Agrigold, an AP-based company is spreading its tentacles fast through the State of Andhra Pradesh. Its owner Mr V R Rao is a former employee of now extinct Golden Forest Ltd, which vanished with several hundreds of crores of public money with the promise of easy and quick money and now facing criminal cases. It never returned the deposits it collected from public with the promise of high returns. Its representatives then claimed that it has huge tracts of land all over India and there is no threat to their deposits with the company. They never revealed that the company has no permission from the Reserve Bank of India to collect deposits from public.
Now, Golden Forest's employee is enacting the same drama and collecting deposits from public. The promise is same. The company owns several hundreds of acres and if necessary it would be sold to repay the depositors. This company also has no permission from the Reserve Bank of India.
Not surprisingly, these depositors are from the lowest strata of the society. The daily wage earning labourers are induced to deposit as low as Rs. 10 per day on the promise of a piece of land in near future. The representatives who get huge commissions on these deposits which amount to 30 per cent, never reveal that there is actually no sufficient land on earth to allot pieces of land to all these depositors. Moreover, many of these depositors stop paying after some time and the company never refunded these amounts to them. If someone asks, they threaten that the company would deduct penalty from the deposit. Several hundreds of crores of these deposits remained unclaimed with the company.
Like Amway India, the Agrigold also has several levels of fancy titles for its representatives. It offers attractive commission to them for mobilising deposits. The lowest level representative is called primary sales distributor and above him are senior sales distributor, executive sales distributor, marketing and sales distributor, marketing regional distributor, marketing area distributor, area super distributor, area super distributor-1, area super distributor-2, area super distributor-3, area super distributor-4 and area super distributor-5.
Right from the primary sales distributor, every one has to enroll ten members and depending upon the enrollment, the commission keeps on going up. From the 4th level onwards the title holders would get easy money, consisting of benefits of supervisor and group income which purely depend on the enrollment of new members into the scheme and not depend on the sale of products. And what product--a piece of land. The promoters know pretty well that if one person enrolls ten persons, at one point world population will be over and due to mathematical impossibility, crores of people would be cheated.
Recently, as part of its expansion, the Agrigold has added an amusement park in its kitty with the name 'HaaiLand' which was inaugurated by the Honourable Chief Minister of Andhra Pradesh, Mr K Rosaiah.
The Agrigold has already forayed into several manufacturing units including Ayurveda medicine, easy-cook instant foods, cosmetics, spa and yoga centres. All these were started with people's. In case of failed activity in any of these ventures, they need not worry about loss. Just they need not repay the deposits.
If all these ventures are profitable, the Agrigold could approach commercial banks and raise loans. But it has chosen to raise deposits from the gullible poor who cannot question or demand their monies back.
52 comments:
In vijayawada a new company called AEGIS(www.aegisgroup.co.in) had started the same business like Agrigold collecting money from the public showing that we had a lot of land to protect your deposits but the fact is the company don't have even an acre of land i suggest you to take a call on this new company also
Agrigold has several business like Power, Tourism, Infrastructure and Agri business are the Core Segments of the Group. The Group is emerging as a 'Conglomerate Tower' on the Strong Foundation of achieving in Togetherness and celebrating the Success in Oneness. I was deposited 100000 in 2005 and I have received back 1,35,000 . It is not fraud. It is improving business by collecting money by public and not from share.. You can contact Government of Andra Pradesh to get its land information . Also, please give me one example who got cheated from it.
My dear Friend, For the simple reason that there are no complainants does not make a wrong a right. Collecting deposits from public without authorisation from the Reserve Bank of India is a crime. There is no security for public's money. Don't you think that itself is cheating public.
It is very easy to misguide a common man by saying that this company has not taken permission from RBI, but show me one example of cheating case by this company. And it is very wrong that only poor people care depositting money, lot of industrialists, educated people also depositting money. So why you are not complaining to the Govt of AP about the company directly ? (If you got so much knowledge).
Onus Probandi i.e. burden of proof lies with AgriGold. It has to prove that it has the permission of RBI to collect deposits from public. When Corporate Frauds Watch lodged a criminal complaint against the AgriGold, the company did not contest the case but preferred to tone down the case. Even a top IPS officer tried to interfere to withdraw the case.Why not let the police investigate the case and find out the truth.
It is the rich and upper middle class people only deposit their money with the unauthorised persons or entities due to their greed tp earn more interest on their deposits. More often than not they lose their deposits. There are several instances in Andhra Pradesh.
