Incorrigible attitude of the gullible

Generally speaking, people are incorrigible and they cannot resist the temptation of easy and quick money. That is the weakness on which many fraudulent companies rely on to make fast buck. When some people enquired about the Duck Development Society at Gadval, Mahaboobnagar district, I told them not to fall prey to the false propaganda of that society with easy and quick money. Still, not only they have joined in the scheme but also made others join it. Now, when police started enquiries into the scam, they want to know whether police filed a case against that company. Their worry is about the police case not about the genuineness of scheme and the fraudulent Society. If there is no police case against the Society they would continue to join more people into the scheme. Their attitude to reap the benefits before the company closes shop, is disgusting. They sure know that it is a fraudulent Society and soon it would close shop. Still, they want to be the first to get the benefits and they do not care if the people who joined later lost money or not. The other day, a worried man from Gadval called me to find out whether there is a police case against the company. I patiently told him that it is a fraudulent society and the question is not the police case but people losing money. The Society is promising to repay Rs. 36,000 in 42 days if they paid Rs. 20,000. There is no business on earth which gives that amount of returns. There is no justifiication for the offer. When the police enquired about the scam, I told the Gadval CI Mr Kiran Kumar that if the business is that lucrative they could approach some commercial bank with the project report and the Banks would be happy to extend loan facility to the society. Still, the Soceity prefers to mobilise funds from public which is prohibited under law. No person under whatever pretext is entitled to mobilise funds from public and this is the established law in India. Let us hope people would realise this and keep themselves off from these fraudulent companies.

Duck menace in Gadval

Of late, ducks have become a big menace for the denizens of Gadval in Mahaboobnagar district. Do not wonder about how ducks became menace. Actually it is not ducks but a society is inducing people to part with their money by offering them ducks. Let us get into the story how the gullible are being lured into the scam. Duck Development Society, a Prakasam district-based organisation, is offering training in duck rearing which it claims is very profitable business and those who want to become members to get trained in duck rearing have to pay Rs. 5,000 as membership. The society would impart training in duck rearing. Earlier, it was only Rs. 3000 since there has been scrambling from people the membership fee has risen to Rs. 5000. Simultaneously there is another offer from the Society. If the members pay Rs. 20,000, after 42 days they would be repaid with Rs. 36,000. After hearing my radio speech, a person from Gadval called me and enquired about the viability of the scheme. He was told not to fall prey to the machinations of the new scheme since there is no business on earh that would fetch Rs. 16,000 profit in one and a half month period. He was not convinced. I tried to reason with him in vain. I tried to talk to the superintendent of police of Mahaboobnagar district who said that the DSP of Gadval has been entrusted with the enquiry of duck society. I contacted the DSP and he was busy and told me that he would talk to me later. He never spoke to me again. After a month, Gadval Circle Inspector Kiran Kumar called me and asked to speak to the legal representative of duck society. I told them that the society is indulging in illegal money circulation scheme and they have no business to mobilise money from public be it in the shape of deposits or membership fee. After a lengthy argument, the legal representative offered me to visit Gadval to get explanation in detail. However, he developed cold feet immediately and on some excuse he left for Hyderabad promising that he would return soon. Now, the police are busy in preparing arrangements for Tungabhadra pushkaram and after December 22 only they could spare some time to get into the duck menace. You know what will happen meanwhile. The society would amass several crores of rupees and buy property with that money in somebody else's name. The members would be in an eternal waiting mode to get back their money. That is what exactly happened in Peeshonu case of Suryapet, Nalgonda district. How do they pay Rs. 36,000 in 42 days for a mere investment of Rs. 20,000. That is the catch. The society would repay some members to instill confidence in others from the money collected from the new members. Later, the chain would come to end at some point or other. This is the state of affairs in our country. Meraa Bharat Mahaan.

Duck meat racket in Gadval, camouflaged money circulation, unauthorised deposit mobilisation

A racketeer in Gadval town in Mahaboobnagar district launched a money circulation scheme and unauthorised deposit mobilisation. This is a classic case of introducing new product altogether. The fraudster started a company in the name of Duck Development Society. The idea is to purchase ducklings, rear them and sell its meat to the customers. The dubious novelty of the plan, the Society is purchasing ducklings with the money of public inducing them with huge returns within a short span. This is openly flouting the rules of Reserve Bank of India to mobilise deposits and inducing the public with quick and easy money. And the members who introduced more members are offered Rs. 300 per membership.

This type of inducement squarely falls within the description of easy and quick money and attracts the provisions of Prize Chits & Money Circulation Schemes (Banning) Act, 1978.

The recent judgement of the Supreme Court categorically stated that offering easy and quick money is illegal and comes under the mischief of the above Act.

Let us look at the modus operandi of the new fraudster. Every member has to register his name with the society by paying Rs. 3,000 (Now it has gone up to Rs. 5,000). After registration, each member has to pay Rs. 20,000 to enable the society to purchase 500 ducklings at the rate of Rs. 24 each. And now the Society rears the ducklings with the rest of the Rs. 8,000. After ducklings grew and become ducks, its meat would be sold to the bulk customers at the rate of Rs. 500 per kg. Any clue, who would purchase duck meat for Rs. 500 per kg. That is the bait.

Now there is a big queue before the office of the society to become members.

It is said that the Society had already collected money from 5,000 members. Reports said that a farmer sold his property and paid Rs. 40 lakh to the society to become billionaire overnight.

Before people and the police realised what happened the organisers of the society would become billionaire and may vanish too.

Some youth who smelled rat with the scheme contacted this blogger and informed about the racket. They said that they had approached the police but they did not entertain their complaint.

Police have yet to detect the racket behind this big fraud. What is funny is that they have yet to identify the purchaser who buys duck meat for Rs. 500 per kg.