Saturday, 5 February 2011

Rose Valley is bleeding the gullible in the North-East

It is a mirage. Still people tend to believe that it is true. The case in point is easy and quick money. People always fall for it. Some call it 'good business opportunity' while some others call it 'good investment opportunity'. Whatever they call it, people fall for it and before they realised what happened, they are made to part with their hard-earned money.
Rose Valley group of Industries have been aggressive in mobilising public deposits in the North-Eastern States of India  in the name of good investment opportunity. Like all crooks, they also state that the money they are investing in would double within a short span of time and it may give more. All you have to do is deposit some money with the Rose Valley group and mobilise more people to deposit similar amounts. Of course, they would be handsomely rewarded with lots of commission. Rings any bell. Yes! This is also another money circulation scheme in the name of real estate.
Rose Valley group of Industries has already forayed into real estate, films, amusement parks, resorts, insurance and what not. But it has done all these businesses with public money. If they have such type of good projects, they could approach commercial banks which would happily lend any amount of money if the projects are good. But these crooks would have to repay the loans to the banks. If they raise the money from public, they are not answerable. If at all, criminal cases are filed against them, it takes at least a decade to settle the issue.
Peerless Group and Sahara Group also did the same trick and now they are honourable business houses. Several companies like Golden Forest never repaid their depositors.
Public memory is very short and naturally they keep on giving their hard-earned money to this type of crooks who approach them with sweet talk. 

42 comments:

rachna said...

Sir, a large perecentage of the people of assam are working as agents for PACL India ltd and many have deposited money with them too.....i have been to their regional office and also attended a meeting of the same....a lot of people show keen interest towards the business...senior agents have achieved what they claimed its, and the business has been there for almost 13 years out here.....also there were depositors who were cheated and their money never returned...at the time there are those depositors whose investments have matured over time...it would be of great help to me if you would enlighten me on other facts of the company so that i can make a correct judgement of the same..

Shyam Sundar said...

Be it Rose Valley or PACL or Agrigold, they are all birds of the same nest. The problem is nobody not even the victims prefers to lodge criminal cases against these cheats. That is how these crooks have been thriving. Agents who eye the commission only always do not mind to make their friends and relatives scapegoats. They do not realise that their trust is actually what they are sacrificing. people who lost their money in such schemes would never trust them. It is high time people like you mobilised victims and file criminal cases against such companies under the provisions of Prize Chits & Money Circulation Schemes (Banning) Act, 1978.

bob said...

I WANT TO INVEST IN ROSE VALLEY PLEASE DO PROVIDE ME SUGGESTION WHETHER IT WILL BE A RIGHT DECISION I NEED HELP

Shyam Sundar said...

Bob, What do you expect in return after investing in Rose Valley. Huge returns? No way! If you recruit more members only you would earn money. Are you ready to cheat your own friends and relatives to make them members of Rose Valley? If you do, be prepared to lose your friends and relatives. Just keep your hard-earned money in the bank or enjoy it. Why do you want to give away to others?

jadu said...

Sir, I have already deposited about 29,000/- after the case of SEBI order when I asked the management to refund my deposit amount, they want to deduct 25% of my deposited amount.
Please help, what to do

Jadu Baruah

Shyam Sundar said...

Deposit mobilisation is itself is a crime. They cannot deduct any amount from your deposit. You could try to lodge a complaint with the police under depositors protection act.

SinghSanjit said...

Shyam Sundar what do you think about yourself u r advocate.i think u r not well educated.u dont know about that types of company.I think you should star your law study from starting because you dont have knowledge.

SinghSanjit said...

In Rose valley,PCl there are intelligent adovcate in their co.you will be anything front of him.Please dont spread anything if you dont have more knowledge.

Shyam Sundar said...

It is not the question how big the lawyers the Rose Valley got. The question is whether Rose Valley has got permission from the RBI to mobilise deposits from public. First check that. Collecting deposits from public a crime and offering commission to enroll members into the money circulation scheme is another crime. At least three years imprisonment is for the latter and seven years for cheating the public.
Tell your big lawyers to study once again the Prize Chits & Money Circulation Schemes (Banning) Act, 1978.

PRITAM SAU said...

