The AgriGold Scam was another example of how the TDP leader, Chandrababu Naidu treated the poor in the state. More than 40 lakhs depositors lost their hard-earned money to one of the biggest scams in Andhra Pradesh. Just like any other similar scams, the AgriGold scheme promised handsome return in interest to lure farmers, workers and agents. The owners of the AgriGold scheme bought lands with that money and forgot about the investors. What hurt the people and state most was how the Naidu govt shielded the culprits. You want to know who is 420 in AP? Then read to find out the details of the AgriGold scam.
The Original Sin – The AgriGold Scam
The AgriGold Scam had massed up a whooping amount of Rs. 35,000 crores. The money disappeared overnight after the company bought lands from the money and left the investors high and dry. As per the rule, after the news broke and complaints were files, the govt should have frozen the bank account and all the assets. But that didn’t happen. Thanks to Chandrababu Naidu, the AgriGold management was able to sell most of its assets and withdraw money. It was only after the intervention of the High Court of Andhra Pradesh that the govt reluctantly arrested the chairman and MD of thecompany in February 2016.
The High Court was so frustrated with the Naidu govt that it directed it to change the investigating official.Don’t be surprise to know who is 420 in AP.
What the Naidu Govt Should Have Done
In cases like this, the government needs to arrest the top management of the AgriGold, seel the company’s assets to compensate the victims. However, that didn’t happen in this case. What happened was that the Naidu govt conveniently allowed the company to sell its assets even before the scandal broke out. The money was transferred to private accounts and all this was possible due to the personal involvement of Chandrababu Naidu.
The investigation was handed to the CID instead of CBI for the obvious reasons. Handing over such cases to CBI is the standard rule, but the Naidu govt always thought it was above the law. The poor investigation into the matters allowed the company to sell most of its assets and withdraw money. No money was left for compensation. The Naidu govt’s late and lazy approach allowed one of the biggest scams to happen. There is no doubt that the then CM was himself involved in it. Kickbacks are one of the benefits the ruling party gets when the scams happen.
The Involvement of Naidu in AgriGold Scam
Its clear that the Naidu govt was directly involved in the scam given who easily the money disappeared without any trace. What really happened was that the AgriGold company sold some of the biggest assets of the company to the family members of Chandrababu Naidu. Given the convenient delay in the arrest of the people responsible for the scams, the Naidu govt proved that nexus between the AgriGold management and the govt did exist.
One of the biggest proofs of how the Naidu govt benefited from the scam is that the vice-chairman of AgriGold Doppa Rammohan Rao joined TDP on April 30, 2016. The proofs are enough to answer the question who is 420 in AP. On top of that, the Naidu govt made the CID submit report in the court stating that there was no need for arrest of the culprits as they were co-operating with the investigation.
The victims of the scam filed their complaint in the 3-town police station in Nellore. Total of 14 cases were registered against the AgriGold company across the state in 2014. When Chandrababu got the news, he ordered the CID probe fearing that the case would be handed over to the CBI by the court. By giving the case to CID, Chandrababu Naidu was able to control the narrative and the investigation as CID came under its control. In a very stupid move, the CID submitted a report in the court stating that there was no need for any arrest as the culprits were helping with the investigation.
The Money Disappeared and No One Knows Where
Its baffling to hear that a whooping amount of ₹ 570 crores went missing without a trace. Initially, the then AP finance minister Yanamala Ramakrishnudustated that the AngriGold company had a deposit of ₹ 570 crores were in commercial and non-commercial banks. And, he said that the money will be used to compensate the victims. But after the 22 bank accounts were seized, only 6 lakhs were found in it. This was on the report that was submitted to the High Court.
The court was right to be furious at such a claim and asked what the government was doing when the was being transferred from the account. The phony investigation by the CID made a mockery of the people who lost their money. 40 lakhs people lost their money and 160 of them committed suicide while the Naidu govt was enjoying the perks of shielding the culprits. The humiliation didn’t stop there. The TDP govt has promised a compensation of 5 lakhs to the family of the people who committed suicide. But it only paid to a few of them and didn’t bother to disclose compensation number of others.
The TDP govt led by Chandrababu Naiduwent to a great length to protect the culprits of the AgriGold scam. It was partly because they were involved in it and had enjoyed kickbacks from the scam. The Naidu govt enjoyed while people were losing money, jobs and their lives. Who is 420 in AP? You can decide for yourself.