I was approached severals times by well meaning friends to invest in this company and reap 12% and above returns. I was very skeptical and decided to investigate further. I visited Agrigold site and there is no mention of any money gathering from public. I found it very surprising. Second,the web site itself is utterly unprofessional lacking any real substance i.e without mention of any complaince to govt norms. It does not reveal any names (saving VR Rao's name in the home) of people behind it and their professional expertise. Thanks to corporatefraudwatch, i am staying away from this. This is a disaster waiting to happen. Many innocent depositors will loose their hard earned money. Pity that despite filing a case, there is no check on this scam under way.
Hellow sir i had read what you gave. one thing i want to sare with you that i had worked in that company for about 2 years,in my education period. at that time i met an sudden illness. and doctor suggested for operation.at that time this company help me to overcome out of my problem.now i am able to walk on my leg. if you notice any person cheated by Agrigold tell them or take them to nearer branch office or head office they will definitely give there amount if they paid more than 110 rupees.
hello my dear friend.Agrigold is gift for the INDIA'S economic,because of 1.it is creating more employment directly as well as indirectly.2.it is developing rural and semi urban areas.3.this company is towards to make India number one in the world, in economic.4.more over it is based on the agriculture. agriculture is the backbone of India.5.it is developing in many sectors.like power,agribusiness,tourism,infra structure, medicine,knowledge service and more.definitely you wait and watch Agrigold will become India's number one company.
Dea Yashodha, Helping is an employee does not make a wrong a right. You miss the point. The AgriGold has no permission from Reserve Bank of India to collect deposits from public. There is no security for the public money. If the closes down tomorrow, there would not be any claim for their money. The AgriGold has been cheating the public in the name of offering land for the deposits. Can anybody say how many people were given land for their deposits. If AgriGold really gives land for all the depositors there would be not a single inch of land left in India. This is the cheating part.
I have bought 2 plots of this company near Prakasam District. Was I correct in investing in this. What are the ill effects and in case can you suggest any remedies ?
I choose to take your word for granted on purchasing plots. If Agrigold could give plots to all its investors, the whole land in the State or in the country is not sufficient. Let the company come out with the documents how much land it actually possesses all over the State or in the country. To facilitate it a thorough investigation is necessary.
You are talking about ill-effects, the modus operandi of mobilising deposits itself is illegal. Is there any guarantee that the money would be returned to investors. IF 'Agrigold' has RBI permission to mobilise deposits, people could be rest assured. But it has no such permission from RBI.
If all the businesses of Agrigold are that profitable, the owner could have obtained loans from the commercial banks. But instead, he has chosen to collect from public. That is the cheating part.
i am working in this company as a marketing member since 2005. i got all maturity amount time to time.
so how could i believe it is fraud.
they told that this company has permissinon with SEBI.
WE HAVE THOSE DOCUMENTS ALSO.
so please give answer to us.
Raju.hyderabad
Mr Raju, you did not say at what capacity you are working with AgriGold. If you are one of those people who are collecting deposits from public, you must be aware how the company is mobilising deposits. You also know how much commission the company is paying you to collect deposits.
SEBI never gives permission to collect deposits from public. It is only the RBI which has authority to give such permission.
Once the mobilisation of deposits trickles down, the true colours would come out.
hello, mr sundar agri gold collecting through people any pigmy,rd,and deposits agri gold onlydoing CONTRACT FARMING AND FARM LAND SAILING so not nessacery to take permission frm RBI
It is all lies. If the AgriGold really allots land to all its depositors, there is not sufficient land all over India to give land to these depositors. As long as Agrigold gets new depositors, they may return to the old depositors. Once the new deposits trickles down, then the original colours would come out and the company may disappear.
Hello Yashoda,
Coastal area of karnataka is witnessing the penetration of Agrigold in a big way.
My question is that if they are so honest in there business why cant they get the govt. authorisation and write to people through News paper and convince them.
End of the day,It is public money.
There are lot of intermediaries who are collecting the money from the people will be in trouble when such business model goes for a toss.
If agrigold is so trustworthy,then start giving the loan to the public
Mr Gouru,
These crooks keep on collecting one state after another like Golden Forest did in the '90s. Golden Forest disappeared with Rs. 200 crore. It also promised that it has lots of lands all over India and it would repay the deposits selling them. But it never repaid the deposits. The same is going to repeat with AgriGold sooner than later. AgriGold has branched out into various businesses for the namesake. Ultimately, nothing would salvage the company.
