The total value of restituted properties now stands at Rs 3,950 crore, with a current market value of over Rs 7,000 crore.
The Enforcement Directorate (ED), Hyderabad Zonal Office, today completed the process of restitution of attached properties worth Rs 611 crore (at the time of attachment) to the victims of the Ponzi schemes launched by the AgriGold group of companies.
The current market value of these properties is estimated to exceed Rs 1,000 crore.
In May 2025, the ED filed a restitution application before the Special PMLA Court of the Metropolitan Sessions Judge, Hyderabad. The application sought the release of movable and immovable properties - attached by both the ED and the Andhra Pradesh Crime Investigation Department (CID) - so that the assets could be returned to victims under the provisions of the Andhra Pradesh Protection of Depositors of Financial Establishments (APPDFE) Act, 1999.
The Court, via an order dated June 10, 2025, approved the restitution petition filed by the ED, thereby paving the way for the return of the attached assets to the victims.
The attached assets include 397 parcels of agricultural land, residential/commercial plots and apartments. Of these, 380 properties are in Andhra Pradesh, 13 are in Telangana and four are in Karnataka.
The ED began its investigation against the AgriGold group in 2018, based on multiple FIRs registered in Andhra Pradesh, Telangana, Karnataka, Odisha and the Andaman & Nicobar Islands. The group had collected deposits from around 19 lakh customers and 32 lakh account holders under the pretext of real estate investments, promising high returns or residential plots.
The ED's investigation revealed that the AgriGold group operated a fraudulent collective investment scheme under the guise of a real estate business. More than 130 companies were floated to collect deposits as advances for plots without sufficient land backing. The accused lured lakhs of gullible individuals and diverted the funds into various industries such as power/energy, dairy, entertainment, Ayurvedic health and farmland ventures, without the knowledge of depositors. Thousands of commission agents were employed to mobilise deposits, and the group collected around Rs 6,380 crore from over 32 lakh investor accounts. The company then defaulted on returning the deposits, either in cash or kind, as promised.
During the PMLA investigation, the ED attached movable and immovable properties across several States, worth approximately Rs 4,141.2 crore. In December 2020, the ED arrested Avva Venkata Rama Rao, Avva Venkata Seshu Narayana Rao and Avva Hema Sundara Vara Prasad.
A prosecution complaint was filed before the Special PMLA Court, Nampally, Hyderabad, in February 2021 against 14 accused individuals and entities. The Court took cognizance of the offence of money laundering on August 29, 2023. A supplementary prosecution complaint was filed on March 28, 2024, against 22 additional accused, and the Court took cognizance of it on November 4, 2024.
In the present case, the ED had previously restituted properties worth Rs 3,339 crore (with a current market value of over Rs 6,000 crore) in February 2025. With the latest action, the total value of restituted properties now stands at Rs 3,950 crore, with a current market value of over Rs 7,000 crore. This restitution reportedly marks a significant milestone in the ED's ongoing efforts to return the proceeds of crime to the rightful claimants.