GoldQuest racket rocks Andhra Pradesh

There has been uproar all over Andhra Pradesh over the GoldQuest racket in which a sizable number of top shots were involved making a biggest racket in recent times.

GoldQuest International Ltd is a registered company under Companies Act with its registered office at Chennai and it has entered India on the pretext of foreign direct investment. In fact, it started multilevel marketing and garnered several tens of millions of rupees in the name of selling memorabilia including gold and silver coins and others to the gullible people promising nothing short of moon. People were promised that they would get enormous money if they sell the same memorabilia in future as they would get numismatic and antique value. People were also lured into bringing in more members into the scheme to get huge commissions. What the company exactly did was the money circulation scheme which was banned way back in 1978 with a perfect enactment.

If a member is sponsored by an existing member, he is eligible for becoming a member and in turn he can sponsor further two more members. They in turn can sponsor two more members each and one can easily understand that it is a money circulation scheme. But strangely, neither the government officials, nor the Police Department took cognizance of the offence and the company continued the plundering for at least a decade. This resulted in heavy outflow of Indians’ hard-earned money which may be at least Rs. 10,000 crore at a rough estimate.

The money circulation scheme should stop at a logical end and this also reached a stagnation point where no new person is interested in taking membership. Naturally, the persons who joined late are the losers and they started pestering their upline members for refund of money. When they did not get their money back, they started filing cases in police stations.

So far, cases were filed against a number of doctors and other professionals who were attracted to the scheme for the easy and quick money. Naturally, they have taken advantage of their relationship with their clients and made them members in the scheme. Now they repent and say that they were not aware of that the scheme was illegal. They forgot that “ignorantia juris non excusat”. Ignorance of law is no excuse. They are running helter skelter to save their skin and recover their lost glory. They have turned out to be criminals.

Wait and Watch what will in store for them in future. Many of them have already appealed to the Andhra Pradesh High Court for anticipatory bails.

One thing we wish to mention. Your Corporate Frauds Watch has been instrumental in filing cases against these unscrupulous, money mongering people. Watch this space for more news soon.