I am a retired Legal Officer, worked for so many departments. Along with my colleagues, we have purchased plots at KOLAR and MALUR of Agri Gold. Before purchase we have verified all the permissions of the ventures, and the market value of those plots are very high at present. I have gone through your versons about different companies and felt that you are doing all this with a hidden agenda and personnel interest, which is not good.
Satya Murthy
Ok Mr Satyamurty. As a legal officer you know how to tackle a person who is indulging in mudslinging. Sue me. I answer all the questions in the court of law.
Helo Mr Shayam sundar
There is both good and bad in universe but not all bad....
to explain wat u said in your words consider two drivers among them if one had drunk n droved and made accident... with this reason u r suppose to say that other driver also may drink some day and do accident some day....which is absolutely not correct...in our country there are lots of politicians who make thousand of crores scams...also there are lots of frauds in the name of saints...
there are peoples like U(Shayam Sundar) who makes people disturbed and spoil their lives...and in the same manner our country also has people like Mahatma Gandhi Puchalla Palli Sundaraiah, Mother Theresa Anna Hazare....so Please dont treat all people same....
If you hav no work Please contact me i will show you the way from which you can live also make 10 peoples to live....
By the Way I am
V.Tirupathi Rao
Agrigold.
Thanks for the offer. But no thanks. You did not say whether you are one of those recruiters of AgriGold or one of the employees. If you are an employee I could understand your loyalty to the employer. If you are an agent collecting deposits for a handsome commission, Still I could understand but never could not excuse you for deceiving your own friends and relatives. Wish you are right and nothing happens to AgriGold and people's money is saved.
“but never could not excuse you for deceiving your own friends and relatives. Wish you are right and nothing happens to AgriGold and people's money is saved.”
Superb words! And just for these words one should think and understand this chain business!
I truly support Mr. Shyam Sunder and admire him for his every response said over here.
I had come across with such agents like Cold Coin and Amway. I tried my best by saying the same.. one day you are going to cheat your own people! B’coz these agents/commission makers were trained for this. Yes! trained to cheat their own people.
I am not sure of all these legalities and the earnings. I have couple of question..
a. If this process of money making is so easy, why Reliance, Tata, Bajaj, SBI …etc are not in the market to start the same?
b. When Mr. Shyam Sunder was asking about the permission for RBI, why is there is no proper response over here?
c. I still do not understand why people feel to earn money without of hard work!
When an agent approached me for Gold coin business (Rs.30000 deposit), I tried to explain and showed an approach to buy an Auto Rickshaw(that time it was some Rs.90000) from three other depositors who were ready to deposit their money and recruit a driver or rent the auto. So that the depositors would earn a minimum of Rs. 300 to Rs. 500 per day. Likewise they would be helping someone by giving a job and also will earning RIGHT money. He tried to defend himself with his side of argument, luckily in no time things got revealed before another innocent common becoming a scapegoat. Most of you would have known the result!
This is yet another beginning... It may be true as many agents and initial depositor are saying over here. To spread the business, they need to satisfy the initial investors otherwise it is difficult to cheat the rest of exponentially spreading innocent public (ek din ka badasha!) who are dreaming to earn money without of hard work!
Please take the examples of right people! There will be evil elements in society and we cannot take them as example to live in this world and take their way of earning! I know wise people will never get into these just like earning money!
Kudos to Mr. Shyam Sunder! I wish many such Shyam Sunders for my society, for my state and for my country. God Bless India!
Thanking you
Khaleel
Hi Freinds,
As far as Coming to Agri Gold Cencern Nothing will happen to he company i will say you the Reason why?? .Today the properties of the company is very High where No one can imagine .But One thing What are all the projects eror works taken by the company Or under huge losses That is for shore No dought There will be a day for saturation like satyam ,Maytas etc
Golden Forest Private Limited also boasted of owning great stretch of land and property all over India. It claimed to have 150 acres of land near Hyderabad. If they are believed, it would be very easy for them to repay all the depositors easily. However, they never repaid the depositors. It is going to happen to the depositors of AgriGold.
Found this on the net from SEBI website
http://www.sebi.gov.in/cis/cisstatus.pdf
It is from 2003 and then Agri Gold was not allowed to mobilize funds from public. Not sure if they have the CIS license now or not. trying to gather more info on that.
