Hyderabad: the Enforcement Directorate has joined ₹ 4,109 crores in properties spread across different states in an illegal tax avoidance case connected to an asserted Ponzi trick that hoodwinked around 32 lakh individuals for over ₹ 6,000 crores, the office said on Thursday.
The case includes Agri Gold Group of Companies, whose three advertisers were captured by the focal organization on Tuesday.
“The appended resources incorporate 2,809 landed properties, Haailand Amusement Park for the sake of Arka Leisure and Entertainments Private Limited in Andhra Pradesh (spread more than 48 sections of land) and portions of different organizations, plants and hardware,” the Enforcement Directorate said in an assertion.
The resources appended temporarily under the Prevention of Money Laundering Act, or PMLA are in Andhra Pradesh, Karnataka, Odisha, Tamil Nadu and Telangana.
The Enforcement Directorate, which examines financial wrongdoings, had dispatched a test after experiencing different police bodies of evidence recorded against the denounced in Andhra Pradesh, Telangana and Karnataka for supposedly hoodwinking around 32 lakh speculators after assets worth ₹ 6,380 crores were gathered from them.
The primary blamed are Avva Venkata Rama Rao, Avva Venkata S Narayana Rao and Avva Hema Sundara Vara Prasad – the advertisers of Agri Gold Group of Companies. The Enforcement Directorate has captured the latter.
As indicated by the office, Avva Venkata Rama Rao arranged the trick and, alongside his seven siblings and different partners, set up more than 150 organizations and began gathering stores from the overall population, promising to create plots and farmlands or get enormous returns.
“A large number of commission specialists were locked in to bait individuals with different plans for heavy commission and they figured out how to gather ₹ 6,380 crore from more than 32 lakh speculator accounts. In this manner, notwithstanding, speculators neither got plots nor could recuperate their stores,” the office said.
They guaranteed that Avva Venkata Rama Rao and his family continued siphoning the assets and wrongfully redirected the public stores and put resources into organizations straightforwardly possessed by their family.
Their names likewise figured in the Paradise papers break of 2017. They had consolidated organizations with the assistance of the notorious Panamanian law office Mossack Fonseca in the Cayman Islands.