CAN I CONVIENCE ABOUT MY COMPANY???
THIS IS THE MPS GREENERY DEVELOPERS LTD. which got 1st time provisional registration FROM SEBI in agro industry in westbengal.
THE LINK IS
http://www.sebi.gov.in/pmd_mb.jsp?PmdIndxName=G&listCode=I

This company obey COLLECTIVE INVESTMENT SCHEME,1999 ACT

u can also see
www.mpscistrust.com

THE PIONEER OF AGRO INDUSTRY IN WEST BENGAL.
CONTACT WITH ME
+919038204304
OR MAIL ME
pritam.mpsfood@gmail.com

soumitra said...

hey mr. shyam sundar what do think about ur self that u know all things...if u think that rosevalley is a fraud company then u can do fir against this company but u won't.so if u prove that then i think u r right...

Shyam Sundar said...

Okay, wise man. You have not answered to the pertinent questions like RBI permission and the SEBI notice.

RAHUL said...

OVETHE SAFEST COMPANY IN THE LAST 20 YEARS IS ALCHEMIST GROUP OF INDUSTRIES..IT IS SEBI LISTED,,MINISTRY OF CORPORATE AFFAIRS LISTED AND IS A 15 THOUSAND CRORES INDUSTRIAL GROUP NOT A FINANCE COMPANY LIKE PEERLESS OR SAHARA..IT PROVIDES 100% GUARANTEED FIXED DEPOSIT SCHEMES..MIND IT THAT THE COMPANY IS HAVING A LAND BANK GOVT OF INDIA REGISTERED OF 10,700 ACRES.....PLS CONTACT MR. APRATIM ROY CHOWDHURY,,MOBILE NO +919836861328,,MARKETING MANAGER FOR INVESTMENTS,, I AM FROM KOLKATA...

RAHUL said...

THE SAFEST COMPANY IN THE LAST 20 YEARS IS ALCHEMIST GROUP OF INDUSTRIES..IT IS SEBI LISTED,,MINISTRY OF CORPORATE AFFAIRS LISTED AND IS A 15 THOUSAND CRORES INDUSTRIAL GROUP NOT A FINANCE COMPANY LIKE PEERLESS OR SAHARA..IT PROVIDES 100% GUARANTEED FIXED DEPOSIT SCHEMES..MIND IT THAT THE COMPANY IS HAVING A LAND BANK GOVT OF INDIA REGISTERED OF 10,700 ACRES.....PLS CONTACT MR. APRATIM ROY CHOWDHURY,,MOBILE NO +919836861328,,MARKETING MANAGER FOR INVESTMENTS,, I AM FROM KOLKATA...

Shyam Sundar said...

Rahul, Let us not beat around the bush. The Rose Valley has no permission from the Reserve Bank of India to raise deposits from public. This type of hoodwinking like 'huge land bank' we heard in the past by the companies like Golden Forest. Not a single rupee was returned to the investors by all these crooks.
I appeal to my fellow Indians through out the country not to fall for these crooks evil designs and lose your hard-earned money. If you have disposable income, save it in the Bank or open Public Provident Fund which yields more interest.
You are only enriching these crooks.

rajat said...

Hi,
A few days ago I came across a person who asked me to join their computer courses after which he told me that if I refer friends I will be able to earn money but it sounded a genuine scam to me.The websites are http://www.ebizel.com; www.apll.in http://www.smartvalue.biz/company.html; Can you please suggest me weather the company is genuine or not?

Shyam Sundar said...

Rabat.
just go to old posts to know. about ebiz fraud. it's a big fraud and many people lost. money in the above scam.

Bibash Baidya said...

Thank you so much you are provided valuable knowledge all investor its great work good nation. might be all people before investing the money at lest once thinks which company there are investing its register Rbi. or SEBI listing or not.. Thanks Shyam Sundar..

Best Regards
Bibash Baidya

AJAY said...

shyam sundar you have not any knowledge about those company,RBI
not only authority to grant permission for money mobilisation,RoC has also power for that and these companies are under the Roc act and company act 1956.

Shyam Sundar Matham said...

Dear
ajay, ROC only registers the companies. It won't give permission to mobilise deposits. Any company has to obtain permission from the RBI to collect deposits.

Bikash Paul said...

Yes mr. Shyam S Matham that the co.s are just regd. under ROC but not permited to accept to take deposit from public. RBI is giving the permissions to co.s if they are {co.s} regd under RBI.

you people have to flow these:::

1. if you are looking to deposit as RD then you have to find out that the co.s under RBI or not?

