- More than 40 Lakhs Depositors and Agents were involved in the scam
- The total amount collected amounts to Rs. 6,850 Crore
- Interest on deposits amounts to Rs. 3,150 Crore
In an event, Chandrababu Naidu has revealed his draconian face and proved who is 420 in AP. The incident dates back to the Chandrababu Naidu reign in which the TDP leader was involved in numerous scams. In the following scam, the government looted not only the middle class but also the lower middle class and the ones below the poverty line.
Lakhs of these individuals deposited a sum as grand as Rs. 6,850 on the lure of high returns. The stakes were high, and hence AgriGold collaborated with the then Chief Minister to orchestrate the scam.
Dissecting the Intricacies
The sum collected was used to buy thousands of acres of land all across the state. This marked the beginning of organized crime. When it came to sharing of profits, the company, AgriGold, left the participants high and dry. The public figured out to sell all the assets of the individual and recover all the money.
However, to their surprise, they discovered that the land acquired was already sold, and there was nothing to be done. A large chunk of the land was sold to the Chandrababu Naidu and his family at throwaway prices and hence could not be ignored at all cost, highlighting the real who is 420 in AP.
In such a scenario, the government should come to aid. However, much before the public could know about the scam, the assets were already sold, while the money was channeled to the bank accounts, and no action was taken on the company shareholders. On the other hand, as a token of appreciation, acres of lands were gifted at throwaway prices to Chandrababu Naidu and his family.
To add on top of it, AgriGold’s vice-chairman of AgriGold – Doppa Rammohan Rao, joined the ruling party TDP on April 30, 2016, reflects the relationship between the two. The following incident highlights who is 420 in AP.
Post-Discovery of Scam
The AgriGold scam mounted up to Rs. 35,000 crore of the hard-earned money of the poor farmers and other individuals. However, the biggest apathy was no reaction of the government until the High Court criticized the same. Till then, no intervention was made, and an ample amount was given by the real who is 420 in AP to cover the tracks.
As per the Court orders, the Chairman and the MD of the company were arrested in February of 2016. Meanwhile, the upper management was busy amassing wealth and a sum of Rs. 570 crore was only recovered by the court of law.
To add on top of it, unless the High court intervened on the matter, the investigation did not move forward. Finally, the court directed to remove the investigating officer and appoint a new one.
Chandrababu and Investigation
Generally, the culprits face severe action on account of offenses. However, a scam of this magnitude that involves dealing with Rs. 35,000 crores were left without any action. The reason behind this is quite simple. The proximity of the management with the government and especially with the Chandrababu Naidu, the real who is 420 in AP, benefited all in the crime. This helped the AgriGold loot ordinary citizens even though it is a quid pro quo arrangement.
The scam is much bigger than the Sarada scam (that involved Rs. 2,600 crores), which is counted among one of the biggest scams of all time.
The Sarada scam was handed over to the CBI. However, for the obvious reasons, the scam was left in the hands of state CBI to have the upper hand over the committee. In spite of the ongoing scam, the CID officials were forced to say that there was no need to arrest the officials of the AgriGold as the individuals coordinated with the officials. This sums up the complete picture of the real who is 420 in AP.
The First Case
The first case regarding the AgriGold scam was first filed on December 24, 2014. The case was filed in the 3-town police station of Nellore. Again, the number of cases started to increase, which rattled the then Chief Minister, Chandrababu Naidu.
Chandrababu Naidu ordered the state CID to look into the matter and pressurized officials to ignore the happenings. This, in turn, triggered the process until it was discovered back in 2016. The entire money benefited the party and its members and the company, while no scope was given to the poor to recover the money.
From the time, again and again, there have been ways Chandrababu Naidu has proved that he is the real who is 420 in AP. The individual has been involved in numerous scams throughout his tenure and has manipulated the other institutions on the grounds of fear and power. The following scam is just a fraction and hence could not be ignored at all costs.
Read previous blog: Gitam Land Encroachment Scam in Vizag: The Elaborate Fraud by 420 in AP