Karnataka Centres Set Up to Verify AgriGold Bonds for Fraud Victims

Verification Process

Nine centres across Karnataka will begin verifying AgriGold bonds and receipts from October 27 to help victims of a massive financial fraud get relief. The Andhra Pradesh Crime Investigation Department, working with the Karnataka CID, set up these centres after the Andhra Pradesh government formed a five-member Group of Ministers to address issues faced by depositors. The scam is an inter-State financial fraud worth between ₹6,380 crore and ₹7,000 crore that cheated about 32 lakh depositors.

Locations and Dates

The verification centres operate from 10 a.m. to 5 p.m. every day except Sundays. They are located in Bengaluru, Tumakuru, Mandya, Bagalkot, Udupi, Raichur, Dakshina Kannada, Chickballapur and Hassan. The Bengaluru centre is at the Office of the DGP, CID, Carlton House, Palace Road, while other centres are at their respective district police headquarters. The first phase runs from October 27 to November 2 in Tumakuru, Mandya and Bagalkot, and until November 6 in Bengaluru. The remaining centres will take up verification from November 11 to 18.

Required Documents

Claimants must bring their original AgriGold bonds, cash receipts or other relevant papers, which will be returned after checks. Depositors need to submit signed colour photocopies showing bond details clearly. Living depositors must show photocopies of their Aadhaar card or other ID proof, PAN card, bank passbook, a recent passport-size photo and a mobile number linked to the bank account. Nominees of deceased depositors must present the original bond, a death certificate, ID papers, bank details and a ration card or family member certificate. Legal heirs of both deceased depositors and nominees must provide relevant death certificates, ID papers, legal heir certificates and bank details. Claimants unable to visit personally can send an authorised family member with an authorisation letter and ID proof. Agents must bring original bonds for verification and submit colour photocopies. Two nodal officers, K. Eswara Rao and S. Sreedhar, have been appointed to assist depositors and can be contacted by phone.

Context

The AgriGold scam involved an unapproved Collective Investment Scheme that operated without RBI or SEBI permission since 1995. Large-scale financial frauds of this nature typically require extensive document verification to ensure relief funds reach the genuine victims and legal heirs.