Agri Gold Vice Chairman Sitaram Arrested in Gurgoan

New Delhi: In what could be a big breakthrough, the prime accused in Agri Gold case has been arrested yesterday by Andhra Pradesh CID in Gurgoan. Agri Gold Vice Chairman A Sitaram (Sita Rama Rao) was arrested and produced in the court thereafter. Efforts were being made to acquire a transit warrant and shift him to AP. Already nine accused have been arrested in the case, including the company chairman.

Sitaram is brother of Agri Gold Chairman Venkata Rama Rao. He was the company board member until 2011, and later strategically resigned from the board. His application for anticipatory bail was rejected by Supreme Court and from then he has been absconding. He has been also accused of being instrumental in not realising the sale of Agri Gold assets to Essel Group.

Agri Gold promised huge interest amounts to depositors. After having collected large amounts from gullible people, the company purchased lands, but never paid any interest to the depositors nor did it repay the amounts deposited. In normal practice, depositors would be paid back by selling the assets of the company. Since the company had close links with the ruling TDP government, it was avoiding payments. It is alleged that a union minister, several state ministers and many TDP leaders were involved in this matter. Having understood all these, the depositors approached the court for justice.