In a first ever development, the State government is paying compensation to the victims of a private company, ending the owes of the victims spread over seven States. No government had done it so far, not even the Central government.
It comes from the AP government which had released Rs 283 crore towards first instalment to be paid to the victims. The amount would be deposited directly into the bank accounts of the beneficiaries whose deposits were less than Rs 10,000. The government would study the issue once again and come out with a clear plan to repay to all the depositors of the AgricGold company, which had allegedly duped the people.
The AgriGold company’s scam saw the light during the Telugu Desam Party government in 2016 and since then the victims (depositors) have been fighting for justice. The TDP government found that the company ran out of liquid cash in proportionate to the number of depositors and the payments that it was expected to make to the depositors. The company had invested the deposits collected from the people across the seven states and ran out of funds to meet the repayment demands.
The TDP government took up the issue, arrested the chairman and others in the case and seized all its movable and immovable properties. However, the TDP could not pay anything to the depositors and it was only the YSR Congress and its chief Jaganmohan Reddy have promised to help the depositors during the 2019 general elections.
Five months later, the government had released the money and is paying it back to the depositors, giving a greater relief to them. According to the government officials, the first instalment of Rs 283 crore would benefit 3.7 lakh depositors, who would he heaving a sigh of relief.