YS Jagan Mohan Reddy extends support to AgriGold depositors

Kadapa: YSRCP President YS Jagan Mohan Reddy has assured AgriGold victims of all his support. Reddy said he would back the demands of depositors in the legal battle against AgriGold. The group collected deposits valuing over Rs7,000 crore in Telangana, Andhra Pradesh and eight other states by offering higher rates of interests besides real estate operations and construction.

Victims of Agrigold met YS Jagan Mohan Reddy here on Wednesday and requested him to extend his support to them in getting compensation. They have requested Reddy to pressurize TDP government to sell off the assets of AgriGold and compensate the victims.

With most of the assets of the scam-hit AgriGold being located in Andhra Pradesh, depositors have requested YS Jagan Mohan Reddy to support them in getting their payments back.

On several occasions, Naidu reiterated that TDP government would act firmly in the AgriGold case. “AP Chief Minister N Chandrababu Naidu has been assuring us of justice, but so far nothing has happened,” said a depositor.
With most of the assets of the scam-hit AgriGold being located in Andhra Pradesh, depositors have requested YS Jagan Mohan Reddy to support them in getting their payments back. All the depositors are united under All India Agri Gold Customers and Agents Welfare Association and its President A Ramesh Babu criticized the AP government for not taking stringent measures to protect depositors.

AP Chief Minister N Chandrababu Naidu has been assuring us of justice, but so far nothing has happened.

After the High Court’s directive on auctioning the property of AgriGold to repay depositors, a committee has been set up to oversee the auction process. The first phase of auction yielded Rs7.53 crore, which is just 0.1 percent of the total Rs7,000 crore deposits collected by AgriGold.

The first phase of auction yielded Rs7.53 crore, which is just 0.1 percent of the total Rs7,000 crore deposits collected by AgriGold.

AP State Government has issued a GO for the attachment of properties of Agri Gold Farms & Estates India Pvt Ltd. under section 3 of Andhra Pradesh Protection of Depositors of Financial Establishments Act 1999. However, depositors are expressing their concerns over the delay in repayments.