AgriGold scam: Udupi Court sends four to CID custody till Oct 5

Mangalore Today News Network

Udupi, Oct 2, 2016: The District and Sessions Court in Udupi on Oct 1, Saturday remanded four main accused in AgriGold case in police custody up to October 5, following an appeal by the CID for the custody up to October 7.

 

Public prosecutor Shanthibai stated that the case is in the Udupi district court as the majority of victims who lost money are from Udupi. The accused are Avva Venkata Ramarao, Avva Venkata sheshu Narayanarao, Immadi Sadashiva Varaprasad Rao and Kamireddy Sri Ramachandra Rao.

The accused were represented by senior advocates from Andhra Pradesh and Karnataka High Court. The case was lodged by Krishna Naik at Udupi town police station on July 24, 2015.

He had accused the company of not giving the money that he and his sister had invested in bonds following the completion of the bond period, which was from March 21, 2011 to May 16, 2014. The case was filed against the Udupi branch director Prakash Devadiga and others.

It may be recalled that the main accused Chairman Venakta Rama Rao, MD Avva Venkata Seshu Narayana were arrested on February 12. The remaining two were arrested on February 18. 

Agrigold management is accused of defrauding 3.2 million customers of Rs. 6,380 crore by promising them higher returns. The scam was unearthed when the depositors approached the police after the cheques issued to them bounced.