September 27, 2021
Scam/Fraud

How Jagan Mohan Reddy is compensating hundreds of thousands of victims of AgriGold deposit scheme scam

Andhra Pradesh chief minister Y.S. Jagan Mohan Reddy, on August 24, clicked symbolically to credit nearly Rs 667 crore into the bank accounts of over 700,000 people towards compensation for their lost deposits—ranging from a few hundreds to Rs 20,000—in the defunct AgriGold Group. The business entity had launched collective investment schemes without regulatory approvals and collected crores of rupees. With the release of this large sum to the gullible investors, the total compensation paid to around 1.04 million depositors has crossed Rs 905 crore.

In the first tranche, the state government had released Rs 238.7 crore in November 2019 to 340,000 AgriGold victims, who had deposited less than Rs 10,000 each. About 386,000 depositors in this category are among those who were compensated on August 24. Another Rs 459 crore was paid to 314,000 others who had invested Rs 10,000-20,000 each.

Jagan assured that his government, which…

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