AgriGold scam: ₹511 cr. to be paid to depositors tomorrow

MLC Lella Appi Reddy has said that the government is committed to its promise of compensating the loss incurred by the depositors in the AgriGold scam. Accordingly, it will credit ₹511 crore into the bank accounts of the depositors who invested up to ₹20,000, on August 24.

The government has already given relief to the tune of ₹240 crore to those who deposited up to ₹10,000 in the schemes floated by the defunct company.

Another important thing which the government planned to do is to take over the lands owned by AgriGold for the purpose of weaker section housing.

Addressing media persons here on Sunday, Mr. Appi Reddy, the convener of the YSRCP AgriGold Victims’ Relief Committee, said Agrigold was established during the TDP regime in 1995 and the scam also came to light during Chandrababu Naidu’s rule.

Though the firm was carrying out its operations without the RBI’s permission, the then government paid no attention to the irregularities, which eventually became a huge scam that involved 32 lakh investors, including 19.52 lakh in Andhra Pradesh, he said. Investments below ₹20,000 amounted to about ₹1,150 crore.

Mr. Appi Reddy said Chief Minister Y.S. Jagan Mohan Reddy had released the welfare calendar in February 2021 and then itself made it clear that there would be another instalment of compensation paid to the Agrigold victims in August. However, the opposition leaders were trying to create panic among the victims, he alleged.