Satvik Financial Services defaults on payment; Dhake clarifies stand

As the dubious estate of ponzi schemes running with the lure of handing out high returns started to collapse, the investors have become wary of parking their funds into every other organization, especially those promising them high returns. After Shreesurya Scam and Wasankar Wealth Management defaulting hugely on payment, city’s another firm Satvik Financial Services Private Limited running its office from Bharat Nagar has come under the clouds for not paying to his customers as per the promise he made in his promissory note. The company has been operating its deposit schemes under its arm Satvik Investment.

“Forget the monthly interest, we are now running from pillar to post to get our principle amount and now he has even stopped responding to my calls,” lamented an investor who had parked Rs 5 lakh into his scheme on April 26, 2013. He was promised the monthly return of Rs 25,000 beginning 30 days after the execution of the promissory note. However, till date neither he received any interest nor his principle amount. The concerned investor has been going through the tough time following up the company’s Chairman Amol Dhake who reportedly floated the amount into other avenues. He also provided the post dated cheque (dated July 26, 2013) as the guarantee against the deposit. However the cheque has bounced twice for the lack of sufficient funds in the account.

“Dhake had been pestering for the investment through one of his mediators for a long time. I shelled out Rs 5 lakh for which I had to earn Rs 8 lakh as there is a 40% deduction on the earnings in the country i work. When I came to Nagpur I was given the promissory note and the guarantee cheque. He had promised the amount of Rs 25,000 till the maturity of the amount. However till this date, I have not received a single rupee from his side. He has even stopped responding to my calls now, nor he is giving any word as to when he would return my money.”

One of these investors had even sent him the lawyer’s notice but he did not receive the notice.

Another investor has invested Rs 2 lakh and facing the similar trouble. Then there is a builder who had invested more than one crore rupees.

Dhake in his promissory note, a copy of which is in possession of Nagpur Today, has stated that he has taken the money as unsecured loan and is not abided by SEBI, RBI, NBFC and any other government bodies’ rules and regulations.

When Nagpur Today contacted Amol Dhake, he said, “There has been a trend in Nagpur to give money on the basis of trust. I do not have many such investors who have handed out the money to me for investing on this basis. There were some revenue restrictions due to the dollar pressure due to which there is some delay but I will pay all of them in the next 2-3 months.”

When told that he was not responding to any of the investors’ call, he denied doing so adding that the investors could have come to me if there was any problem. “I am very much accessible,” he said. Upon the payment default, he said, “The avenue in which I have invested the money for the concerned investor might have reported loss due to which I could not pay money on time but it is not that I will not pay. I will certainly pay them back.”

When asked if he was authorized to collect such a huge deposit without any authorization from SEBI or RBI, he clarified that the mode of investment which he had invited does not fall under the norms of both the governing bodies as it was done purely on trust.

Meanwhile, the investors were not willing to buy Dhake’s theory and hit the panic button. “Similar assurances have been given in the past too but no substantial results have come across. Now we are considering approaching Economic Offences Wing for help,” said one of the investors.
Courtesy:
Published On: Wed, Dec 11th, 2013
Featured News / News Today | By Nagpur Today
http://www.nagpurtoday.in/after-shreesurya-dhake-clarifies-stand/

PIL seeks clampdown on unauthorised deposit schemes

New Delhi : The Supreme Court Tuesday issued notice to the centre, RBI and market regulator SEBI on a PIL seeking a clampdown on all unauthorised and illegal deposit schemes including collective investment schemes and prosecution of violators.

The public-interest litigation sought directions for the recovery of the money mobilised by unauthorised and illegal schemes so that the same could be returned to gullible investors.

The notice was also issued to the ministry of corporate affairs, Serious Fraud Investigation Office and the Directorate of Enforcement.

"It seems to be a problem in all the states, all over India," observed Chief Justice P. Sathasivam as the bench including Justice Ranjana Prakash Desai and Justice Ranjan Gogoi issued notice on the PIL returnable in four weeks.

The court's notice came on the PIL petition by NGO Humanity which said: "The menace of Ponzi schemes has shaken the very foundation of rural and semi urban economy in India.

"The problem of innocent poor people being robbed of their last savings by greedy, well-organised outfits has remained a fact of life in other parts of country as well."

Seeking making access to banking facilities a "legal right", the PIL that was addressed to the court by counsel Prashant Bhushan said: "Recently big frauds like Sahara scam, Saradha scam etc. have come to light, but they are only the tip of the iceberg.

"The problem of unscrupulous companies collecting deposits from crores of poor people, in violation of guidelines issued by the RBI and the SEBI, has reached menacing proportions and no effective action is being taken."

The PIL urged the court to direct the Reserve Bank of India that banking services are available to people in rural and semi-rural areas by "opening more rural branches, increasing the use of technology to access the less affluent depositors, by lowering the 'know your customer' (KYC) norms, having lower minimum deposit thresholds, mobile vans and other such measures".

Seeking setting up of an independent expert body with requisite powers of investigation, prosecution and recovery of money and that would also look into complaints on financial frauds, the PIL sought an investigation by the Central Bureau of Investigation (CBI) into the large-scale financial fraud, including the Saradha scandal.

The PIL said that all these companies, unauthorisedly collecting savings of small depositors, are in breach of the Company Deposit Rules 1975 which prohibits their operations which are unsecured.
Courtesy:
Submitted by admin4 on 19 November 2013 - 5:56pm
By IANS,
http://twocircles.net/2013nov19/pil_seeks_clampdown_unauthorised_deposit_schemes.html

Root-out financial fraud to protect the bottom of pyramid

The present scenario of the financial fraud in the state reminds the incident occurred in Colombia in 2008. As many as 4 million Colombian invested in the dubious pyramid schemes. When the schemes collapsed, the country witnessed an unprecedented situation. The investors of those schemes demonstrated a violent protest in 13 cities of the country. The Colombian government was forced to declare a state of emergency to restore law and order in the country.

Though lately, government has initiated a CBI probe into Ponzi scams of the state. It is alleged that minister, politician, journalist, media houses and even so called artist were involved in the scam. More shocking part of the story is that head of the state police administration was allegedly protecting the Ponzi boss and his illegal activities. Under such a situation how the common man can expect that law enforcing agencies will be protecting their interest? At the same time knowledge and competence of law enforcing agencies are to be relooked. It was reported that police raided the office of Bandhan Microfinance and arrested its employee. If the investing officials even can’t differentiate between a Ponzi company and microfinance company, how they will combat the financial fraud in the state. Lack of financial knowledge among the masses as well as law enforcing agencies is a matter of great concern.

When financial services are treated as a fundamental need of human being, a large number of populations are excluded from the ambit of organized financial sector. More than 50% of Indians are yet to be covered through financial inclusion. The scenario in Northeast is more grief and alarming. Out of 90 unbanked blocks of the country 80 are in Northeastern states. The marginalized section of the society or the so called bottom of the pyramid never gets access to financial services from the bank. This group is always vulnerable to financial fraud by Ponzi, Pyramid and Chit fund companies. Because those fake financial companies are the last resort for these poor people to meet their financial services.

It is proven that financial inclusion and financial literacy is the most efficient tool to protect the bottom of the pyramid from financial fraud. As like as financial inclusion, the level of financial literacy in the country also worst in world ranking. Only 35% of Indians are financially literate and ignorance in more among the women. Along with many countries India has also adopted financial literacy plan, but nothing has emerged notably.

If, for a while we believe that after CBI investigation some culprits will be thrown behind the bar! But will it enable the investors to get back their hard earn money? Who can assure that such dubious companies will not emerge after a few years in different shape or even cause more damage to the state economy? Perhaps nobody can assure! It is reported that state government is thinking to create a commission to look after the activities of fake financial entities. Question arises, why government is not interested to find out the root cause and administers appropriate remedies. Think for a while, if the victims of the Ponzi, Pyramid or Chit Fund companies would have bank accounts and were aware about at least financial eco-system or even the average ROI in savings would they been interested to invest/deposit in fake financial companies? No doubt the answer will be definitely NO. Then why the government is tackling the issue with temporary and ineffective measures? Is someone from political class yet left to be benefited?

