At last, the Andhra Pradesh government has seized the assets of the  controversial financial institution-Abhya gold and Agri gold on the recommendations of the CB CID which had been probing the money spinning  racket  in Vijayawada.

The 16,850 acres of Abhaya gold included 1285 in Kurnool, 1633 in Anantapur , 3312 In Nellore , 6239  in Prakasham, 85 acres of highland in Mangalarigi mandal of Guntur  and  2037 acres in  Krishna district.

Agrigold, an AP-based company is spreading its tentacles fast through the State of Andhra Pradesh. Its owner V R Rao is a former employee of now extinct Golden Forest Ltd, which vanished with several hundreds of crores of public money with the promise of easy and quick money and now facing criminal cases.

The company owns several hundreds of acres and if necessary it would be sold to repay the depositors. This company also has no permission from the Reserve Bank of India. Not surprisingly, these depositors are from the lowest strata of the society. The daily wage earning laborers are induced to deposit as low as Rs. 10 per day on the promise of a piece of land in near future.

Agri Gold's illegal money business in the name of deposits, plot registrations luring common man with high interest has witnessed depositors' ire following cheque bounce cases and depositors' failure to get the matured amount after expiry of bond. Following the protests, CID investigations exposed the hallowness of the scheme and the government seized properties of Agri Gold and Abhaya Gold to protect  depositors' money.

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