2. if you are looking to deposit as FD then you have to find out that the co.s permited by SEBI or not{if debenture}

3. if you are looking to deposit as LIFE INS. then you have to find out that the co.s under permited by IRDA.

Thank you

Bikash Paul
http://facebook.com/royalbikash

Rup Singh said...

can u suggest which chain marketing companies of india can i join..and wchich is not fraud..plzzzz help....

Life Planning Made Easy! said...

The people crying here in favor of these criminal "Cheating Funds" are nothing but stupids! Just look at their languages and level of financial knowledges! I am telling all 'would be victims' of these damb companiea that-
"Just kick butts of the so called MLM & Money mobilizing agents of chit funds right away whenever they try to approach you."

Thats all fellas...

somnath adhikary said...

Hi, Shyam I'm Som,
yor are doing a gd work for the society, i like it.
me also have a q's?
new born companies "so & so group" they are collecting money from the market with only ROC registration, its totally fraud, my q is- what'll govt take action against these directors of these companies?

Shyam Sundar said...

I have approached the government in this regard. The officials say that they act only if someone lodges a complaint. So it is the duty of everyone to take the matter to the notice of the government as soon as they know it.

Smita said...

sir, one of my relative has been offered a job in dis company as a manager in one of its branch in Odisha. Is it a secured job ? I am not sure about it. Kindly suggest.

Shyam Sundar said...

Smita, this type of fraudulent companies keep on collecting deposits from public. If the bubble bursts and the company closes down, the people generally show their anger against the employees of the local offices.
Anyway, it is the personal choice whether to do a job in an illegal company or not.

Rajesh Jena said...

Dear Shyam Sundar,
You are doing a great job. These MLM only target to people whom they can make fool. Who doesn't have proper knowledge in these things.

Regards
Raaj

PARTHASARATHI said...

Dear Shyam Sundar,

I think you have been cheated in Rose Valley and so you are telling all sorts of negative words against Rose Valley! I assure you if you still not receive the payment from Rose Valley give the papers i will recover the money.But you should give the proper paper i.e. documents to me

Shakti Vivek said...

Sir, my father invested money in saradha realty india ltd. Since two months they are not paying us interest on deposits and they are not even paying us the refund amount. Whenever we ask them the reason they say that the company haven't done any business or they say we have to give business to the company then only they will make some adjustments. kindly give me suggestion

Shyam Sundar said...

If you are living in Andhra Pradesh, you could file a criminal case against the company under the AP Protection of Depositors Act and Prize Chits and Money Circulation Schemes (Banning) Act, 1978. Otherwise, if you are living in other States you could lodge a complaint under PCMC Act, 1978.Sooner the better you approach the police to get relief. Don't waste time. If a criminal case is filed, they may approach you to pay the amount.

Shakti Vivek said...
This comment has been removed by the author.
Shubhadip Sadhukhan said...

Sir,
I am continuing a recurring account of 700 per month with a term of five years.I have already deposited Rs. 8400. I am very much anxious for the breaking news of Chit Funds and want to close my R.D. I asked my agent to return my investment, but he is saying that I will not get no money if i do not continue the R.D. for total term 5 years.What can I do?

Another question to ask that I have also buy DLF pramerica LIC through the same agent of Rose valley. Is it safe? Please suggest sir.

samyajitgupta said...