These scams have not only victimized the large numbers of depositors but a good number of agents and field workers have also lost their job and their livelihood at the crossroad. This will have a severe impact on the economy of the state. Government should think about their issues too. As we have discussed that banking penetration in the state is poor and due to poor road connectivity and geographical disadvantages banks are not interested to open new brick and mortar branches in the rural area. Keeping in mind the jobless agents and field workers government may push the branchless banking by appointing them as banking correspondent of banks at their respective areas. This will not only increase the banking penetration in the state, also can rehabilitate the agents and field workers as far as their livelihood is concern.

At the same time government should approach other channels to promote financial inclusion and financial literacy. We have the largest network of post offices in the world. These post offices are going to be equipped with Core Banking System (CBS) very soon. If government wishes, these post offices can the agent to change as far as financial inclusion is concern. In the same way there are numbers of professionally managed microfinance companies working in the urban as well as rural areas of the state. These MFIs are doing a tremendous job in terms of woman empowerment and livelihood generation. These MFIs can be approached to promote financial literacy. Two major players RGVN and Ujjivan have already started financial literacy from their own in the state. Government can incentivize their projects to attract more players to adopt financial literacy programme. That will benefit the MFIs as well. Financial literacy amongst the client will help the MFIs to manage NPA, ghost loan, loan sharing and multiple borrowing. Alternatively government can introduce financial literacy in the school curriculum too.

The only necessary thing is good intention of the government to root-out the financial fraud to protect the bottom of the pyramid.
Courtesy:
Submitted by admin4 on 3 May 2013 - 11:10am
Abdul Kalam Azad, TwoCircles.net,
(Abdul Kalam Azad is a Guwahati based student of social work.)
http://twocircles.net/2013may03/rootout_financial_fraud_protect_bottom_pyramid.html

73 'Ponzi' funds will be shut down, says Bengal government

Kolkata : The West Bengal government Tuesday announced it would shut down, by Wednesday, 73 companies against whom the central government has received complaints of indulging in 'Ponzi', or multi-level marketing, schemes.

Making the announcement in the state assembly, Chief Minister Mamata Banerjee said the government was looking into the list of 73 companies named by union Corporate Affairs Minister Sachin Pilot against which the central government has got complaints.

She was speaking in the house after a bill seeking to bring to justice those trying to dupe people by collecting money from them.

"We will close the companies in the next 24 hours," she said.

Banerjee, however, refused to name the companies. "If I say anything it will alert the companies," she later told media persons in the assembly lobby.

Pilot had named the companies during Question Hour in the Lok Sabha March 14.

Banerjee said her government would keep an eye on the financial establishments to ensure poor investors were returned the money.

The chief minister said her government has taken a timely step to pass the bill to protect the interests of the people and it would be an example for the rest of the nation.

She said the relevant bill would be sent to Governor M.K. Narayanan for his signature May 5 once he returns to the state.

Speaking during discussion on the vote of thanks to the governor for his address to the assembly, she alleged that many files and documents of the earlier Left Front regime were now missing, prompting a walk-out by Left Front members.
Courtesy:
Submitted by admin4 on 30 April 2013 - 9:20pm
By IANS,
http://twocircles.net/2013apr30/73_ponzi_funds_will_be_shut_down_says_bengal_government.html

Ponzi pension scheme and pious fraud

TMC MP Kunal Gosh’s arrest perhaps has refreshed your memory of the horrific Saradha scam. If not, let me remind you. Saradha group of companies looted thousands of crores of rupees from the poor people of the states of West Bengal and Assam. It is alleged that West Bengal Chief Minister Mamata Banerjee was fully aware of the detailed functioning of the company and her party was getting maximum benefits from the satellite television channels and newspaper owned by the company. Kunal Gosh claimed that those media houses were working under the direct instructions of TMC. In fact Mr. Gosh claimed that he was compelled to sack one of his editors to satisfy Didi! Same things happened in Assam. Saradha CMD Sudipta Sen himself alleged that a powerful minister of Gogoi cabinet, top cop of the police administration, journalists and even so called artists were benefitted out of his fraudulent company.

Saradha was not the only company to loot the hard earn money of the poor investors of the state. There were many other ponzi companies like ABYSS, Ramel etc etc. We also noticed the operation of the fraudulent pyramid companies like Unipay2You, Royal Forex, Sambav etc in Assam. Those companies also looted thousands of crores. Some of the perpetrators were booked and many got spared.

Another such possible threat of pyramid scheme is going to be exposed through this article. It may be shocking for you to know that this time government welfare scheme National Pension System (NPS) is going to be used as a tool to fool the poor people of the state by some pyramid fraudsters.

National Pension Scheme is a social security scheme by government of India. It is meant to provide a secure retirement life to the citizen of the country keeping in mind the inflation, rising cost of living as well as increased life expectancy. Swavalamban Yojana is designed for the workers of unorganized sector under NPS. It is expected that the scheme will benefit the poor workers to great extend. Under this scheme if the subscriber pays a minimum yearly contribution of Rs. 1000 and maximum Rs. 12000; government will contribution another one thousand to their pension account i.e. Permanent Retirement Account Number (PRAN). This scheme will continue to till FY 2016-17 and may be extended also. No doubt it’s a very good scheme for the poor unorganized workers.

Now let’s see how the pyramid fraudsters are planning to the fool those poor unorganised workers. In the first week of this month (Nov’2013), an NGO is registered under the Societies Registration Act 1860. The organization has designed such a plan that you even can’t raise question to their noble (?) initiative! They will organize awareness camps to promote Swavalamban Pension Scheme (PRAN CARD). To get involved with the campaign you need to donate only Rs. 500/-. Yes! This is not a big deal. In fact they will be helping the poor to get their legitimate entitlements! But they have different plan to benefit you as well. What is the actual plan?

The subscriber needs to pay Rs. 500/- and the organization will liaison with the Point of Presence (PoP) to open his/her NPS account. Pension Fund Regulatory and Development Authority (PFRDA) have identified 58 PoPs all over the country. PoPs are basically banks (both PSU and private), private financial institutions and Department of Posts. The next move is very interesting. The subscriber will be qualified for an income as soon as he adds three subscribers (A, B and C) in his immediate downline and A and C again add three subscribers each as their immediate downline. The first subscriber (Top of the pyramid ToP) will get a bonus of Rs. 200/-.

Now calculate the total amount received by the organization. The organization had added 13 NPS subscribers so far and had collected Rs. 6500/- from the bottom of the pyramid (BoP). The organization will be incurring the expenses Rs. 1300/- for their PRAN card and Rs. 200/- as bonus to the ToP. Thus their net profit is going to be approx Rs. 5000/- from the one single ToP!

Remember if the ToP somehow fails to add a single subscriber he/she will not be eligible to get the bonus amount of Rs. 200/-.

The organization has also a very lucrative award and reward plan. If there is a 100 pairs of countable (A and C only constitutes countable pair, B is not countable!) subscribers, the ToP subscriber will get a tab and if there is 25000 such pairs under the ToP, he will get a Skoda car!

Let us make it easy to guess the total benefit of the pyramid organization from such single ToP subscriber 25000x3x400=30000000. Yes, you are not mistaken; the fraudster can earn a hefty amount of approx Rs. 3 crores! So, giving a skoda car as incentive is not a big deal! We shouldn’t forget that the huge income of the fraudster is nothing other than the great loss to the poor people of the state.

Now let’s examine why such scheme is viable to operate in Assam only. The reason behind the rise of ponzi schemes like Saradha, Jeevan Suraksha, Ramel etc is same with the case of this pyramid schemes. Lack of financial literacy, financial inclusion and the anti-poor attitude of the formal financial system are the major reason behind this menace. Financial literacy is a must to protect the financial vulnerability of the poor of the state. Moreover, the status of financial inclusion is worse in Assam. Business Correspondent model ‘Swabhiman’ has become a liability for the banks. At the same time the 58 PoPs identified by Pension Fund Regulatory and Development Authority (PFRDA) are not poor friendly. The fraudsters can read the weakness of the financial system in Assam and they are making cash on it.

