The court adjourned the case to September 14.

AgriGold scam Ready to acquire tainted company Essel Group tells Hyderabad HCFile photo: PTI
news News Tuesday, September 12, 2017 - 08:22

The Deloitte company informed the Hyderabad High Court on Monday that the Subhash Chandra Foundation, a not-for-profit venture of the Essel group and Zee TV network, was interested in taking over the tainted Agri Gold Company.

The New Indian Express reported that Deloitte filed an additional affidavit before a division bench, which is dealing with a batch of petitions filed by the Telangana Agri Gold Customers and Agents Welfare Association and others for a CBI probe into the scam, that has affected several lakh people.

The Times of India reported that the interested company also said that it would require four months time to complete due-diligence of assets and liabilities, annd was willing to take over all the 175 odd companies of the Agri Gold group.

The court adjourned the case to September 14.

This development comes two weeks after the Hyderabad High Court dismissed an anticipatory bail petition by the director and vice-chairman of the AgriGold group of companies, T Sunil Chowdary, pointing out that he also played a key role in the tainted company, and could not escape the law.

Around 3.2 million people in many states including Telangana, Andhra Pradesh, Tamil Nadu and Karnataka, were duped by the AgriGold scam, which came to light in 2014.

The company owes Rs 6,380 crore to over 32 lakh depositors in nine states, with Andhra Pradesh leading the list with 19 lakh depositors.

The company lured several lakh customers on the promise that their investment would come back to them with higher returns. Several 'agents' were also sent out to convince people to invest in the group of companies.

The company allegedly took this money and invested heavily in real estate, before branching out to other areas as well, and finally duping the customers.



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