Visakhapatnam: The Andhra Pradesh Cabinet on Friday sanctioned Rs 500 crores to compensate 4 lakh victims of the Agri Gold Scam Ponzi. State Public Relations Minister Parni Venkataramaiya said the compensation is for those who deposited less than Rs 20,000. Briefing about the decisions taken in the Cabinet meeting on Friday, he said that the state government has already paid compensation of Rs 238 crore to 3.40 lakh victims who have deposited less than Rs 10,000.

It may be recalled that Agri Gold Company Group of Companies had cheated lakhs of people in Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, and other states by luring them to provide agricultural land or plots. The Promoters and other officials of the company were arrested by the Enforcement Directorate (ED) in December last year. ED had claimed that the company had deposited Rs 6,380 crores from more than 32 lakh investors in various states including Andhra Pradesh.

The Jagan Reddy government in Andhra Pradesh has also given the green signal to a phase-I project for the development of a greenfield port at Machilipatnam in Krishna district at a cost of Rs 5,155.73 crores. The Cabinet also approved revised DPR and administrative approval of Rs 4,361 crores for the development of Bhawanpadu Port at Srikakulam.

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