This fraud scheme is reaching the interior parts of the state like wildfire. Districts like Barpeta, Nagaon, Dhubri etc are more prone. In fact a huge network has already been built within a couple of days. Some of the subscribers are even thinking that this is the only way to get the PRAN card!

The fear is not only to lose the Rs. 500 alone, but to lose the entire life savings of the poor unorganized workers. Our fear is based on some crucial documents. We have accessed some documents which clearly indicate that even some of the government machinery is also involved in this fraud campaign. We are not disclosing those documents here to help the administration to nab the fraudsters.

We hope, government will wake up and take action against those pious frauds.
Courtesy:
Submitted by admin4 on 30 November 2013 - 10:48am
By Abdul Kalam Azad,
(Abdul Kalam Azad is a Post Graduate student at Tata Institute of Social Sciences.)
http://twocircles.net/2013nov30/ponzi_pension_scheme_and_pious_fraud.html

साई प्रसाद फूड्स और उसके डायरे€टरों- बालासाहब के. भापकार वंदना बी. भापकार और शंशाक बी. भापकार से आर्थिक व्यवहार न करें - सेबी

दिल्ली. उ‘चतम ‹यायालय ने शारदा चिटफंड घोटाले की सीबीआई जांच की मांग को लेकर दायर याचिका पर केंद्र और बंगाल सरकार को नोटिस जारी किया है. प्रधान ‹यायाधीश ‹यायमूर्ति अल्तमस कबीर की पीठ ने देश में चिटफंड योजनाओं के नियमन के लिए भारतीय प्रतिभूति एवं विनिमय बोर्ड यानी सेबी को अधिक ताकत देने के लिए दायर याचिकाओं को लेकर भी दूसरी रा’य सरकारों और केंद्र को नोटिस दिया.

देश की सबसे बड़ी अदालत ने प्रीतम कुमार सिंह रे तथा सुब्रत चटर्जी की ओर से दायर 2 याचिकाओं पर आदेश पारित किया. इन दोनों याचिकाओं में देश में चिटफंड के कारोबार पर पूरी तरह से पाबंदी लगाने और आगे पैसे को एक˜ा करने पर तˆकाल रोक लगाने की मांग की गई थी.

याचिकाकर्ताओं ने कहा कि उ‹हें पुलिस अधिकारियों में कोई विश्ïवास नहीं है. भारी मुनाफे का लालच देकर निवेशकों को फंसाने वाली योजनाओं पर कार्रवाई के तहत सेबी ने 2 कंपनियों और उसके डायरे€टरों के कामकाज पर रोक लगा दी है.

इनके फंड ट्रांसफर प्रापर्टी के ट्रांसफर और बिक्री पर भी रोक लगा दी गई है. सेबी ने पाया कि साई प्रसाद प्रापर्टीज और साई प्रसाद फूड्स मŠयप्रदेश में जमीन खरीद-बिक्री के नाम पर अवैध तरीके से सामूहिक निवेश योजनाएं चला रही थी.

कंपनी लोगों को 15 से 20 फीसदी सालाना रिटर्न का वादा कर उनसे निवेश के पैसे ले रही थी. अंतरिम कदम उठाने की तˆकाल जरूरत है ताकि किसी निवेशक के साथ धोखाधड़ी न हो. कंपनियों को सेबी के साथ रजिस्ट्रेशन कराए बिना सामूहिक निवेश योजना से संबद्ध योजनाएं नहीं चलाना चाहिए.
साभार:
http://www.navabharat.biz/index.php/notice93

सांई ग्रुप के सुप्रीमो बाला साहेब के खिलाफ कानपुर में FIR दर्ज

साईं ग्रुप के गोरखधंधे के खुलासे की कड़ी में साईं प्रकाश के सीएमडी पुष्पेन्द्र बघेल के बाद अब साईं प्रसाद ग्रुप ऑफ कंपनीज के सीएमडी और सुप्रीमो बाला साहेब भापकर सहित  एक दर्जन लोगों के खिलाफ कानपुर के नौबस्ता थाने में एक FIR दर्ज कराई गई है।

कानपुर के नौबस्ता गल्ला मंडी निवासी बबलू कश्यप ने शनिवार थाने में साई प्रसाद ग्रुप के सीएमडी बाला साहेब भापकर,सीईओ एसएल श्रीवास्तव, वाइस प्रेसीडेंट संजय राय, जोनल अधिकारी शीशपाल यादव, एसआरएम देवदत्त चौधरी, कंट्री टीम कंट्रोलर डॉ.अशोक, डॉ. एके दीक्षित, तरुण यादव, जीपी यादव, ब्रांच मैनेजर निकेत जैन व एसआरएम मुंकद के खिलाफ धोखाधड़ी की विभिन्न धाराओं में मामला दर्ज कराया है।
बबलू का आरोप है कि कंट्री टीम कंट्रोलर डॉ. अशोक ने 17700 रुपया साईं प्रसाद प्रापर्टीज में लगवाया था। जिसके लिए कहा था कि यह पैसा तीन साल में दो गुना, पांच साल में तीन गुना व सात साल में पांच गुना हो जायेगा। साथ ही जमीन का एग्रीमेंट भी होगा लेकिन ऐसा कुछ नहीं हुआ। नौबस्ता पुलिस ने रिपोर्ट दर्ज करने की पुष्टि की है।

साथ ही पुलिस ने साईं प्रकाश ग्रुप से सीएमडी पुष्पेंद्र बघेल व धर्मवीर से रिमांड के दौरान पूछतांछ में लगे सबूतों के आधार पर पड़ताल तेज कर दी है। इसी के चलते साईं ग्रुप से जुड़े दफ्तरों में स्थानीय पुलिस के माध्यम से प्रपत्रों को कब्जे में लेकर जांच पड़ताल शुरू करा दी गई है। वहीं साईं ग्रुप से जुड़े अधिकारियों व अधिवक्ताओं ने भी पैरवी तेज कर दी है।

साभार:
Thursday, March 7, 2013
Posted by Rajawat at 7:46 AM
http://mlmnewspapers.blogspot.in/2013/03/fir-fir.html

नॉन बैंकिंग कंपनी का दफ्तर सील

- जांच अधिकारी को कोई प्रमाण नहीं दिखा सके शाखा प्रबंधक
- ऑडिट रिपोर्ट में भी मिली गड़बड़ी
हमारे प्रतिनिधि, बांका : जिला में नॉनबैंकिंग कंपनियों के खिलाफ प्रशासनिक कार्रवाई जारी है। पूरे जिला के विभिन्न बाजारों में अब तक दो दर्जन से अधिक शाखाएं प्रशासन सील कर चुकी है।

इसी कड़ी में वरीय उप समाहत्र्ता सह बैंकिंग पदाधिकारी प्रभात कुमार के नेतृत्व में प्रशासन की एक टीम ने मंगलवार को बांका शहर के सांई प्रसाद नॉन बैंकिंग कार्यालय पर छापा मारा। कार्यालय के आवश्यक कागजातों की जांच के बाद अधिकारियों ने उसे सील कर दिया।

जांच अधिकारी प्रभात कुमार ने बताया कि छापा के वक्त शाखा प्रबंधक नीरज कुमार सिंहा और कर्मी भी वहां मौजूद थे। बैंक का ऑडिट रिपोर्ट गलत मिला। उन्होंने बताया कि शाखा के पास पब्लिक डिपोजिट के लिए आरबीआई एक्ट का पंजीयन नहीं है। साथ ही प्रोडक्ट बेच कर सामूहिक निवेश का कोई प्रमाण पत्र भी उनके पास नहीं मिला।

जांच अधिकारी ने बताया कि शाखा के अंदर के कागजातों की जब्ती सूची बनाकर शाखा प्रबंधक को सुपूर्द कर दिया गया है। कई आवश्यक कागजात जांच के लिए लाये गये हैं। इसके बाद कार्यालय को सील कर दिया गया है।

