Monday, 21 February 2011

Fraudulent companies induce people with high returns on their deposits

Hi, Mr. Shyam,
This is Anurag from Bhopal (Madhya Pradesh). At present I am franchisee of TV99 news channel for Madhya Pradesh, Chhattisgarh, Bihar, Jharkhand and Vidarbh state.
There are a lot of chit fund companies working in the rural areas of Madhya Pradesh. Some days ago (Economic Offences Wing) EOW of Madhya Pradesh had taken strong action against local branches of chit fund companies.
One of them is Saiprasad Foods, just like KMJ. The website address of Saiprasad Foods is In their group Saiprasad Developer is chit fund company and it is collecting deposits from public without the permission of the RBI.

Anurag Mahalwala

There are a number of companies which have been cheating the gullible all over country. People are induced with high rate of interest in a short span of time. That is why they part with their hard-earned money easily. We have to bring awareness among public that there is nothing like easy and quick money and their money is safe in the scheduled commercial banks only. The Reserve Bank of India guarantees for their deposits with the commercial banks.
All non-banking finance companies collect deposits without any permission from the RBI. The police who are supposed to safeguard the interest of people turn a blind eye stating that they are busy with the routine work.
In fact, the RBI way back in 1986 has given instructions to all the State Governments through out the country to appoint circle inspector level police officers to check the illegal collection of deposits.Sadly there is no action on the part of the respective State governments so far.
While collecting deposits, these fraudulent companies offer heavy commission to the persons who collect deposits from public. That amounts illegal money circulation schemes and criminal cases could be filed on that count also.


Unknown said...

great info man.....

i was about to be an agent of it... but it helped me a lot

Thank you so much

Akhilesh said...

media walon ko bas channel ki TRP badhane ke ideas dhundhte rahte hai koi garib 2 paise kamake khata hai to meadia wale use chain se nhi khane dete hai.
so bhaiyon in meadia walo ki news ko ignore karo and enjoy karo .

Arpita mahule said...

Hi Shyam ji, I m Arpita frm Seoni M.P., can we have reference or copy of some documents against these chitfund companies so that we can stop rural people(relatives) frm becoming a member of co. like Saiprasad. what is the current position of the case filed against these chitfund co. in M.p.What actually happened to speakasia and can we stop them to operate.

Arpita mahule said...

how safe is the money deposited by these illiterate people?

Shyam Sundar said...

There is no safety to the money deposited with these fraudulent companies. In fact, no company is allowed to raise fixed deposits or collect money from people. They have to obtain prior permission from the Reserve Bank of India to mobilise deposits.
You could approach the local police or economic offences wing of CID to file criminal cases against these companies.
You could organise meetings and bring awareness among people not to fall prey to such companies. Give me your e-mail ID, I would send you the some posters in English which could be translated in Hindi.

Arpita mahule said... is my email id and sai prasad is very active in the rural areas of seoni distt. my neighbours n friends r becoming members n even earning well. so it becomes tough to explain n stop them . thats y i asked for some proof or literature. what happened after raids at gwalior , jabalpur etc?

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