In what may come as a great relief to 32 lakh depositors of the city based on the company Agri Gold, Chief Minister Chandrababu Naidu has given approval to auction the assets of the financial firm scam-hit to clear dues of depositors .
After passing through a presentation by high level committee comprising economic consultants to the government on Tuesday, the Prime Minister said that each depositor must receive your money after the auction of the assets of Golden Agri group of companies .
Provide details to the media at the office of the chief minister camping here, consultant to the government on the movement of capital schemes and the prevention of economic crimes K Narasimha Murthy said the government is waiting to clear Rs 7,000 crore through auction. "Of the total 32 lakh depositors, 19 lakh are residents of Andhra Pradesh. Some 5,322 depositors who paid all installments of the plan would be delivered parcels and cash payment can be made to other depositors," said Murthy. The asset auction process would begin after obtaining the legal authorizations.
The government would do justice to all depositors as had ed collect all the data of the company .Murthy said the lack of experience in handling large volumes of business and focus on investment in land was beaten badly Golden Agri.
The economic crime consisting Murthy, government adviser C Kutumba Rao, Additional DGP, CID, C Dwaraka Tirumala Rao, CBI counsel Sarath Kumar and Kumar Ahlada Golden Agri probed the case in detail and presented the report Naidu. Principal Secretary, Finance, Ku sea PV Ramesh, was also present at the committee meeting.
The government handed over the case to the CID last February after the signature was found contaminated mislead depositors to the tune of Rs 6,800 crore.The properties Agri Gold Group, which managed several businesses, for CID is attached shortly after scam broke.
Golden Agri ran its operations without necessary permits from the Reserve Bank of India.
Agri Gold extended its tentacles into several states, grouped as gullible huge deposits of depositors, particularly in rural areas, offering enormous interest on their savings.
The company got into debt as a result of their investments in real estate. With depositors to attack the Golden Agri branch offices in the state, the government handed over the case to the CID.
After passing through a presentation by high level committee comprising economic consultants to the government on Tuesday, the Prime Minister said that each depositor must receive your money after the auction of the assets of Golden Agri group of companies .
Provide details to the media at the office of the chief minister camping here, consultant to the government on the movement of capital schemes and the prevention of economic crimes K Narasimha Murthy said the government is waiting to clear Rs 7,000 crore through auction. "Of the total 32 lakh depositors, 19 lakh are residents of Andhra Pradesh. Some 5,322 depositors who paid all installments of the plan would be delivered parcels and cash payment can be made to other depositors," said Murthy. The asset auction process would begin after obtaining the legal authorizations.
The government would do justice to all depositors as had ed collect all the data of the company .Murthy said the lack of experience in handling large volumes of business and focus on investment in land was beaten badly Golden Agri.
The economic crime consisting Murthy, government adviser C Kutumba Rao, Additional DGP, CID, C Dwaraka Tirumala Rao, CBI counsel Sarath Kumar and Kumar Ahlada Golden Agri probed the case in detail and presented the report Naidu. Principal Secretary, Finance, Ku sea PV Ramesh, was also present at the committee meeting.
The government handed over the case to the CID last February after the signature was found contaminated mislead depositors to the tune of Rs 6,800 crore.The properties Agri Gold Group, which managed several businesses, for CID is attached shortly after scam broke.
Golden Agri ran its operations without necessary permits from the Reserve Bank of India.
Agri Gold extended its tentacles into several states, grouped as gullible huge deposits of depositors, particularly in rural areas, offering enormous interest on their savings.
The company got into debt as a result of their investments in real estate. With depositors to attack the Golden Agri branch offices in the state, the government handed over the case to the CID.
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