Amaravati: Another step towards keeping election promises was taken by the YS Jagan Mohan Reddy government as it has decided to distribute compensation to the AgriGold scam victims and released Rs. 264.99 crores.
It has to be recalled that during Padayatra, YS Jagan has promised that he will support the depositors of AgriGold who lost their money by investing in the company. The Administrative Sanction was given on Friday by releasing Rs. 264,99,00,983 which will benefit 3.69 lakh depositors in the state.
It has to be recalled that AgriGold scam is a Rs 7,000 crore inter-state scam in which nearly 32 lakh poor depositors from Andhra Pradesh, Tamil Nadu, Telangana and Karnataka states were duped. The company was set up in 1995 as a Collective Investment Scheme (CIS). For the next 20 years, the company lured several lakh customers on the promise that their investment would come back to them with higher returns.
Now, the YS Jagan Government has launched efforts to compensate Agri Gold victims. All the depositors who have invested Rs. 10 thousand will be compensated from the amount of Rs. 264.99 crores that was released on Friday by the state government. Cash will be handed over to over 20,000 depositors in each district through the Legal Cell. The government is also considering another proposal which will benefit those depositors who invested Rs. 20 thousand.