Finally, here comes the sigh of relief for all agri gold customers who had invested their hard earned money. The depositors of AgriGold who was in pressure about their money got some certainty about receiving their money back.Andhra Pradesh Government has decided to pay back money to the Agri Gold scheme investors.
The Andhra Pradesh-Telangana joint High Court fixed date for selling Agri Gold's properties located in several cities like Hyderabad, Vijayawada, Bengaluru to pay back the deposits. High Court instructed the three-member committee that is taking care of the depositors' issues to conduct the auction on February 1 st.
It has also directed them to work out the value of the properties and the total amount of depositors' dues .It is estimated that the major six properties identified by the committee wil fetch an amount around Rs3,500 crore. However, the total dues are around Rs6,500 crore.
If the sale proceeds are not sufficient, other properties of the firm will be sold. The court also instructed the officials to pay an interest of 0.25 percent but there was no clarity on this. As many as 40 lakh people had lost their money by investing in Agri Gold group. Of this, 32 lakh people are depositors, while eight lakh people are agents.
The group has collected deposits from Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Odisha and Andaman and Nicobar Island and as per estimated it has to repay about Rs. 7,000 crore to its depositors. The court strictly warned the depositors against going to media until the issue is resolved. The case will come up for next hearing on January 8.