₹3,339-cr assets restored to Ponzi scheme victims

ACCORDING TO ALLEGATIONS, THE COMPANIES COLLECTED DEPOSITS PROMISING HIGH RETURNS OR PLOTS

- Neeraj Chauhan

NEW DELHI: In one of the largest restitution efforts by the Enforcement Directorate (ED), the agency announced on Monday it has "accomplished the process" of returning properties worth ₹3,339 crore to victims of the Agri Gold Group of companies' ponzi schemes.

Restitution, in legal and financial enforcement terms, refers to the process of returning fraudulently acquired assets to their rightful owners after such assets have been seized during investigations.

The Agri Gold ponzi cases involved 3.2 million victims, with the current market value of the restituted properties estimated at over ₹6,000 crore, the agency said.

The ED's money laundering investigation against the Agri Gold group, launched in 2018, was based on multiple First Information Reports (FIRs) filed across Andhra Pradesh, Telangana, Karnataka, Odisha and the Andaman and Nicobar Islands.

According to allegations, the companies collected deposits from approximately 3.2 million account holders, promising high returns or residential plots as part of a real estate investment scheme.