वरीय उप समाहत्र्ता ने श्री कुमार ने कहा कि गरीब उपभोक्ता ऐसे बैंकों से बचें। मान्यता प्राप्त बैंक में ही खाता का संचालन का राशि की जमा निकासी करें। उन्होंने कहा कि ऐसे बैंकों के खिलाफ प्रशासनिक मुहिम लगातार जारी रहेगी।

साभार:
Updated on: Wed, 08 May 2013 01:03 AM (IST)
http://www.jagran.com/bihar/banka-10370035.html

हाईकोर्ट ने जारी की 33 MP चिटफंड कंपनियों की लिस्ट, दिए CBI जाँच के आदेश

उत्तर प्रदेश की एकमात्र कंपनी कल्पतरु की ही तरह मध्य प्रदेश में ऐसी 33 कम्पनियां है जिन पर हाईकोर्ट ने तो चाबुक चलाया लेकिन उपरोक्त सभी विभाग और राज्य सरकार उनके जख्मों पर मलहम लगाकर उन्हें काम की पूरी छूट दे रही है।

इन कंपनियों के लिस्ट पर नज़र डालते ही साफ़ हो जाता है कि ये कंपनिया अपने मूल धंधे से अलग हटकर सरकार की नाक के नीचे ही लोगो की गाढ़ी कमाई को कैसे हड़प रही है। कोई कंपनी डेवलपिंग के नाम पर तो कोई मार्केटिंग के नाम पर अपना धंधा चला रही है।

हाईकोर्ट की ग्वालियर बेंच ने जिन कंपनियों के सीबीआई जांच के आदेश दिए उनके नाम निम्न है।
1- मध्य प्रदेश लोक विकास फाइनेंस लिमिटेड
2 - समृद्धा जीवन फूड्स इंडिया लिमिटेड
3 - गरिमा रियल एस्टेट एंड एलायड
4 - सक्षम डेयरी इंडिया लिमिटेड
5 - ग्रीन फिंगर्स एग्रो लैंड मेंटेनेन्स प्राइवेट लिमिटेड
6 - रायल सन मार्केटिंग एंड इंश्योरेंस सर्विस
7 - स्काई लार्क लैंड डेवलपर्स एंड इन्फ्रास्ट्रक्चर इंडिया लिमिटेड
8 - आधुनिक हाउसिंग डेवलपमेंट प्राइवेट लिमिटेड
9 - जीवन सुरभि डेयरी एंड एलायड
10-परिवार डेयरी एंड एलायड लिमिटेड
11- JSV डेवलपर्स इंडिया लिमिटेड
12- KMJ लैंड डेवलपर्स इंडिया लिमिटेड
13- सन इंडिया रीड एस्टेट
14- मधुर रियल एस्टेट एंड एलायड
15- BPN रियल एस्टेट एंड एलायड
16- KBCL प्राइवेट लिमिटेड
17- G N लैंड डेवलपर्स
18- किम फ़यूचर विजन इन्फ्रास्ट्रक्चर डेवलपर्स लिमिटेड
19- P A C L इंडिया लिमिटेड
20- M K D लैंड डेवलपर्स इंडिया लिमिटेड
21- कमल इंडिया रीड एस्टेट एंड एलायड लिमिटेड
22- सार्थक इंडिया लिमिटेड
23- R B N रियल एस्टेट इन्फ्रास्ट्रक्चर इंडिया लिमिटेड
24- साईं प्रसाद फ़ूड इंडिया लिमिटेड, साई प्रसाद प्रापर्टीज
25- गालव लीजिंग एंड फाइनेंस लिमिटेड
26- G C A मार्केटिंग लिमिटेड
27- चन्द्रलोक फिनवेस्ट प्राइवेट लिमिटेड
28- स्टेट सिटिज़न सख सहकारी मार्या
29- मधुर टूरिस्म एंड मर्केंटाइल प्राइवेट लिमिटेड
30- मधुर डेयरी एंड एलायड लिमिटेड
31- रायल सन मार्केटिंग

कभी छोटे मोटे धंधे करके अपनी जीविका चलाने वाले इन कंपनियों के मालिक आज हज़ारों करोडो में खेल रहे है। ऐसी ही एक कंपनी है सक्षम डेयरी इंडिया लिमिटेड और जीवन सुरभि डेयरी एंड एलायड जिनका पहले दूध का व्यवसाय था आज इन कंपनियों ने चिट फंड के बिजनेस में मध्यप्रदेश और आस पास के राज्यों में अपना ऐसा मकड़जाल फैला रखा है जिसमें फंसकर आम आदमी धीरे धीरे अपने मेहनत की कमाई को लुटा रहा है। मध्य प्रदेश में कुकुरमुत्ते की तरह उगी इन कंपनियों ने जहा आम आदमी को धता बताया वही सरकार को भी अपनी पाकेट में रखा।

सीबीआई की आर्थिक अपराध शाखा इनकी जाँच कर रही है लेकिन कैसे कर रही है इसकी जांच कोई नहीं कर रहा ।

ग्वालियर की हाईकोर्ट बेंच जब भी फटकार लगाती है तब जांच के नाम पर कंपनियों के खाते सील कर दिए जाते है, कंपनिया कुछ दिनों के लिए काम बंद करती है फिर पुराने ढर्रे पर वापस आ जाती है। ऐसी ही एक कंपनी है उत्तर प्रदेश से स्थापित की गई कल्पतरु जो मथुरा शहर से संचालित होती है और इसका नाम है केबीसीएल इंडिया लिमिटेड, 'कल्पतरु'|

वर्ष 2002 में रजिस्ट्रार आफ कंपनीज, उत्तर प्रदेश के कानपुर कार्यालय से एक पब्लिक लिमिटेड फार्म का सर्टिफिकेट और आईएसओ नंबर हासिल करे वाली कल्पतरु कंपनी अपने निवेशकों को उनका पैसा दोगुने से साढ़े तीन गुना करने के सपने दिखाती है| इसके अलावा कल्पतरु कंपनी ने देश के 14 राज्यों में सौ से अधिक कार्यालय भी खोल रखे है|

साभार:
Monday, 13 May 2013
Read More on: http://www.mlmharkhabar.com/2013/05/33-mp-cbi.html
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साईं बाबा के नाम पर केंद्र सरकार को धोखा दे रही साईं प्रसाद फूड्स , छत्तीसगढ़ में करोड़ों का कारोबार

पिछले दिनों पुलिस के लगातार पड़ रहे छापे से ये सिद्ध हो रहा है कि साईं प्रसाद फूड्स कम्पनी छत्तीसगढ़ में करोड़ों का कारोबार कर गरीबों के मेहनत की कमाई पर डाका डाल रही है , कंपनी के कई कार्यालय सील किये गए जिसे बाद में अधिकारियों को मोटी रकम दे कर  पुनः खुलवाया गया . छत्तीसगढ़ मुख्यालय में रिंग रोड अशोका मिल्लेनियम स्थित कार्यालय सहित , सारंगढ़ , कांकेर,  कोरबा , जगदलपुर कार्यालयों की लगातार शिकायतों के चलते छापे डाले गए हैं .