Dear sir,
i am an advocate in bangalore can please mail me some info and documents on agri gold frauds so that we can stop people getting cheated. surya.mukundaraj962@gmail.com
What documents you need counsel? It is the accused company which has to produce the authentic documents to prove that it is authorised by the Reserve Bank of India to mobilise deposits. And it is conclusively proved that it is not so.
Just tell people that they are investing in this company at their own peril.
One of our readers Mr Goli Muralikrishna writes:
Mr.Shyam Sunder
The biggest step forwarded in 1995 in the name of "agri gold".Since 1995,They are in right way in enlightening lives of so many homes.
It based on immovable property and established so many industries. It gives huge number of employment either directly or indirectly.
For your information I am stating here that, I am one of the many witnesses for "THE SKY ROCKETING GROWTH OF AGRIGOLD GROUP".
I have had never heard any negative comment like what you made.
Don't make such comments without
evidence. By its activites, They got favorable reputation.
So please give up your negative thoughts against "AGRIGOLD GROUP". No one is hear and suppose you. Because, "MANY CLAIM TO CREATE MIRACLES BUT A FEW SPECIALIZE IN THEM". Among a few " AGRIGOLD " Stands at No:1
Now Listen Muralikrishna. Instead of warning me not to make such comments, ask your bosses to file a criminal case or a libel suit against me. I would love to defend my case personally by appearing party in person. Why such blabbering?
Mr. Shyam,
There is a new business starting at North Karnataka in the name of Agri Hills, Farm Estates Pvt. Ltd. is this the company started by Agri Gold. It has similar Pigmy, RD plans. Kindly look into this and let us know how different it is from Agri Gold.
Just check whether it has the permission from the RBI to collect deposits. Generally it won't. Naturally it is just another con company out to cheat people.
Friends Mr. Sundar is saying it right.Agrigold is a Pvt. Ltd.Co. and cannot raise deposits from public. Mr.Sundar pls inform RBI about this and they will take suitable action. The Co. has been raising crores of rupees every year but where is the money going. HAs anybody seen their balance sheet.. Good Job Mr.Sundar
Agrigold is a not a finace company no need rbi agri gold india form land salling and re salling lands as for custmor ruc has several business like Power, Tourism, Infrastructure and Agri business are the Core Segments of the Group. The Group is emerging as a 'Conglomerate Tower' on the Strong Foundation of achieving in Togetherness and celebrating the Success in Oneness. I was deposited 100000 in 2005 and I have received back 1,35,000 . It is not fraud. It is improving business by collecting money by public and not from share.. You can contact Government of Andra Pradesh to get its land information . Also, please give me one example who got cheated from it.
Those who have commented favouring the agro gold company may be working for it, or those who are get paid intentionally by the company as part of its mass cheating plan. This does not make a fraud company's in to a clean. What to do? I am ashamed of the people who are ready to cheat themselves even after some good advisers are there to alert the public. Why are people slipping away for the RBI question? Shame!Fools! Go and suffer!
R.Rajendren
Dear AGro forms
If Agrigold is selling lands why did it return your money instead of giving you some land. Land is only a camouflage for its fraudulent activities. People like you, are responsible for misleading public. You are the real culprit.
Any company needs permission from RBI to collect deposits from public.
Wake up my dear fellow people of India. Don't fall for the fraudulent promises of these companies.
Trillions India Distributors Ltd, Ernakulam, KERALA is also doing same business and collecting money from public but not giving the monthly incentives nor the invested money. The MD is SHABU from KERALA
I have invested all my hard earned money of rs.3.5 lacs in the month of april'2011 through
two LIC agents
(1) mr. M. Rahimsab
LIC agent (agent code no. 0135565c)
s/O mahaboobsab
rtd. Postman
h.No. 18/820-j2, tilak nagar
guntakal - 515801
mobile nos. +919290524205, +919133555090.
(2) mr. D.S. Hari krishna,
LIC agent
s/O satyanarayana
(laadu bandi)
h.No. 5/82, jonnagiri (post)
tuggali (mandal)
kurnool (dist.)
Mobile nos. +917396458117, +919052507298, +919963355137
landline no. 08520 236887
in preference shares of trillions india distributors ltd. Ernakulam, with monthly returns,
believing the words and commitment of these LIC agents and expecting that it will help for my children career.
The above LIC agents have send the amount through rtgs (sbinh 11119302849) from state bank of india to trillions india distributors ltd a/C no. 501011020936, ing vysa bank, ernakulam.
