Thursday, 25 February 2010

Mobilising deposits sans RBI permission is illegal

Cheating in the name of real estate was started by Pearls Agro which has still been cheating the gullible for many years. If we go by its fixed deposits it has mobilised from the people all over India, all land in the India sub-contienent is not enough for alloting the promised land to the deposit holders. The Pearls is promising land for all its deposit holders within 90 days of payment and if we look at the history of the company, not a single depositor was ever allotted land. It only promises to refund money, if the company was not able to allot land. Allotment of land was only an excuse to mobilise deposits and the Pearls has clout even in the Prime Minister's Office.
Agri Gold is following suit. It is also collecting deposits all over Andhra Pradesh and it is not sure it had spread its tentacles to the neighbouring States. It is apt to point out here that the head of the Agri Gold is the former employee of Golden Forest which had cheated several millions all over India in the late 1990. Though it has abundant stock of land to sell and repay the depositors it had never done so.
Viswas Real Estate is now enacting the same drama and just started to cheating people. What is more, it is calling for the 'successful' MLM leaders all over the State to join hands to cheat the gullible.
What people have to be reminded is no non-banking finance company is authorised to mobilise public deposits without the permission of the Reserve Bank of India. The Reserve Bank of India way back in 1986 issued a directive to all the State Governments in the country to appoint a Circle Inspector level officer to check the illegal mobilisation of deposits. But the State Governments has neither inclination nor manpower to appoint police officers. That is why the cheating is continued all over the country. We must remember here that Newspaper baron Ramoji Rao is facing criminal charges for mobilising deposits without RBI permission. Mind that he never cheated anyone but repaid every single rupee to all the investors. Still, he is attending the criminal court.
Do not lose your hard-earned money my fellow humans all over world. Let us not allow these crooks to loot our hard-earned money.
If Amway is looting people in the name of product selling, some others are cheating in the name of selling services.


Tex said...

Nice story, Shyam. LOL

Shyam Sundar said...

Thanks "Clueless Tex. We journalists call each and every news item a story. If anybody complements that it is a nice story, we feel elated.

Tex said...

It wasn't a compliment. LOL

Tex said...

Or a "complement" [sic]. LOL