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.