After a month I could not get any returns nor the preference share certificates, when I enquired, the LIC agents has given me a partial preference share certificates and when I asked for the rest of the certificates and monthly returns. They said that you will get in few days and has dragged the issue till date.
Till date I have not recieved any amount nor the preference share certificates and now I understand the I was cheated and these agents are working as brokers for many money circulation comapnies for their benefits and getting high commissions and cheating the innocent public.
Hence I request the authorities to advise and help me to get back my hard earned money.
And also request the authorities to save the innocent public from the cheating agents.
Dear,
what about newly established company's like safeland infra,bhavitha gold farms and estates limited, and others.
Mrshamsundr: just because it hasnot teken the permission fron RBI it doesnt mean that it is cheating people. there are millions of private companies which fulfil billions of indian needs, do you call them FRAUDS?(just cuz they are not government companies)?
how dare is this call AGRIGOLD a fraud company?
MADHU PATIL
1042 BELGEAM BRANCH
AGRI GOLD
Hello Shyam Sundar,
Please show me the proof who has lost the money from agri gold, if any body paid more than 100 rupees with receipt, we will definitely help them to get back the money.There is no need to panic.
Now Agri Gold channel is Coming Up.
If you tell it is fraud how the company stays such a long time,hey have power plants,constructions etc.,
No who ever posted this Blog seems nurishing some grudge against this company I know this company for the past 17 years and my froend on his own started a branch at Pathapatnam srikakulam district and thrived on his extensive work etc.This company has assets worth 3 times more than it get is public contirbution lone case of cheating is at grass root level some cheater would have used company name Kindly do not spread false rumor this company provides employment for more than 2 lakhs people directly plus indirectly who earn respectfully and raising their family Jai hind
I am not a member of Agrigold, but still i insist that Agrigold is proved that it has not made any fraud and running from 17 years. Even i know some people who have invested and working as executives also, But still dont fraud the innocient people who are in to it.
For the simple reason that there are no criminal cases against the company, the illegal deposit mobilisation would not become legitimate.
The bubble may burst any minute.
prasad,vijayawada
Dear sir,
your great service as fraud watch is highly apreciated.Agrigold started long back and still doing well.many negetive comments raised against Agri Gold But there are thousands of depositors who got benifits and high returns.As per you The company has no RBI permission to collect deposits-is true.As per you even the company paying back benefits to satisfaction of depositers and commission agents and thousands of employees will not make a wrong thing as A RIGHT THING.I think RBI Authorities also watching this comments thogh not regularly.If they feel AGRIGOLD is irregular company they can openly warn public as they must have more responsibility on Indian public Than shyam sunder.You are targetting only one company-can you write any thing about AKSHYA GOLD,ABHAYA GOLD,VISWAS GOLD,XYZ gold recently I observed several gold companies emerging in the market and disappearing.Agrigold is reletively permanent comparitively better one.Lots of depositers got benifits.lot of people are surviving by employment.GOVERNAMENT is there to lookafter public interest.IT is better to focus some fake company recently blownout, or recently emerged and about to vanish.If you going on target only one company your integrity will be lost. you bring other fraud ventures in to light.You will be usefull to public bloggers and netigens. Thank you for your service.
Do you know about the criminal case filed against Ramoji Rao for collecting deposits without permission from the RBI. He too did not default and he has been providing employment to a number of employees.
A crime is a crime.
Dear Sunder my relative has paid money to the agri gold agent regularly now the tenure is over he has nothing to pay. he paid the amount for the land tenure is 3 years
now when we are asking the same to the agents they are asking for extra amount.which we can not pay so please help me in taking it forward. i want know is there any way to fight swith them to get our land.Please help me.
Vinod,
Serve a legal notice to the company or lodge a complaint with the police showing your payment receipts. If the police did not take the complaint, lodge a private case in the court.
sir agrigold group is having multi companies which include 5 power project, milk project, seeds unit real estate division, exports, beauty care products, hailand and i heared they are setting up to open 5 new t.v channels, already 1 channel is running in 30 odd countries i can't beleave how you are calling this company as fraud it has compleated 17 years, if it was a blade company why did it started so many business, and the examples you are giving of extent companies did not had so many companies under it
regards
cik
Chetan,
Agrigold is running several firms with people's money. It is a known fact that few of the firms are running profitably. The bubble may burst any minute. Do you know Abhaya Gold bubble burst?
I am not talking about the companies run by Agrigold. I am talking about the way deposits are collected by Agrigold. It is collecting deposits without permission from the RBI.
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