InvestorQ : What exactly this scam pertaining to the Agri Gold group of companies for which the ED has already made some major arrests?
Tisha Malhotra made post

What exactly this scam pertaining to the Agri Gold group of companies for which the ED has already made some major arrests?

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Aashna Tripathi answered.
3 months ago
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ED has arrested 3 promoters of the Agri Gold Group of Companies for running a Ponzi Scheme Fraud worth and duping investors to the tune of Rs.6,380 crore. The three accused who have bene arrested have been charged under the PMLA, the Prevention of Money Laundering Act. The court has granted 14-day judicial custody to the ED for inquiry.

The scam was perpetrated through Agri Gold group of companies. The promoters of Agri Gold group floated more than 150 companies and started collecting deposits from general public with a promise of provide developed plots and farm lands, virtually assuring sky-high returns. Over 32 lakh investors got duped in this Rs.6380 crore scam.

It was an unregulated and unlicensed collective investment scheme going around as a real estate project. It did not have RBI permission to take deposits.

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