Bench: G Bajpai
Sebi vs Rose Valley Resorts And Plantations Ltd. on 24/12/2002
JUDGMENT
G.N. Bajpai, Chairman
1. M/s Rose Valley Resorts and Plantations Ltd., Kolkata (hereinafter referred to as the company) filed certain
information/details with SEBI regarding its collective investment schemes pursuant to SEBI's Press Release
dated 26.11.1997 and Public Notice dated 18.12.1997.
2. Pursuant to the notification of SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter
referred to as the said Regulations) on 15.10.1999 the company submitted an application for the grant of
provisional registration with SEBI. As the details submitted by the company were not found to be satisfactory
it was given a personal hearing before the then SEBI Chairman on 18.12.2000 wherein the company was
directed to submit the following declaration / certificates to the satisfaction of SEBI for further processing of
its application:
3. Certificate from their present statutory auditors (since the previous declaration was from the previous
statutory auditor who was subsequently replaced by the applicant company) stating that:
all the monies raised by the company under the collective investment schemes have been utilized for the
purposes mentioned in the scheme brochures of the applicant; and
all the amounts due to the investors under the collective investment schemes of the applicant have been duly
paid to the investors on the prescribed dates.
4. Networth certificate from their present statutory auditors.
5. Copy of the resolution in respect of change in statutory auditors, passed at the General Meeting of the
company.
6. Certificate from the company stating that they have not mobilized money from the public apart from their
collective investment schemes.
7. The company however, did not comply with all the said directions.
8. Rather the company preferred a Writ Petition No. 18809(W)/2001 before the Hon'ble Calcutta High Court
which vide its order dated 28.01.2002 directed SEBI to consider the company's application for grant of
provisional registration in accordance with law and come to a final decision in a period of six weeks from the
date of communication of the order by the company. The Hon'ble Court further clarified that SEBI would be
at liberty to call for any information / report from the Police Authorities against the company.
9. The said order of the Hon'ble Calcutta High Court was however communicated by the company to SEBI on
20.02.2002. Accordingly, the company was granted another opportunity of personal hearing before Chairman,
SEBI on 27.02.2002 wherein the company was directed to submit the following documents by 15.03.2002:
1. Certificate from the Statutory Auditors of the company stating that:
(a) All the monies raised by the company under its collective investment schemes have been utilized for the
purposes mentioned in the scheme brochures of the applicant; and
Sebi vs Rose Valley Resorts And ... on 24 December, 2002
Indian Kanoon - http://indiankanoon.org/doc/1059191/ 1(b) all the amounts due to the investors under the collective investment schemes of the applicant have been
duly paid to the investors on the prescribed dates.
Certificate from the Statutory Auditors of the company stating that they have not mobilized money from the
public apart from their collective investment schemes.
3. Certificate from the Statutory Auditors of the company stating that no funds have been mobilized by the
company after 15.10.1999, i.e. the date of notification of the SEBI (CIS) Regulations, 1999.
4. Certificate from the Statutory Auditor of the company in respect of the full address, total area and
ownership details of the plantation site of the company.
5. Certificate from the Statutory Auditors of the company confirming that the funds mobilized by the
company have been fully utilized towards development of the plantation site of the company.
10. However, the company did not file all the required documents within the stipulated period i.e.,
15.03.2002.

samyajitgupta said...

Rose Valley group of Industries has already forayed into real estate, films, amusement parks, resorts, insurance and what not. But it has done all these businesses with public money. If they have such type of good projects, they could approach commercial banks which would happily lend any amount of money if the projects are good. But these crooks would have to repay the loans to the banks. If they raise the money from public, they are not answerable. If at all, criminal cases are filed against them, it takes at least a decade to settle the issue.
Peerless Group and Sahara Group also did the same trick and now they are honourable business houses. Several companies like Golden Forest never repaid their depositors.
Public memory is very short and naturally they keep on giving their hard-earned money to this type of crooks who approach them with sweet talk.

samyajitgupta said...