दर असल ऐसी और भी नॉन बैंकिंग कम्पनियाँ सरकारी नुमायिन्दों की शह से राज्य के अंदरूनी इलाकों में पैर पसार  रही हैं , इन कंपनियों के एजेंट गरीब आदिवासियों को पैसे कई गुना बढाने का झांसा दे कर  छोटी छोटी राशी वसूल रहे हैं , वहीँ उस राशी के एवज में जमीनों की रजिस्ट्री का भरोसा भी दिलाते हैं , बाद में ये एजेंट या तो कंपनी बंद हो जाने  , या रुपये जमा करने की अनियमितता बता कर रकम डुबो देते हैं , गरीब आदिवासी की पहुँच न होने के कारण रुपये हजम करने में ये कंपनिया करोडो डकार जाती है ,

महाराष्ट्र की साईं प्रसाद फ़ूड कंपनी भी उनमे से एक है , खबर तो ये भी है कि कोर्पोरेट मंत्रालय में मात्र पांच लाख का पेड अप केपिटल दिखा कर ये कंपनी अब तक करोड़ों लूट चुकी है , कंपनी के स्थानीय अधिकारी आनंद मंगल पण्डे अधिकारियों और मीडिया कर्मियों को मैनेज करने में अपना समय व्यतीत करते हैं , पर कुछ सवाल ऐसे है जिनका जवाब इन अधिकारियों के पास नहीं है.  खाद्य उत्पादों के कारोबार की आड़ में इस कंपनी ने ग्रामीणों से करोड़ों रुपये उगाहे हैं , भारी ब्याज का झांसा देकर ये कंपनी फिक्स डिपोसिट , बीमा , जमीन जैसे कारोबार भी ग्रामीण अंचल में कर रही है , स्थानीय सूत्रों के अनुसार इस कंपनी ने बिना कोलोनैजर लायसेंस लिए ही छत्तीसगढ़ में जमीनों की खरीद फरोक्त कर रखी है .  
साभार:
09/03/2011 10:10:09 
http://exposecg.com/NewsDetail.aspx?ID=78

सांई प्रसाद प्रापर्टीज लिमि‍टेड ने लोगों को ठग कर किए करोडो के वारे न्‍यारे

सांई प्रसाद प्रापर्टीज  के बारे में रिर्जव बैंक से भी जानकारी मांगी गई

सांई प्रसाद प्रापर्टीज लिमि‍टेड के बारे में रिजर्व बैंक ऑफ इंडिका से जानकारी मांगी गई है ।  इस संस्‍था के खिलाफ राजेंद्र नगर थाने में पिछले दिनों शिकायत की गई थी । जिसमें बताया गया कि संस्‍था के द्वारा प्रदेश के सैकडों लोगो से कम समय में धन दुगुना करने का झासा देकर तथा बीमा पॉलिशी के नाम पर ठगी की जारही है । प्रदेश के सैकडों लोगों से अब तक करोडों रूपये की वसूली की जा चुकी है । पुलिस मामले की पडताल कर रही है । संस्‍था के खिलाफ फिलहाल जुर्म दर्ज नहीं किया गया है ।

राजेन्‍द्र नगर थाने में पिछले दिनों शंकर नगर निवासी सतीश सिंह ने लिखित शिकायत की थी जिसमें बताया गया था कि मिलेनियम प्‍लाजा प्रथम तल स्थित सांई प्रसाद प्रापर्टीज लिमिटेड द्वारा शहर में अवैध रूप से सैकडों एकड् जमीन प्‍लाटिंग कर प्रदेश की भोली’भाली जनता से कम समय में धन दुगुना करने और बीमा पॉलिशी के नाम पर करोडों रूपए डिपाजिट कराए जा रहे हैं । भूमि प्‍लाटिंग के लिए कालोनाईजर्स लासेंस कलेक्‍टर के द्वारा दिया जाता है । इस संस्‍था के पास कालोनाईजर्स के लिए लाइसेंस नहीं है ।

शिकायत में बताया गया है कि संस्‍था के एजेंट गांव-गांव में घूम कर लोगों को कम समय में धन दुगुना करने और बीमा पॉलिशि बेचने के नाम पर झासा देकर वसूली कर रहे हैं ।

जानकार सूत्रों के मुताबिक संस्‍था के द्वारा शहर और प्रदेश के सैकडो लोगो से करोडो रूपए डिपाजिट कराया जा चुका है । राजधानी के राजेंद्र नगर थाने में मामले की शिकायत की गई है लेकिन अब तक इस मामले में जुर्म दर्ज नहीं किया गया है । मामले की शिकायत राज्‍यपाल और मुख्‍यमंत्री से न्‍याय की गुहार लगाई है।

इस संबंध में राजेन्‍द्र नगर थाना प्रभारी श्रुती सिंह ने बताया कि यह मामला बैंकिंग का है । आरबीआई और दूसरे विभागों से जानकारी मांगी गई है । दस्‍तावेज मिलने के बाद उचित कार्यवाई की जाएगी ।

साभार:
21/02/2011 15:00:59
http://exposecg.com/NewsDetail.aspx?ID=63

मध्यप्रदेश में सांई के नाम पर जारी है ठगी

इंदौर।सांई के नाम पर ठगी का जाल फैलाकर गरीब और मध्यमवर्गीय तबके को शिकार बनाने वाली कंपनियां प्रदेश में तेजी से पनप रही हैं।

चिटफंड कंपनी सांई प्रसाद की पोल खुलने के बाद इसकी जांच जारी है और इस बीच, निम्न एवं मध्यमवर्गीय परिवारों को प्रॉपर्टी में जबर्दस्त कमाई का लालच देकर वसूली करने वाली तीन नई कंपनियां, सांई सर्वोत्तम एजुसाफ्ट कॉर्पोरेट सर्विसेस प्राइवेट लिमिटेड, सांई सर्वोत्तम संपत्ति प्राइवेट लिमिटेड व एसएसएस कॉर्पोरेट ग्रुप सामने आई हैं। वैसे तो ये कंपनियां सालभर से चल रही हैं, लेकिन पत्रिका ने इनकी पड़ताल की तो गोरखधंधे के चौंकाने वाले तथ्य सामने आए हैं। दोनों ही कंपनियो के तकरीबन 25 हजार से अधिक सदस्य हैं, जिनसे लाखों रूपए जुटाए जा चुके हैं।

किसी की मंजूरी नहीं
- एजेंटों को 20 फीसदी का कमीशन दिया जाता है।
- कंपनी के पास केवल कॉरपोरेट मंत्रालय का रजिस्ट्रेशन है जो कि एक सामान्य कंपनी के रूप में रजिस्टर्ड है।
- निवेश स्वीकारने के लिए न तो सेबी और न ही आरबीआई से अनुमति ली गई है।

नहीं दिया जवाब
इस संबंध में पत्रिका ने रवि शर्मा और हरिनारायण डांगी से संपर्क किया, लेकिन दोनों में से किसी ने भी इस संबंध में चर्चा नहीं की। कंपनी के यह दोनों प्रमुख डायरेक्टर है।

डायरेक्टर
रवि शर्मा, रामदेव मोटर्स के पास, आगर, जिला शाजापुर
निधि शर्मा, एच-5, हाउसिंग बोर्ड कॉलोनी, झाबुआ
हरिनारायण डांगी, सुदर्शन नगर, सारंगपुर, राजगढ़

ये कंपनियां अपना कॉर्पोरेट ऑफिस इंदौर में खोलती हैं, जबकि ब्रांच ऑफिस मालवांचल और निमाड़ के छोटे-छोटे शहरों में खोले जाते हैं।
धार, झाबुआ, मंदसौर, नीमच, रतलाम और देवास जिलों एवं गांवों में कार्यालय खोलने शुरू कर दिए हैं।
100 रूपए मासिक से लेकर 50 हजार रूपए तक का निवेश स्वीकार कर रही हैं।
हर माह छोटी-छोटी किस्तों के बदले एक बांड भी जारी किया जाता है।

कंपनियां
1. सांई सर्वोत्तम एजुसाफ्ट कॉर्पाेरेट सर्विसेस प्रालि 2. सांई सर्वोत्तम संपत्ति डेवलपर्स एंड इंफ्रा. प्रालि
3. एसएसएस कॉर्पोरेट ग्रुप

साभार:
राजेश जोशी
Yogendranath Dixit द्वारा 29th April पोस्ट किया गया
http://shribhrashtachar.blogspot.in/2013/04/blog-post_1444.html

देवघर में चल रही 27 कंपनियां आरबीआइ से निबंधित नहीं

पटना /देवघर: देवघर में जिन 27 कंपनियों को झारखंड सरकार ने सील किया है वह सभी कंपनियां रिजर्व बैंक ऑफ इंडिया से निबंधित नहीं है. रिजर्व बैंक ने झारखंड उच्च न्यायालय में हलफनामा दायर कर यह जानकारी दी है.

