Duck meat racket in Gadval, camouflaged money circulation, unauthorised deposit mobilisation

A racketeer in Gadval town in Mahaboobnagar district launched a money circulation scheme and unauthorised deposit mobilisation. This is a classic case of introducing new product altogether. The fraudster started a company in the name of Duck Development Society. The idea is to purchase ducklings, rear them and sell its meat to the customers. The dubious novelty of the plan, the Society is purchasing ducklings with the money of public inducing them with huge returns within a short span. This is openly flouting the rules of Reserve Bank of India to mobilise deposits and inducing the public with quick and easy money. And the members who introduced more members are offered Rs. 300 per membership.

This type of inducement squarely falls within the description of easy and quick money and attracts the provisions of Prize Chits & Money Circulation Schemes (Banning) Act, 1978.

The recent judgement of the Supreme Court categorically stated that offering easy and quick money is illegal and comes under the mischief of the above Act.

Let us look at the modus operandi of the new fraudster. Every member has to register his name with the society by paying Rs. 3,000 (Now it has gone up to Rs. 5,000). After registration, each member has to pay Rs. 20,000 to enable the society to purchase 500 ducklings at the rate of Rs. 24 each. And now the Society rears the ducklings with the rest of the Rs. 8,000. After ducklings grew and become ducks, its meat would be sold to the bulk customers at the rate of Rs. 500 per kg. Any clue, who would purchase duck meat for Rs. 500 per kg. That is the bait.

Now there is a big queue before the office of the society to become members.

It is said that the Society had already collected money from 5,000 members. Reports said that a farmer sold his property and paid Rs. 40 lakh to the society to become billionaire overnight.

Before people and the police realised what happened the organisers of the society would become billionaire and may vanish too.

Some youth who smelled rat with the scheme contacted this blogger and informed about the racket. They said that they had approached the police but they did not entertain their complaint.

Police have yet to detect the racket behind this big fraud. What is funny is that they have yet to identify the purchaser who buys duck meat for Rs. 500 per kg.