One of our readers Mr Sashi Kiran raises genuine doubts
Shyam garu,
I think I need to thank you a lot for the information you gave in your Corporate Frauds Watch blog. I was suggested by somebody among my friends circle to invest in Agrigold properties and was searching for some good testimonials to gain confidence about the decision but instead found some shocking news about the company in your blog. I am amazed that you could amass so much information about all this all alone on your own. Thank you once again for saving my hard-earned money.
But a small doubt, why did you lodge a sincere complaint in a police station instead of making it public in media? What was the problem that you faced that you did not take this issue to TV channels? I was wondering why not a single customer approached regulators like RBI or Company Law Board about this? Did you think of doing it or filing a public interest litigation after knowing all this? I feel bad for all those who have put their money into this company hoping for a good return, thats why I am asking you all these questions.
Regards,
Sashi Kiran
Sashi Kiran,
Your doubts are not unfounded. There are many people who raise such doubts. The main reason for no intervention by the police is generally there are no complainants so far. Still, the RBI has given direction to all the State Governments to check the illegal mobilisation of deposits from public. Police turn a Nelson's eye for reasons better known to them. By the time, these companies become defaulters, they would have made several millions if not billions. Then only the police register a case and start investigation. With the money power behind them, these companies prolong criminal cases in the judicial courts.
I have taken up these problems with the media - both print and electronic. However, they are interested only in the huge advertisements these companies give them but never care for public interest. If they have to survive with profits, they have to depend upon the advertisements and we cannot blame them. Anyway, they must have some social responsibility also. The latest case in point is, the swindle of Duck Development Society of Ongole, Prakasam district, Andhra Pradesh. I have warned both the police and media of the impending danger. Still, there is no action from both of them. Now the organisers of the society decamped with Rs. 50 crore. Who should be blamed for this fiasco?
The RBI states that the local governments should take suitable action and file criminal cases under the Section 58 S of RBI Act.
Corporate Frauds Watch has been regularly touch with the police and is whenever possible filing criminal cases against such companies. We have filed impleading petitions in the Andhra Pradesh High Court against at least 14 companies which obtained stay orders and got them quashed. Many of these companies closed shop.
GoldQuest International, Gemini Techno are among such companies which are completely shut down after criminal cases were filed against them.
We have filed public interest litigation against Amway India and it is pending in the AP High Court.
As long as they keep on getting new deposits from public, they refund the amounts to the investors. Once the incoming funds dry up, they close shop and the investors have nowhere to go. That is the tragedy.
23 comments:
Dear syam garu,
Thanks for your good advices , that you are awaring innocent people, I have invested in Abhaya gold, it is a vijayawada based company, How much it is safe. Can u explain regarding this company, Is it having RBI permission for ABHAYA GOLD. I am little bit scaring.
Lata.b
Dear Lata,
It is not clear whether you have paid a lump sum amount or paying installments. Anyway, ask the representatives of the company whether the company is willing to register the land immediately or not. If you are paying in installments, tell them that you are willing to pay the remaining amount in one installment and ask them to show the map of the proposed house site and particular house site being allotted to you. Kindly get in touch with the authorities of the respective land and ask them whether the land has necessary permissions to build houses. Most probably, you would find none of these permissions. The representatives of the company would offer only sweet talk but no concrete solutions. In such case, you demand repayment of your money immediately and tell them that you would approach the police. Keep in touch with me and inform about the latest developments. My mobile number is 98499 49887.
Dear sir,
I did not get clear answer from you, is it safe to invest like ABHAYA GOLD,AKSHAYA GOLD........
Ms. Lata you want a cryptic answer and you refuse to do any home work. OK. Be it Agrigold, or Akshaya Gold or Abhaya Gold, they are collecting deposits without any permission from the Reserve Bank of India. So they might not refund your deposits. You might say that they are refunding now. But it might not happen in future. If they default, you would have to run from pillar to post to get back your money.
dear sir
a small dought Agri gold company has permission in reserve bank
M.Raja Sekhar
Your dought (doubt) is not baseless. YES.
AgriGold has no permission from RBI to collect deposits from public.
dear sir i have invested in agrigold from past two years and i am going to receive the maturity amount on feb 2012 as my installments are completed dec 2011would you insist me to continue for a second term
It is up to you. It is risky. If the incoming of deposits trickles down it may default in repayment.
cAe sok sir,agrigold haven't licence from RBI. But it conducts their activities in correct way. It invests the money interms of the land. Thats reason there is no need for the permission from RBI. Who only performs operations in financial manner then they need the permission. If u will invest the money in agrigold then they buy the land in the name of u. After the maturity they sold ur property.
