Here is another racketeer company which collected Rs. 1,100 crore (Rs. 11 billion) from public on the promise of high returns within a short span. Any idea what the company had been up to. The company wants to buy cattle and sell ghee to foreign countries to earn thousands of crores of rupees.
The company had succeeded through the 'agents' to hoodwink people that it is a profitable venture and people believed it blindly.
The gullible have already invested Rs. 745 crore in the company's 'Cattle and Ghee' scheme with the hope that they are going to become millionaires soon. By March 31, 2011, it has collected Rs. 745 crore from public and after that also it continued the collection. Though it has yet to be ascertained how much the company had actually collected from public it is estimated that it would be Rs. 1,100 crore.
As is their wont, the Securities and Exchanges Board of India (SEBI) woke up late from slumber and ordered the company to refund the deposits to people.
The SEBI has issued restrictions on the company which prohibited selling of its properties worth Rs. 1,000 crore in addition to the deposits collected by the company.
The SEBI has also instructed the company to prepare an action plan to refund the Rs. 1100 crore deposits to the public within thirty days.