AP cm Y.S jagan mohan reddy promises the agri gold victims to get relief from scam pain:
Nearly 3.2 million people from telangana, andhra pradesh, tamil nadu and karnataka have invested several crores of rupees in this firm. the company allegedly took this money and heavily invested in real estate, before branching out to other areas as well. In 2014 things slowly began to downhill, as in this year there is a breakdown in real estate and in some other businesses as well. the company met with losses and was unable to pay for the people who invested. The company office in vijayawada slowly witnessed a tense scene as several customers landed there, repoertedly saying the cheques were bouncing and interest were not paid.
after casting down from the agri gold scam over past five years, now the victims got an hope from the government that they could be revive from this huge scandal that nearly effected the Andhra Pradesh people on large scale. The new chief minister of AP, Y.S Jagan mohan reddy and his government now seeking to regain the loss of total RS 6,700 crore scam committed by agri gold frauders. The action which is taking place on the agri gold scam and reconstructing it's victims is a part of the agenda which was proposed by Y.S jagan during the election propaganda.
As promised the newly elected cm of AP and his government were able to bring about this thing into the observance during the session in assembly.CM jagan said that during this scam the past government failed to resist it and made it happened which let to the breakdown of the AP'S economy. As he said the TDP ( telugu desam party) which is a ruling party in 2016 ( the year in which this scam took place) failed in decision making when the scandal took place . they were unable to control the state situation as the people on a very large scale were indulged in agitations and went on strike to claim back there investments. in recent elections the YSRCP party won with a huge margin and the new cm now decided to take the corrective action to help agri gold victims. as part of this action the AP government now released RS 264 crores to 3.70 lakhs victims. Especially to revive the depositers who settled up RS 10,000 in this company and now with in a short period of time the government is setting up to help the people who settled up to RS 20,000. with this decision and government action now the people who were the victims of this agri gold scam hoping that they can get out from this era and expecting the government would ensure them their payments.
But during the time of decision making on this scam there were few arguments happened in assembly session. At first let us have a knowledge about the agri gold scam and its details before knowing the reasons behind the arguments append in assembly about this scandal.
what is agri gold scam and how it took place?
agri gold is a multi level marketing firm focuses mainly on financial marketing and investment and it's chairman is A Venkata rama rao and it's MD is A Venkata seshu narayana rao they both are the businessmen from hyderabad, knowing from the past at first they had just set up its roots in vijayawada as a collective investment scheme (CLS), from the next 20 years the company managed to build up a trust in customers guaranteeing them that there investment would return in increased amounts. even they sent there employees out to encourage the people to invest in the company by convincing them.
Nearly 3.2 million people from telangana, andhra pradesh, tamil nadu and karnataka have invested several crores of rupees in this firm. the company allegedly took this money and heavily invested in real estate, before branching out to other areas as well. In 2014 things slowly began to downhill, as in this year there is a breakdown in real estate and in some other businesses as well. the company met with losses and was unable to pay for the people who invested. The company office in vijayawada slowly witnessed a tense scene as several customers landed there, repoertedly saying the cheques were bouncing and interest were not paid.
By Jan 2015 thousands has turned up, claming there money back. even several cases were registered of cheating, fraud and irregularities against the chairman Mr. Rao andvraid his properties .
It was revealed that the company was carrying out it's operations without the permission from the reserve bank of india and securities and exchange board of India (SEBI). all the properties of chairman and managing directoe was seized by CBI. even after this they ere unable to auction to the loss took place since it is being calculated to RS 6,700 crore and the seized property doesn't matched to this amount. during this time the TDP was in the power and where chandra babu naidu was the cheif minister at that time. but his government failed to supress the situation as the amount in this scandal was huge and not being recovered by the fraduers. so the thousands of people raised there voice aginst the fraders who performed a big scam and they all were against the governt=ment since it failed to take corrective actions.
after this scam took place the people were badly effected since most of them were belong to a middle and lower category. This was a huge shock and Dissapointment to people who were the victims and they are from few states. During the election propaganda of 2019 the opposition party leader Y.S Jagan mohan reddy of YSRCP party promised to the people that he and his government will take a corrective action against the agri gold scam and help victims to revive there deposits which he included this policy in his agenda. And finally in 2019 the YSRCP party had won the elections with huge majority and the Y.S jagan was elected as the new chief minister of andhra pradesh. as per his promise he raised his decision to help the victims of this agri gold scam by addressing the corrective plan. he also made his words on opposition party that TDP that it had failed to supress the situation and instead of that it tried to protect the frauders of the scam.
This made the session of assembly to heat up and the leading party and opposition party raised few arguments. after the session finished now the government of AP decided to revive the victims of this scam by releasing RS. 264 crores to the depositers of RS. 10,000 and then it also ensured the same with deposits of RS 20,000.
According to me this is the good decision took by the CM jagan and his government so it can actually help the people to float from this scam after being cast down.
According to me this is the good decision took by the CM jagan and his government so it can actually help the people to float from this scam after being cast down.
