AP government urged to set up an SPV to speed up action

Vijayawada: AgriGold Customers and Agents Welfare Association requested Chief Minister Y S Jagan Mohan Reddy to appoint a special purpose vehicle (SPV) to address the long pending problems of AgriGold customers and agents in the state and other parts of India.

The association underlined the need for speedy auction of properties of the AgriGold company so that the money could be refunded to 32 lakh depositors, who had been waiting for the last five years for justice.

Association honorary president Muppalla Nageswara Rao wrote a letter to Chief Minister Jagan Mohan Reddy in this regard on Monday and sent copies to home minister M Sucharita, chief secretary L V Subrahmanyam, DGP D Gautam Sawang and other officials.

Nageswara Rao requested the government to appoint an SPV headed by either senior IAS officer with a rank of special chief secretary or IPS officer with the rank of additional DGP to identify, dispose of properties of the company and refund of deposits to the aggrieved depositors.

He said by setting up SPV, justice can be done to 32 lakh customers and agents in the country. He felt the government can do justice by immediate seizure and auction of properties of AgriGold company. He said the CID had divided the customers into three categories; those who deposited less than 10,000 and Rs.20,000 and those who don't have receipts.

He suggested that the government verify the details of the third category customers with the data of AgriGold company and refund the deposits on par with the category 1 and 2 customers.

Nageswara Rao reminded that the AgriGold had created many problems to the customers while issuing bonds, registration of properties and carrying out other transactions.

He suggested to the government it can use AgriGold lands and other properties for implementation of welfare schemes like distribution of house site pattas and farm lands to the poor.

Stating that 32 lakh customers in eight states had been waiting for the justice, he requested the government to set up an SPV to address the problem at the earliest. He thanked Jagan for releasing Rs 264 crore for the payment to small depositors in the state.