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‘Acquire Agrigold lands through Land Acquisition Act’
He said that scores of AgriGold customers and agents had been committing suicides due to financial problems as the government had failed to resolve their problem even two years after the scam. Stating that there were 32 lakh AgriGold customers and agents in eight States across the nation, Muppalla alleged that the government was in collusion with the management of the company and was therefore no
Vijayawada: AgriGold Customers and Agent Welfare Association (ACAWA) president Muppalla Nageswara Rao demanded that the government allocate Rs 1,000 crore from the auctioned properties of AgriGold towards repaying the depositors, on Tuesday.
He said that scores of AgriGold customers and agents had been committing suicides due to financial problems as the government had failed to resolve their problem even two years after the scam. Stating that there were 32 lakh AgriGold customers and agents in eight States across the nation, Muppalla alleged that the government was in collusion with the management of the company and was therefore not taking any measures to alleviate the miseries of the stakeholders.
He asked the government to immediately auction off some of the seized properties of the firm and distribute Rs10, 000 crore to the customers. He also wanted the government to make public, the value of the properties seized by the government apart from confiscating the properties registered in the names of the family of the Management of the firm.
Stating that the government should give priority to selling the upscale properties of the firm first, he suggested that Hailand property be sold to AP Tourism Development Corporation, Agri link project to AP Dairy Development Corporation and the AgriGold Power project to AP Transco. He asked the Government to take the Agri gold company lands through the Land Acquisition Act and speed up the sale of those lands so that repayment can be made to lakhs of depositors.
Muppalla said that AgriGold had to pay Rs 6,385 crore to the depositors without interest of which Rs 3,957 crore needed to be paid to the customers in only AP.
He said that bank loans worth Rs 537 crore were not paid and the value of the cheque bounce cases was calculated at Rs700 crore. He said that a total amount of Rs7628 crore had to be paid to 32 lakh customers. Praja Natya Mandali State Secretary A Chandra Naik and others were present on the occasion.
