Hyderabad: In a major move aimed at delivering justice to victims of financial fraud, the Directorate of Enforcement (ED) has secured court approval to restore properties worth ₹611 crore—originally attached in connection with the Agri Gold Ponzi scam to affected depositors. The present market value of these assets is estimated to exceed ₹1,000 crore.
The ED, Hyderabad Zonal Office, had filed a restitution petition under Section 8(8) of the Prevention of Money Laundering Act (PMLA), seeking transfer of movable and immovable properties attached by both ED and Andhra Pradesh CID. The Special PMLA Court at Hyderabad granted its approval on June 10, allowing these properties to be returned to victims under provisions of the Andhra Pradesh Protection of Depositors of Financial Establishments Act.
The assets earmarked for restitution include 397 real estate holdings comprising agricultural lands, residential plots, commercial sites, and flats spread across Andhra Pradesh (380), Telangana (13), and Karnataka (4).
The Agri Gold case traces back to a massive scam involving over 32 lakh investor accounts and deposits totalling ₹6,380 crore. Operating under the guise of a real estate business, the group floated over 130 shell companies, promising high returns or plots in exchange for deposits. In reality, the company lacked sufficient land and diverted funds into unrelated sectors including power, dairy, entertainment, Ayurveda, and farmland ventures without investor consent.
The ED launched its investigation in 2018, based on multiple FIRs filed in Andhra Pradesh, Telangana, Karnataka, Odisha, and the Andaman & Nicobar Islands. Over the course of the probe, the agency attached properties worth ₹4,141.2 crore across multiple states. Three of the main accused Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao, and Avva Hema Sundara Vara Prasad—were arrested in December 2020. Charges were officially framed in 2023 and supplemented with additional complaints in 2024.
This latest tranche of restored assets follows an earlier restitution in February 2025, when the ED handed over properties valued at ₹3,339 crore (market value exceeding ₹6,000 crore). With the current development, the total restitution value in the Agri Gold case has now risen to ₹3,950 crore, reflecting a market worth of more than ₹7,000 crore.
The ED termed the move a significant milestone in its ongoing effort to ensure that proceeds of crime are returned to the rightful claimants offering a rare sliver of justice in one of India’s most notorious Ponzi scams.