Andhra Pradesh to release Rs 1,150 crore for AgriGold scam victims

VIJAYAWADA: AP CM Jaganmohan Reddy in his first cabinet meeting on Monday, decided to release 1,150 crore for payment to victims of AgriGold scheme. People with deposits of up to 20,000 will be paid back their principal amounts.
The government also decided to acquire the properties of AgriGold , after getting permission from the high court. The properties will be developed into real estate layouts and sold in auction.
Perni Venkatramaiah, minister for information and public relations, told reporters after the cabinet meeting that the government is committed to resolve the AgriGold issue at the earliest. "The previous government had announced that they had sanctioned 250 crore to pay AgriGold victims but the money was never released. Jagan has given orders for release of the amount which will be deposited with the high court, and once it gives the nod, payment will be made to the victims," he said. The government has also decided to take over prime assets of the group like Haailand and Yarada properties, and develop them into real estate ventures, added Venkatramaiah.
"The investors did not come forward to buy the prime properties earlier as huge investment is needed to develop them. But if they are turned into smaller plots with a proper layout, many people will come forward to buy the plots as these properties are situated at prime locations," he said.