2015 while the property was bought in January. The assets were left out of the attachments. You can clearly see how the govt helped protect the assets of the company.

The High Court again reprimandedthe govt to take actions. Assets were attached but major assets were left out of it. The most outrageous thing that happened was that the vice-chairman of AgriGold, Sitaram Awas (Chairman’s younger brother) was allowed to sell land worth Rs. 14 crores even when the investigation was still on. This particular land was again left out of the AgriGold attachment. On top of that, no arrest was made and the culprits were given freedom to make transactions. The delay in the investigation and the lazy approach of the govt definitely helped the AgriGold company.

No Assets, Only Debts

The standard rule of dealing with a scam like the AgriGold is to sell the assets and compensate the victims. But that didn’t happen. Instead, the company was allowed sell most of its assets and prevent it from getting sold for compensation. As per the CID report, the 570 crores of rupees went missing and only 6 lakhs were left in the bank accounts. The High Court was not pleased with the report. It had pointed out what the govt was doing when this happened.

The Naidu govt on its part delayed everything from the investigation to selling of the properties for raising money for compensation. What happened was that the Essel Group was supposed to take over the AgriGold assets. This would have at least ensured that company still had funds so that victims could be compensated. A year later, the Essel Group made a strange declaration that the AgriGold company had more debts than assets. This made everything clear that the company was made to look bankrupt so that money couldn’t be recovered for compensation. Meanwhile, the Naidu govt delayed the investigation and selling of the assets while still promising to provide justice to the victims.

No CBI Investigation

The Naidu govt has set its intentions clear when it blocked the CBI inquiry and let the CID do the job. Everyone knows that CID is in the pockets of the ruler and will do whatever the govt asked. By doing this Naidu compromised the investigation and the denied justice to the victims of the scam. Who is 420 in AP? It definitely the one who allowed the scammers to go free.

The Bottomline

The AgroGold scam investigation was just another addition to the list of scams and corruption that happened while Chandrababu Naidu was the CM. He colluded with the culprits as he had his own interests to protect. 160 people committed suicide andthe blood is the hands of the Naidu govt. Justice delayed is justice denied.

Read Previous Blog: Chandrababu Naidu and The Franklin Templeton Scam

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