Saturday, 19 June 2010

Crooks advertise in Classifieds with tall promises

Everyday we come across a number of advertisements in the classifieds section of newspapers. They offer a wide range of business opportunities like Amway always does. It is like quick fix for all the financial needs of every one. They offer huge profits in a very short span. They show heaven in your palm.
One such ad claims that it would pay Rs. 1250 every day into your account if you give them an investment of Rs. 1,00,000 (Rupees One Hundred Thousand). If anybody pays that amount he would have to lose all the amount. They always look for gullible people with lots of promises. When Corporate Frauds Watch wanted details from the advertiser, he claimed that it is a company and he would give an undertaking on a Rs. 100 bond paper. But when asked he would write a promissory note, he said in negative. When asked whether he has permission from the Reserve Bank of India, he said that it is under processing. With such type of promises, it is easy to hoodwink the gullible. No wonder many people are falling for the sweet talk and losing their hard-earned money. What more, these fraudsters employ the same method like Amway to recruit more members by offering huge commission.
A company called Peeshonu used the same technique and vanished with about Rs. 80 crore. Corporate Frauds Watch organised a meeting at the small town of Suryapet and appealed people not to fall prey to the false promises of Peeshonu owned by one Mr Saidulu. This man purchased 40 acres of land in his wife's name and now he is refusing to repay the depositors. He is facing criminal case and is still absconding.
Another company Haryana-based Golden Forest Ltd vanished with Rs. 200 crore. And now a person who worked in that company started a company in the name of Agrigold and is collecting deposits illegally from public promising them house sites.
Let us examine more such fraud cases in the next episode.

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