जानकारी के मुताबिक सोमवार को यह हलफनामा दायर किया गया है. रिजर्व बैंक के मुताबिक बिहार झारखंड से मात्र दो ही कंपनियों को निवेशकों से जमा लेने का लाइसेंस जारी किया गया है. यह कंपनियां हैं - ओपेल फिनांस और गृहस्थ फिनांस. दोनों का मुख्यालय पटना में है. अधिकारियों के मुताबिक 30 नवंबर, 2012 को जारी सूची के मुताबिक देश भर में महज 265 कंपनियों को आम लोगों से जमा लेने का लाइसेंस निर्गत है. देवघर में जिन कंपनियों को झारखंड सरकार ने सील किया है और रिजर्व बैंक ने कहा कि यह कंपनियां उनके यहां निबंधित नहीं है उनकी सूची इस प्रकार है.

कंपनियों के नाम
केयर विजन म्यूच्यूअल वेनीफिट लि.,
सुराहा माइक्रो फाइनेंस,
सन प्लांट एग्रो ग्रुप,
प्रयाग इंफोटेक हाइ राइज लि.,
साईं प्रसाद प्रोपर्टीज लि,
फेडरल एग्रो कॉमर्शियल लि,
गुलशन निर्माण इंडिया लि.,
तिरूबालाजी राइजिंग रियल स्टेट प्राइवेट लि.,
एलकेमिस्ट इन्फ्रा रियल्टी लि,
धनोलटी डेपलपर्स लि.,
कोलकाता वियर इंडस्ट्री लि.,
संकल्प ग्रुप ऑफ कंपनीज,
वियर्ड इन्फ्रा स्ट्रक्चर्ड कॉरपोरेशन लि.,
रूफर्स मार्केटिंग लि.,
सनसाइन ग्लोबल एग्रो लि.,
रमल इंडस्ट्रीज लि.,
इनॉरमस इंडस्ट्रीज लि.,
एक्सेला इन्फ्रा स्ट्रक्चर एंड डेवलपमेंट लि.,
गीतांजलि उद्योग लि.,
एम.पी.ए एग्रो एनिमल्स प्रोजेक्ट्स लि.,
जुगांतर रियल्टी लि.,
एटीएम ग्रुप ऑफ कंपनीज,
मातृभूमि मनुफैक्चरिंग एंड मार्केटिंग (आइ) लि.,
रोज वेली होटल्स एंड इंटरटेनमेंट लि.,
बर्धमान सन्मार्ग वेलफेयर सोसायटी,
अपना परिवार एग्रो फॉर्मिग डेवलपर्स लि.
वारिस ग्रुप एंड अर्सदीप फाइनांस लि.

साभार:
04 May 2013
http://www.prabhatkhabar.com/news/2722-story-article.html

चिट-फंड व नन बैंकिंग कंपनियों पर छापा

भागलपुर: एसएसपी के निर्देश पर भागलपुर पुलिस टीम ने शुक्रवार को चिट फंड व नन बैंकिंग कंपनियों की स्थानीय शाखाओं में छापेमारी की. छापेमारी दोपहर लगभग बारह बजे साईं प्रसाद प्रोपर्टिज लिमिटेड व साईं प्रसाद फुड्स लिमिटेड के कार्यालय में की गयी. इस दौरान कार्यालय में उपस्थित मैनेजर अश्विनी सिंह ने पुलिस टीम को कंपनी के कागजात दिखाये लेकिन पुलिस टीम उक्त कागजात से संतुष्ट नहीं हुई.

पूछताछ के दौरान पुलिस को बताया गया कि मध्यप्रदेश के भोपाल के लोग यहां कार्यरत हैं. कंपनी मध्यप्रदेश की है. लेकिन पुलिस को आरबीआइ का रजिस्ट्रेशन व सेबी की गाइड लाइन के कागजात उपलब्ध नहीं कराये जा सके. पुलिस टीम ने कंपनी के मैनेजर को उक्त कागजात के सत्यापन के लिए आदमपुर थाना बुलाया है.

छापेमारी टीम में पुलिस उपाधीक्षक विधि व्यवस्था मो फरोगुदीन, पुलिस निरीक्षक विधि व्यवस्था अमरनाथ तिवारी, कोतवाली इंस्पेक्टर कुमोद कुमार, मोजाहिदपुर इंस्पेक्टर मो जमील असगर, नाथनगर इंस्पेक्टर मो महफूज आलम, आदमपुर थानाध्यक्ष संतोष कुमार, बरारी थानाध्यक्ष अमर कुमार, तिलकामांझी थानाध्यक्ष जहांगीर आलम व तातारपुर थानाध्यक्ष संजय विश्वास शामिल थे.

साभार:
04 May 2013
http://www.prabhatkhabar.com/news/2760-story-article.html

साईं प्रासद ग्रुप के सीएमडी समेत 12 के खिलाफ मुकदमा

कानपुर, प्रतिनिधि : साईं ग्रुप के गोरखधंधे के खुलासे की कड़ी में साईं प्रकाश के सीएमडी के बाद साईं प्रसाद ग्रुप ऑफ कंपनीज के सीएमडी बाला साहेब भापकर समेत एक दर्जन लोगों के खिलाफ नौबस्ता थाने में एक मामला दर्ज हुआ है।

नौबस्ता गल्ला मंडी निवासी बबलू कश्यप ने शनिवार नौबस्ता थाने में साई प्रसाद ग्रुप के सीएमडी बाला साहेब भापकर,सीईओ एसएल श्रीवास्तव, वाइस प्रेसीडेंट संजय राय, जोनल अधिकारी शीशपाल यादव, एसआरएम देवदत्त चौधरी, कंट्री टीम कंट्रोलर डॉ.अशोक, डॉ. एके दीक्षित, तरुण यादव, जीपी यादव, ब्रांच मैनेजर निकेत जैन व एसआरएम मुंकद के खिलाफ धोखाधड़ी की धाराओं में मामला दर्ज कराया है।

बबलू का आरोप है कि कंट्री टीम कंट्रोलर डॉ. अशोक ने 17700 रुपया साईं प्रसाद प्रापर्टीज में लगवाया था। जिसके लिए कहा था कि यह पैसा तीन साल में दो गुना, पांच साल में तीन गुना व सात साल में पांच गुना हो जायेगा। साथ ही जमीन का एग्रीमेंट भी होगा लेकिन ऐसा कुछ नहीं हुआ।

नौबस्ता पुलिस ने रिपोर्ट दर्ज करने की पुष्टि की है। दूसरी तरफ पुलिस ने साईं प्रकाश गु्रप से सीएमडी पुष्पेंद्र बघेल व धर्मवीर से रिमांड के दौरान पूछतांछ में लगे सबूतों के आधार पर पड़ताल तेज कर दी है। इसी के चलते साईं ग्रुप से जुड़े दफ्तरों में स्थानीय पुलिस के माध्यम से प्रपत्रों को कब्जे में लेकर जांच पड़ताल शुरू करा दी गई है। वहीं साईं ग्रुप से जुड़े अधिकारियों व अधिवक्ताओं ने भी पैरवी तेज कर दी है।

साभार:
http://in.jagran.yahoo.com/epaper/article/index.php?choice=show_article&location=30&Ep_relation=8&Ep_edition=2013-02-10&articleid=111761557572569688

Finance companies violating RBI, Sebi norms

GUMLA: The financial establishments here, which were sealed on Monday, were violating directives of the Reserve Bank of India and the Securities and Exchange Board of India (Sebi).

Local branch managers of Sai Prakash Properties Development, Sharaddha Realty India Ltd, BN Gold Real Estate and Allied Ltd, Arshdeep Finance Ltd and Sahaji Marketing Ltd in Gumla town failed to present any documents relating to RBI and Sebi, Gumla SDO Girija Shankar Prasad said in his report to DC Praveen Shankar.

The SDO said all these financial companies were functioning as banks without any basis for the same. "During the inquiry, it came to fore that these establishments have appointed many agents to lure innocent villagers by offering 10-15% commission to them and getting deposits by promising maturity amount as double or even more on them in a very short duration." Prasad said.

In Basia block headquarters and nearby Konbir, offices of Kolkata Ware Industries and Multinational Group of Companies were also sealed on Monday.

