Monday, 13 February 2012

Another money circulation scheme vanishes with Rs. 300 million

Yet another company namely Forever Gold vanished after collecting about Rs. 300 million from the people of Northern district of Srikakulam in Andhra Pradesh with the promise of easy and quick money. The owners of this dubious company promised short of heaven to the people and collected deposits from them.
Forever Gold is just another blade company which has vanished with the deposits. It promised huge returns within a short span of time and not surprisingly people have fallen for the bait. They have given huge sums and the company has even distributed post-dated cheques to be en-cashed later by them. However, their joy was short-lived after the cheques got bounced when they were presented in the Banks.
A larger number of people took out a procession on the streets of Srikakulam town demanding action against the erring company and repayment of their deposits.
One of the victims told the journalists that Forever Gold claimed that it is also like AgriGold, Akshaya Gold, Abhaya Gold companies which have been collecting huge deposits from public.
It is apt to recall here that Corporate Frauds Watch filed a criminal complaint against AgriGold about two years ago and police have yet to take action against the fraudulent company. Had the police taken action on that company, these fraudulent companies would not have born.
The Madras High Court aptly stated that the bureaucrats turn Nelson's eye and close the stable only after the horse escaped.
People never learn a lesson from the past and the bureaucrats never take action against the fraudulent companies for reasons better known to them.
The Reserve Bank of India has issued guidelines way back in 1986 to the State Governments all over India to appoint an officer not lower than a Station House Officer to check the illegal collection of deposits from public. The Police Chief may state his own reasons for the inaction, however, it is the people who are losing their hard-earned money due to their inaction and incompetency.


dtytrivedi said...
This comment has been removed by the author.
dtytrivedi said...

hi Shyam this is me, dtytrivedi.

Here's an interesting news use for you. You always said that glister is high priced, However when I tried to tell you that reason behind it and the benefits behind it but you thought that it was all bluff.

But you know what, action speaks louder than words. And Amway did it in year 2011

Amway Glister which is one of the most criticised product because of its price, has shown its worh. Glister is now Rs 100 crore brand.

And the Glister is not the only product which is offering premium segment price.

GlaxoSmithkline Consumer Healthcare's product Sensodyne, the biggest brand of GSKCH globally worth around $750 million, the firm expects to capture up to 5 per cent of the estimated Rs 1,850-crore Indian toothpaste market within the next three to five years.

In India, the toothpaste has positioned in the premium segment priced at Rs 42 and Rs 75 for 40 gm and 80 gm, respectively.

The point which I want to make is that the success behind the product cannot be builded on the pillars deception. The Indian consumer are not fools who would do the same mistake of buying the product if they feel that they are cheated or unsatisfied with the product.

If the product is true for its value worth then it will definitely be a success.

Shyam Sundar said...

Hai Trivedi, it is after a long time. And you have not changed a bit.
I could not assess whether you are innocent or ignorant or nitwit to under the crooked plan of Amway.
The whole issue is illegal money circulation scheme which is achieved through selling products at exorbitant price. The extra money thus collected is shared by some of the downline and sizable amount goes to the company.
When this is the truth why do you beat around the bush instead of seeing at the reality.