Thursday, 11 July 2013

SEBI busts potato-purchasing racket of Sumangal Industries

It has become very easy these days for conmen to cheat the gullible. Kolkata-based Sumangal Industries started yet another racket with the lure of big returns in short span. And there are many to fall for it.
The company in question asked deposits from people with the promise of 100 per cent returns in 12 months. 
Any idea what it is going to do with the money? 
We have learnt about rackets which promised huge returns if we invest to purchase goats, ducks, rearing sandalwood plants et al. But this fellow has gone a step ahead.
It is going to invest in potato purchases in large scale and sell the same with huge profits. Don't ask how the profits would be 100 per cent. 
It is just a promise. And people fall for it. It had collected several crores of rupees from the mud-heads who believed them.
However, the Securities & Exchanges Board of India put a spanner in the racket of Sumangal Industries and asked it to return the amount in three months to all the investors.
In all these rackets one thing is common. First these racketeers catch hold of the group leaders who are not ashamed to meet people once again with their smooth talk.
These shameless fellows talk about easy money and induce peoplewho already lost money such scams to get back their money where they lost once. 
Who are these group leaders?
People who vociferously defend the MLM in this blog stating that is the best business model in the 21st century. And calling everyone who oppose them names. These people are the dangerous lot to the society. They are interested  in only in lining their pockets.

1 comment:

Mahi said...

Central Govt Steps on Direct Marketing/MLM:
All companies involved in direct marketing or MLM has been made mandatory to be registered / licensed by SEBI. If not registered will be called illegal.
Company’s involved in supplying goods and services and does direct marketing through their member and one member makes another member and so on. To make member, membership fees is being collected. Such companies will be called MLM Scheme Company.
These type of companies or their promoter found doing business without SEBI registration will be punished for 10 years of imprisonment and penalty of double amount of investment.
SFIO has been appointed as nodal officer. Every police station will be sending their report regarding the schemes running in their area to these SFIO. Then the SFIO will investigate and then carry on with his legal proceeding jointly with the police station.
If a company involved in business more than one state then the entire responsibility will be on the SFIO to co-ordinate with other state agencies.
Proposed amendment on Money circulation act 1978 has been prepared and very soon any time we will be getting in monsoon session after 05th August 2013.
For confirmation regarding this news watch CNBC AWAAZ news channel or click the link below to watch through Youtube.