The SDO has recommended constitution of team to be led by a senior officer and consisting of a district account officer, a senior officer of any nationalized bank and a legal adviser to probe in detail into their activities and legality of their operations.

Courtesy:
TNN Mar 27, 2013, 09.06AM IST
http://articles.timesofindia.indiatimes.com/2013-03-27/ranchi/38069528_1_sebi-norms-finance-companies-sdo-girija-shankar-prasad

Sebi gets teeth to crack down on suspect investors

Govt okays amendment to Sebi Act to give it powers to track phone records, regulate ponzi schemes
In a move that is expected to help track rampant insider trading in the Indian stock market, the government on Wednesday allowed securities regulator Sebi to monitor call data records of investors and conduct searches at companies suspected of wrong doing.

The Cabinet, which met in New Delhi, also approved a proposal to amend the Sebi Act allowing Sebi to regulate ‘chit fund’ schemes, Reuters quoted Praful Patel, a cabinet minister, as saying.

“This (tracking call records) is a very good step. It will elevate the powers of Sebi in insider trading cases closer to those in the United States,” said J N Gupta, a former Sebi executive director and founder of proxy advisory firm Stakeholders’ Empowerment Services (SES).

The famous insider trading cases involving Rajat Gupta, former McKinsey managing director, and hedge fund manager Raj Rajaratnam, in the US were nailed through detailed analysis of call records.

“This is a significant step. In insider trading cases, what usually so happens that price-sensitive information is passed on by one person to another, mostly through telephone calls, when a corporate event is about to happen. Information is passed on either to buy or sell securities. Sebi can now ask telecom companies for call records of suspected persons on specified days,” said M S Sahoo, member of the Institute of Company Secretaries of India (ICSI) and former wholetime member at Sebi.

Sahoo said till now telecom companies could refuse to provide such information citing them as “confidential and invasion of privacy” of persons.

The move to get call records will also help Sebi in all other investigations also, said Gupta of SES. Among others, the Sebi chairman would have the powers to authorise conducting of search and seizure.

At present, Sebi can conduct search and seizure only after approval from the chief metropolitan magistrate, but this provision is often seen as delaying proceedings and hampering the confidential nature of probe.

The move to allow Sebi to regulate chit funds is another big step to end several hundreds of ponzi schemes across the country.

Companies such as Sahara group of Subrato Roy to West Bengal-based Saradha group have been collecting thousands of crores from millions of investors without proper permission or scrutiny. Lack of clarity on who would regulate such money-mobilising schemes helped such activities to spread rampantly.

“Chit funds were considered ‘orphans’ on the question of regulatory body,” Gupta explained.

Sebi has been booking several firms which run the so-called ‘Collective Investment Schemes’, which lure investors to put money in multi-level marketing schemes or schemes that invest in holiday membership schemes (Rose Valley group), ‘potato purchase’ scheme (Sumangal Industries) etc.

On Wednesday, for instance, Sebi prohbited Sai Prasad Properties, which have been collecting money from investors in Mumbai and Goa, among others, from raising funds under any of its schemes.

“There was no clarity on who would regulate such schemes. Till now, in some cases it will fall with the Companies Act. Even State governments come in the way,” explained Sahoo, adding that the amendment will help Sebi tackle the menace of ponzi schemes.

Gupta of SES, however, said it will be difficult to regulate and curtail ponzi schemes completely until there is effective coordination between the Reserve Bank of India and Sebi. “RBI has to create sensitivity across all the bank branches. Banks should be alerted to report any sudden suspicious transactions in any accounts,” he said.

Sebi has been seeking an overhaul of regulations as well as mandate for a long time, given the changing nature of the securities market in general, and newer tools being used by manipulators to take gullible investors for a ride, in particular.
Courtesy:
By Rajesh Abraham   
Jul 17 2013 , Mumbai
http://www.mydigitalfc.com/news/sebi-gets-teeth-crack-down-suspect-investors-520

Sebi restrains two firms, their directors in ponzi crackdown

New Delhi, Jul 17 (PTI) Continuing its clampdown against illegal money-collection schemes promising huge returns, Sebi today restrained two companies and their directors from raising further public funds and asked them not to divert any funds or sell any properties till further orders.

The regulator found that Sai Prasad Properties and its group company Sai Prasad Foods were running unauthorised Collective Investment Schemes (CIS) in the name of sale and purchase of land parcels from thousands of people in Madhya Pradesh and other areas with promise of total money back along with returns of 15-20 per cent per year.

The returns were linked to the new investors added by the existing investors, giving them a shape of ponzi schemes.

Passing two separate orders against these companies and their directors, the regulator said it felt it necessary to take immediate interim steps to ensure that no investors are defrauded. It said the companies are prevented from further carrying on with their fund mobilising activity related to ''collective investment scheme'', without registering with Sebi.

As per the orders, Sai Prasad Foods and its directors -- Balasaheb K Bhapkar, Vandana B Bhapkar and Shashank B Bhapkar -- have been asked not to collect any more money from investors including under the existing schemes. They have been barred from launching any new schemes as well.

Besides, they have also been ordered not to dispose of any of the properties or alienate any of the assets of the schemes and not to divert any funds raised from public at large which are kept in bank accounts and/or are in its custody.

Similar orders have been passed against Sai Prasad Properties and its directors/promoters -- Balasaheb K Bhapkar and Vandana B Bhapkar.

Sebi has asked the two companies and their directors to file their replies, if any, within 15 days. .
Courtesy:
Thu, 18 Jul 2013 17:32:38 GMT
http://news.in.msn.com/business/article.aspx?cp-documentid=253396990

Chit fund companies defy HC order, CBI probe - Scam-dance continues

Lucknow: A number of chit fund companies have rapidly seen growth in the last decade. There are dozens of companies, illegal in the eye of government, that are running in Uttar Pradesh, Madhya Pradesh, Rajasthan, Bihar, Haryana and many more states, where they are flourishing by the day on the promise of paying back the amount, added with 15-20 percent interest to the investors. Companies have worked upon several schemes as per investor’s financial potential, and are thereby assaulting the families economically. The government is well known of the datum and Gwalior bench of Madhya Pradesh High Court has even nodded in yes, at the presence of such companies, ordering a CBI probe into the same but the investigating agency has been slothful to take down these companies and nab the culprits. One of the recent example of such company, that came in to limelight, is Saradha Group, where the investors and employees were taken to the edge of braving “rigged” circumstances where many committed suicide and others were thinking to.

The chit fund scam from West Bengal, which surfaced in April saw the income of several families, going in the dump. Millions hoarded to the company in the pursuit of secure investment and invested their income, which for many came as daily wages into it for the guarantee that it will act as their insurance for a secure future. The supervising division of the group had everything planned to make sure that people invest in the company. In order to win the trust of commoners, they named the company after the wife of a blest saint Swami Ramkrishn Paramhans, Saradha Devi. The group penetrated by keeping agents from the same communities they aimed for, again for building faith in public. The syndicate even took help of a Bengali film for winning trust and even recorded its presence in real estate sector. But there is no clue of where the investors’ amount stands today.

Majority of populace, living in northern India, come under low income bracket. They are the ones who fall for the deception as collecting the amount in the bank does not guarantees them the 15-20 percent, vowed by these companies. Company agents convey the investors that it will be buying land with the expanse of collected investment and later will return the amount with interest from the profits earned by reselling the land.

Kalptaru Biotech Corporate Limited/KBCL India Ltd. and KMJ land Developers are two such companies that have got the same business flourishing in ten states including Uttar Pradesh, Madhya Pradesh, Bihar, Rajasthan, Chhattisgarh, Odisha and Haryana. Both these companies work on similar grounds and strategies. KBCL India Ltd. Operates from Mathura and KMJ Land Developers is operated from Gujarat via super luxury offices. The smallest link to this widespread business is the agent, who works on commission and brings business from small towns and other citizenry. The company has a variety of schemes according to the capability of investors, ranging from Rs 100/month to one time investments.

