Eluru: Crime Investigation Department officials produced AgriGold chairman Avva Venkata Ramarao and managing director, AgriGold Farm Estates India Private Limited, Avva Venkata Seshu Narayana Rao before the district in-charge judge Hari Haranadha Sarma on Friday morning.
The charges are of cheating depositors to the tune of thousands of crores of rupees. Depositors had gathered at the district courts complex to see the accused. However, CID officials produced the duo before the judge at the judicial quarters.
Later, the CID officials secured permission and took the accused to the government hospital at Eluru where the doctors gave them a clean bill of health. By this time, the depositors had learnt of the AgriGold honchos’ presence at the hospital and staged a demonstration demanding that they be refunded. They said that they paid the amounts to the company believing their claims of good returns, but, the company had cheated them.
One or two victims tried to drag the accused but the police foiled their attempt. After completion of medical tests, the two accused were sent to the district jail at Eluru.
AgriGold chairman Venkata Ramarao said the company would do justice to all depositors and they need not worry about their money. CID deputy superintendent of police V. Rajagopal said the company had collected deposits from people and did not return it. He said Ramarao and Seshu Narayana were A3 and A4 in the case.
He said that remaining accused would be arrested soon. Thousands of people deposited their money in AgriGold company for its attractive interest rates and other benefits. When their deposits matured, the company could not return their deposits . The state government had handed over the case to the CID two years ago. The High Court, which is monitoring the investigation of the case, pulled up the CID officials over the slow pace of investigation in the multi-crore scam. Several victims have lodged complaint with the Eluru police.