11. Pursuant to the provisions of Regulation 70(2) of the said Regulations, SEBI decided to conduct
inspection of the scheme(s) / books of accounts of the company from March 11, 2002. However, the company
refused to produce any books of accounts before the auditors appointed by SEBI for the purposes of
inspection and because of the non co-operation on the part of the company, the said auditors could not carry
out the said inspection.
12. Since the company did not submit the required documents / information within the stipulated time and
keeping in view the non co-operation with the auditors in the course of inspection of the scheme(s) / books of
accounts of the company, SEBI has taken a view that the company has failed to satisfy SEBI that its affairs
are not being conducted in the manner detrimental to the existing investors and therefore, rejected the
application for the grant of registration on March 27, 2002/April 2, 2002.
13. While communicating the grounds of rejection of the application on March 27, 2002/April 2, 2002 it was
also informed to the company that pursuant to the rejection of the application, the company, as an existing
Collective Investment Scheme, is required to wind up its existing scheme(s) and make repayment to the
investors in the manner specified in Regulation 73 of the said Regulations.
14. Accordingly, the company was required to send an Information Memorandum to the investors, who have
subscribed to its scheme(s), within two months from the date of receipt of intimation from SEBI i.e., March
27, 2002/April 2, 2002. Further on completion of winding up and repayment to the investors in the manner
specified in Regulation 73 the company was required to file a "Winding up and Repayment Report" in the
format prescribed by SEBI so as to reach SEBI within three and half months from the date of Information
Memorandum i.e., September 17, 2002.
15. However, the company has failed to comply with the aforesaid requirements of the Regulations and
therefore has prima facie violated the provisions of Section 12(1B) of SEBI Act read with Regulation 73 of
the said Regulations.
16. Now, therefore, in exercise of powers conferred upon me under Section 11B read with Section 4(3) of
SEBI Act and Regulation 65 of the said Regulations, I hereby direct the company to refund the money
collected under the scheme(s) with returns which is due to the investors as per the terms of the offer within a
period of one month from the date of this order failing which the following actions would follow:
Sebi vs Rose Valley Resorts And ... on 24 December, 2002
Indian Kanoon - http://indiankanoon.org/doc/1059191/ 21. Initiation of prosecution proceedings under Section 24 of SEBI Act, 1992 against the company / its
promoters / its directors / its managers / persons in charge of the business of its scheme(s).
2. The company / its promoters / its directors / its managers / persons in charge of the business of its
scheme(s) would be debarred from operating in the capital market and from accessing the capital market for a
period of 5 years.
3. Writing to the state government / local police to register civil / criminal cases against the company and its
promoters / directors for apparent offences of fraud, cheating, criminal breach of trust and misappropriation of
public funds.
4. Writing to the Department of Company Affairs to initiate the process of winding up of the company.
Sebi vs Rose Valley Resorts And ... on 24 December, 2002
Indian Kanoon - http://indiankanoon.org/doc/1059191/ 3

Sometimes I'm in DEEP....... said...

Dear Mr. sunder,

I want to ask a few questions,

1.If ROSE VALLEY is not registered under SEBI guidelines and if they are not authorized to collect money from the public, thn hw cm they r able to do the same ? are the loopholes in our laws and acts so big that the laws and acts are not able to cover them up.

2. hw cn smone get his/her money back from the company as now with the SARADA scam, people are panicking and demanding their money back ? ( I am asking for the state of TRIPURA ).

3. Does the system lacks teeth to cut down such companies which are trying to manipulate people ?

thanking you,
Dibyendu kar

Shyam Sundar said...

First thing is nobody complains against these companies which are started with some business proposal with the government. Unless someone complains, no government agency will act. People complain only after they burn their fingers.
People won't listen to the sane advise of blogs like Corporate Frauds Watch not to fall prey to such scams. After burning their fingers they want their money back immediately. It is a long process for the law.
We have wonderful laws and poor implementation and political connections make it impossible to take action against these companies.

Avik said...

The rose valley is even bigger cheat than saradha. agents like parthasarathi are misguiding people & making a total loss for the people.

Palash Adhikary said...

To,
The Incharge of the Department Date:03/01/2014
“ROSE VALLEY”
Kolkata.

Respected Sir/Madam,

Sub.:- Policy payment related information case reply me as soon as possible.

I have a policy and also my mother have one in your company. My application No: 061125583. Application Date: 25/11/2008 Credit Date:25/11/2013. And my mother application No: 064786245. Application Date: 11/12/2008 Credit Date:11/12/2013. BARASAT R.O.
All two MCode: 063076792 (My agent name is: Anup Kundu). Our two policy maturity date over but we do not received our credit value.

So please informed me about it - are you send me any cheque or where I received this cheque or where I informed about this case????. I wait for your kind response reply me as soon as possible.

Thanks with kind regards,
Dipak Kumar Adhikari.
S/O:- Late Biswanath Adhikari

And

My Mother: Shibani Adhikari (Biswanath Adhikari)
W/O:- Late Biswanath Adhikari.

Address:-
Tegharia, Dhali Para, Nandan Kanan.
P.O.:- Hatiara, P.S.:- Baguiati, Kolkata-700157/700059, Dist.:- North 24 Parganas, West Bengal, India.
Phone No: 9874389190. Email: admin@flowerdecorationevent.com

Sunil Pradhan said...

my RD aacount has been matured on 3rd March 2014 with Rosevelly .. but till now (8-4-2014) i have not received the cheque. what to do

Shyam Sundar said...

Sunil Rush to the nearest police station and lodge a complaint with the police.