Deepu,
You are admitting that AgriGold has no RBI permission and still saying that it needs no permission.
You claim that AgriGold is collecting deposits in the name of land. You are also aware that AgriGold has no sufficient land bank to allot land to all the depositors. Is it not cheating?
As long as it receives fresh deposits, AgriGold pays back to the old depositors. Once the new deposits trickle down, they may default.That is the whole point. There were already several companies like Golden Forest, Forever Gold which have defaulted in payment to the depositors. They has also collected deposits in the name of land.
Dear Sir, You have any Evidences about the FRAUD cases of Agri Gold Company. Any fraud complaints of customers.
Dear Shyam,
I came across an agrigold schem where they register 1 acear of land on our name. Then they take it for lease for 10yrs. They pay us amount every sixmonth starting from the 18th month. The land is in prakasham district. Do you think this is fraud.
Kalyani.
Dear Sham garu,
It is learnt from fraud watch that Agrigold company has no RBI permission. But when I ask and requested the senior most agents like CDs of the company they are evading the point of psermission of RBI and boasts about the highness of the company. any body who collects funds from the public should have some permission from the concerned authorities of India government. The company says that it has got R O C. Will this is enough to do such business?. Why dont you give a press note in the news papers and TV channels to educate people about such fraud?
Dear Shyam sundar garu,
What is case with Amway India?
They are not raising any public money. They are into Network marketing business where they sell world class FMCG products through direct distribution system and share a portion of the profit with consumers. They operating in over 90 countries, 60 odd year old company, committed to environment protection through their product range.
How come a fraud company able to operate for 60 years in so many countries. Sir you better see the facts as they are.
Babu
Venkatadri, It is the Andhra Pradesh High Court which said that the business model of Amway is illegal. Not me. Why don't you file a petition in high court asking the court to review its decision by stating 'the facts' quoted by you.
Hi friends I am customer of agri gold please I had requested to all of you don't pay the money in agri gold policy's its very risk and the agents are not given responsible and the Braches are not given customer satisfaction i had completed may in 4 months back and right now in will not issued irrespective agent and Braches that's way I am saying don't pay them thanking you
@shyamsunder
dear shyam sunder what is your qualification do know what a company means im sincierely not concerned with agrigold but u people sit and advice in such manner that u r equal to god u cannot judge anybody just like that or u have been paid by other people to do a wrong propaganda see when a company is technically sound it will just go up,and u r telling not to pay new installments don,t u know if a bank gives loan it gives from public deposit it self if there is no deposit in the bank where they will pay the people deposited before u speak a statement please be self educated
@shyamsunder
dear shyam sunder what is your qualification do know what a company means im sincierely not concerned with agrigold but u people sit and advice in such manner that u r equal to god u cannot judge anybody just like that or u have been paid by other people to do a wrong propaganda see when a company is technically sound it will just go up,and u r telling not to pay new installments don,t u know if a bank gives loan it gives from public deposit it self if there is no deposit in the bank where they will pay the people deposited before u speak a statement please be self educated
Ramesh, It appears you are out of your mind to make such comments. Agrigold is already defaulter. People are committing suicide when they did not get their deposits back. I have been warning people not to invest in such companies. Finally it just happened. I need not be a god to predict such fall. Only common sense is enough. If the company pays 30 per cent commission to the agents, how the company is going to repay the amount? Money won't grow on trees. I do not know what is your interest in it. Maybe you are one of those agents who collected deposits. These agents are the worst perpetrators of the crime. They should be punished. But every time they are escaping the action stating that they are also victims.
I can say agrigold is cheating company.collect money for agripurpose but use commercial.if u invest daily 10 Rs(750 Days=7500)uwill get 8400 Rs.if u invest 7400 u will get 8000 Rs only.it had happen to me.presently i am waiting for Rs 36000 from ag gold since 9 months.their 2 checks are bounced.
Dear Syam ,
I have invested in Agri gold fixed deposit scheme can i get the deposit money are not .
I happened to read your article now after 6 years from the day you posted the risks involved in these investments with high returns. Great work Sham Sunder garu. Society needs people like you. Hats off to you.
Generally people are carried away by the greed. They do not listen to the sane advice. Ultimately they lose their hard-earned money. Enjoy your money with your family. Do not line the pockets of these crooks.
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