ED restores attached properties worth ₹3,339 crore to AgriGold ponzi scheme victims

ED restores attached properties worth ₹3,339 crore to AgriGold ponzi scheme victims

The Directorate of Enforcement (ED), Hyderabad Zonal Office, has completed the restitution of attached properties worth approximately ₹3,339 crore (valued at the time of attachment) to the victims of the AgriGold group ponzi schemes. The current market value of these properties is estimated to exceed ₹6,000 crore.

The restitution process followed a petition filed by ED’s Special Public Prosecutor, Jagan Mohan, under Section 8(8) of the Prevention of Money Laundering Act (PMLA), 2002.

In December 2024, he moved the Special Court (PMLA) of the Metropolitan Sessions Judge, Hyderabad, seeking the release of both movable and immovable properties attached by ED to the Crime Investigation Department (CID), Andhra Pradesh. The goal was to enable the CID to restore the attached assets to victims under the Andhra Pradesh Protection of Depositors of Financial Establishments (APPDFE) Act, 1999.

“On February 21, 2025, the Court allowed ED’s restitution petition, clearing the path for victims to reclaim their assets. The attached properties approved for restitution include over 2,300 parcels of agricultural land, residential and commercial plots, apartments, and an amusement park named ‘Haailand’ located at Chinakakani, Guntur district, Andhra Pradesh. Of the total 2,310 attached immovable properties, 2,254 are in Andhra Pradesh, 43 in Telangana, 11 in Karnataka, and 2 in Odisha,” said ED in an official statement.

The ED began its investigation into AgriGold Group of companies in 2018, following numerous FIRs filed across Andhra Pradesh, Telangana, Karnataka, Odisha, and the Andaman & Nicobar Islands. The AgriGold group lured nearly 19 lakh customers and 32 lakh account holders into fraudulent investment schemes, falsely promising high returns or residential plots under the guise of real estate projects.

The ED probe uncovered that the AgriGold Group operated a deceptive Collective Investment Scheme, establishing over 130 shell companies to collect deposits as ‘advances for plots’, despite lacking sufficient land holdings.

These funds were later diverted to unrelated sectors such as Power, Energy, Dairy, Entertainment, Ayurvedic Health, and Farm Land Ventures without investor consent. The group engaged thousands of commission agents, eventually amassing deposits worth approximately ₹6,380 crore from over 32 lakh investors.