According to the information given by the officials of KBCL to CBI, the company is running since 1993. It then got registered in Company Registrar Office in Kanpur, in 2003. The chief grind of KBCL was building, expansions of residential colonies in city and villages, building residential apartments, plotting and acquisition of land lease. This company is involved only in real estate business. Company says that it has got clients which opt for either installments or invest in a lump which, according to the rules and regulation of the company, are specified a piece of land. Those who capitalize the amount in one go, the land is allocated to them after a year and those who furnish the amount in installments, the land is allocated after they have paid 50 percent of the amount. The registry of the land is prepared after 100 days of land allocation to one time investors while the registry of the land comes after a year for those involved in installment schemes but only after they have worked upon the scheme and paid all the installments.

Until March 2012, company had 3,97,532 clients, to whom 15,51,381.5 square yards of land was allocated. 14,706 allocation letters were issued during the period, out of which 13,911, according to the policy, rendered full investment amount to the company. According to the CBI report, there is no mention of this fact in company’s contract that after the completion of the policy, there is a choice of giving an approximated value of the land instead of the land itself. Also the land, on which the company is trying to score a client, is disputed.

Since most of the investors (falling in low income bracket) do not go deep in extracting details of the company, for them it is mere a finance company that gives higher interest rates than banks therefore investing in it, sounds a lucrative deal to them.

Reasons why these companies are mushrooming?
- Uneducated investors find the 15-20 percent interest rates by these companies, more ideal than the 4-8 percent rate given by government banks or other institutions. For them, finding a quicker way to grow their income is a priority.
- People have to go through lots of formalities to open an account while companies put agents in between and issue a policy in no time.
- Commission seeking agent comes and collects the installment on time whereas in government policies, people stand in queue for hours.
- Illiterate investors are ignorant in finding the reality of the company or what it does with the money pooled with such schemes.

The Reality
- These companies are only registered as real estate companies, thereby, they only have the authority to sale-purchase land and develop residential infrastructure. They do not have permission to collect capital investments from market.
- The company distributes 40 percent part of the investors’ money to the 12-level agent chain as their commission which comes down to 10 percent in 2nd year and 6 percent in 3rd year.
- According to Indian Banking Act 1949, these companies are not authorized to run such fiscal schemes and collect money from any person. Investing in capital markets too is illegal according to SEBI.
- The allocation of land only happens after investors have given 60 percent of the total amount. And proceeding of giving land to the client happens after complete investment has been melted via policy.
- Investors face problems in withdrawing their money if they fail to give installments, timely.
- The money is invested in the form of fixed deposit which cannot be withdrawn in between.
- Acquisition of land lease is mere a formality to play with legalities.

In a PIL filed in the Gwalior bench of Madhya Pradesh High Court, request for probe has been asked against 33 such companies. Court, on PIL number 3332/2010, ordered CBI to investigate the matter since it was related to lakhs of investors having low incomes. The preliminary investigation has revealed that the companies (listed at the bottom) are illegally involved in collecting investments from capital market via chit fund schemes.

Out of 33, there are 20 companies which have been found to have running the business in 15 states including Madhya Pradesh. A commissioner was appointed to lead the CBI enquiry into the matter. The court said that the enquiry is necessary for country’s economy and for the interest of common man. However, CBI Bhopal was unable to go deep into the investigation and hence the inquiry was transferred to the EQ-III branch, CBI, New Delhi. But still, no action has been taken against these companies nor have they been ordered to, at the least, stop their fraudlent craft in the form of chit fund schemes. SEBI, ED, IT Department, State Government, Company Law & Order Board haven’t turned to even get hold of what these companies are up to.

An ex manager at Meerut branch of KALPTARU, Ataullah Khan shares, “I was getting salary plus commission on deposits, I worked hard and connected many people and got approx. Rs 37 Crore deposits within 6 years as FD/TD/RD, but I was not knowing about company profile. A year ago, company closed all the offices in western UP. After that the investors never got their return.”

He even tells about the difficulties he faced after the company took a trip, out from the state. Explaining he was hassled by the investors, he says, “I have returned some amount to investors from my commission and promised that company will return their investment and reopen offices too. But investors came to my house on everyday basis. I ran away and left my village permanently with family.” The report of same was sent to several DIGs and IGs of the state but it only gained frozen responses.

As one can see, the company not only cheated investors but in a way, did a double-dealing with its employees too.

Companies Under Scanner
- Madhya Pradesh Lok Vikas Finance Ltd.
- Samruddh Jeevan Foods India Ltd.
- Garima Real Estate and Allied
- Saksham Dairy India Ltd.
- Green Fingers Agro Land Maintenance Private Ltd.
- Royal Son Marketing and Insurance Service
- Sky Lark Land Developers and Infrastructure India Ltd.
- Adhunik Housing Development Pvt. Ltd.
- Jeevan Surbhi Dairy and Allied
- Parivar Dairy and Allied Ltd.
- JSV Developers India Ltd.
- KMJ Land Developers India Ltd.
- Sun India Real Estate
- Madhur Real Estate and Allied
- BPN Real Estate and Allied
- KBCL Pvt. Ltd.
- GN Land Developers
- Kim Future Vision (Kim Infrastructure & Developers Ltd.)
- PACL India Ltd.
- MKD Land Developers India Ltd.
- Kamal India Real Estate and Allied Ltd.
- Sarthak India Ltd.
- RBN Real Estate and Infrastructure India Ltd.
- Sai Prasad Food India Ltd. & Sai Prasad Properties
- Galav Leasing and Finance Ltd.
- GCA Marketing Ltd.
- Chanderlok Fin-vest Pvt. Ltd.
- State Citizen Sakh Sehkari Marya
- Madhur Tourism and Markential Pvt. Ltd.
- Madhur Dairy and Allied Ltd.
- Royal Sun Marketing

Pardaphash will bring you the status report of the CBI enquiry on these chit fund companies soon. If you are an investor in any such finance company, we advise you to stay alert otherwise you too can fall prey to the same.

Courtesy:
Published: Mon, 13 May 2013 at 03:30 IST
http://www.pardaphash.com/news/chit-fund-companies-defy-hc-order-cbi-probe-scamdance-continues/713059.html?device=android&w=1366&h=597

‘Funding’ corruption

Somaiya alleges massive chit fund fraud in state with political patronage

Former BJP MP Kirit Somaiya yesterday alleged of a massive chit fund scam running into Rs.10,000 crores involving 10 lakh small time investors and 100 odd Ponzi companies brewing in the state.

Speaking to newspersons at Mantralaya, the BJP leader alleged that two years after the Speak Asia scam came to light the government has not woken up to repeated complaints. He added that such chit funds by Ponzi companies were not possible without the tacit support of those in power.

The former BJP MP alleged that NCP Minister for Tribal Development had inaugurated party worker Baba Gaikwad’s agent office of Ponzi firm Sai Prasad Group at Pimpri-Chinchwad. He said that in one such case Pune ACB trapped local police trying to settle a case of Samruddhi Jivan Foods a Ponzi company from Jalgaon for Rs.65 lakhs. Somaiya stated that despite giving documents and list of 31 such companies, five of whom which are headquartered in Maharashtra six months ago but no action was taken.

Accusing the Mumbai EOW of cover-up deals, he wanted to know why the probe was being stalled.

Somaiya wanted the government to issue warning to owners of all these companies not to indulge in chit fund activities, caution the small investors against investing in such companies. He further demanded that the government immediately set up task force of market regulators and investigators like RBI, Sebi, Company Affairs, Enforcement Directorate, Income Tax and EOW to investigate Ponzi companies which are promising 20 to 25 percent returns on investments in just a year.

The former BJP MP argued that after the Speak Asia scam surfaced some of the 100 odd Ponzi companies saw their investment capital grow from Rs.5 crores to Rs.500 crores. He stated that in March last the Centre informed the Lok Sabha that there were no Ponzi companies operating in Maharashtra.

Somaiya alleged that such companies could not be flourishing in the state without political patronage.
Courtesy:
Tuesday, April 30, 2013
By Prashant Hamine
http://www.afternoondc.in/city-news/funding-corruption/article_81442