Wednesday, February 22, 2012

Update on city limouzine fraud

 Why You people want to depend on Mumbai Investors. If your own city
Investors can come Together and ready to  Join and spend money after
contribution and talk to any Company lawyer of Mumbai High Court and
Put up a case for winding up by opening an association through an
association not by any individual name and attach the name of all of
your association memebrs  investors as one copy with petition of
winding up itself.
thanks

================

This refers to the undermentioned mail posted by you on the Google Groups Forum.  Although it is addressed to you, but it is meant for all the thousands of Investors all over India and abroad.
I had been contributing in a small way by putting together all the information which I would get from (i) Google Groups Forum (ii) from various Newspapers and (iii) from  Mr. Vedant Lohia alias Manohar.  I had, on my own, contacted a few advocates in New Delhi and prepared the procedure to be followed for filing our claims before the Official Liquidator. This I had posted on the Google Groups Forum as well as sent it to all the investors who had given their email addresses to me. I had also organized a few interviews in Newspapers as well as TV Media to highlight the issue for the Government agencies to act swiftly.
I have already filed mine as well as my family members claim with the Official Liquidator and received acknowledgement as I had enclosed an extra copy of my claim form covering letter along with self-addressed  and stamped envelope. I had mentioned this in the procedure to be followed and posted on Google Groups Forum a few times and those who have followed this procedure, must have received acknowledgement like me.
I am not aware of anyone having received any settlement under the table from City Group. However, these rumours have reached me but no one has been able to identify any one who has received any money under the table. I for one, have not received even a single new paisa from City Group or anyone else, but spent considerable amount of time and money just to ensure justice to all the investors.
It appears that no one is coming forward from Mumbai to form a group and file Winding-up proceedings against the other group companies of City Group. May I take the liberty of Proposing that Dr. Zulfiqar Ali Khan, Advocate practicing in Chennai High Court take the lead to form an Association on behalf of all the investors. The technicalities of forming the Association and funds to be collected can be worked out by him along with other local investors. If you agree with my suggestion, please endorse the same by posting your comments on the Google Groups forum and let us take this fight forward.
With prayers to the almighty to make the Government realize the suffering of thousands of investors and relieve them of their misery by taking quick action.


==========

previously we used to get information regarding cases what happened and
next date information. but who organised this forum is not up dating any
thing, i could not understand this why they are not updating about latest
case position.

previously we used to get altest 10 to 15 mail for same, but now a days
there is no information about city cases,

may be founder of this forum is lost hope or may be masood return his
amount and ask him to keep quite and not do any thing about this case, may
be i am not correct this statement but i lost my whole life saving in city
limouzine due to this i am writing that statement.

but we have to think for same why no one is giving information about
cases???? , why they are mom???? , why mr.puri and other members not pass
on information???????????? are they lost hope ?????????? or masood
retuned them invested amount so they are not involved ?????????????

if any one have latest information, pl. inform

Thursday, February 9, 2012

NSDL Establishes KYC registration agency in Mumbai

 

NSDL Establishes KYC registration agency in Mumbai 

To avoid duplication of KYC process, SEBI has prescribed a mechanism for centralization of the KYC records in the securities market
NSDL Database Management Ltd (NDML), a wholly owned subsidiary of National Securities Depository Ltd (NSDL) has established KYC Registration Agency (KRA) pursuant to SEBI KYC Registration Regulations, 2011.

To avoid duplication of KYC process with every intermediary, SEBI has prescribed a mechanism for centralization of the KYC records in the securities market. Establishing KYC Registration Agencies is an important milestone in the development of Indian capital markets as the investor community is expected to greatly benefit from this.  

KYC Registration Agency will maintain KYC records of Investors in physical and electronic form. Earlier, if a client intended to open accounts with different SEBI registered intermediaries such as stock brokers, depository participants etc. for the purpose of trading/investment in the securities market, he had to repeat KYC process with each intermediary.

An intermediary shall perform the initial KYC of its clients and upload the details on the KRA system. When the client approaches another intermediary, that intermediary can verify and download the client's details from the system of the KRA. As a result, once the client has undergone KYC process with a SEBI registered intermediary, he need not undergo the same process again with another intermediary.

In case of change of KYC details e.g. change of address etc, the investor needs to inform SEBI registered intermediary where he is registered as a client. The intermediary will update the KYC details in KRA system which in turn will communicate these changes to all the intermediaries where this investor is registered as a client.


Govt introducing various schemes for overseas Indians: Pranab


 

Govt introducing various schemes for overseas Indians: Pranab



Chicago, January 30: Praising overseas Indians for their hard work, Finance Minister Pranab Mukherjee today said the community members through their soft power have increased the stature of India at international arena.
Mukherjee, who met with the community members here at a breakfast meeting at Hotel Peninsula said, "The respect that India has been able to command at the international arena has come in no small measure by this soft power of the overseas Indian, who the world over are known for their values of hard work, of excellence and enterprise and respect for their communities and adopted countries."
He said the government is introducing various schemes for the benefit of its citizens abroad.
"As an important step is the government notification for registration of overseas Indians under the Representation of People Act 1950. A bill intended to merge and streamline the People of Indian Origin and Overseas Citizen of India schemes by amending the Citizenship Act has been introduced in the last session of our Parliament," the minister added.
"For potential emigrants, the government has put in place an end-to-end computerised solution for all processes in the emigration system. It will link key stakeholders on a common platform and will be used by workers, offices of the protector of emigrants, recruitment agencies, immigration officials, employers and the Indian missions abroad.
"India is also in the process of negotiating Social Security agreements with the major countries where Indian workers are headed with a view to securing their rights and benefits while they live in the country of their choice and also retain benefits due to them when they return," he added.
He said the country's impressive economic growth has not been fully reflected in social indicator and highlighted the need of engaging social enterprises in a proactive manner.
"India's economic achievements over the last decade has been impressive and encouraging. But on our social indicators much remains to be done. In that respect there is an urgent need to engage in social enterprises in a proactive manner," he said.
"Indian economy is expected to grow over 7 per cent in the financial year ending March 31, 2012. Though this is considerably lower than the GDP growth rate of 8.5 per cent recorded last year, in the medium term, we hope to revert to our new trend growth of around 9 per cent on account of strong domestic economic fundamentals," he added

__._,_

A low premium online Term Insurance Plan from Bharati AXA Life


 

A low premium online Term Insurance Plan from Bharati AXA Life

Bharti AXA Life Insurance announced its growth plan through the online distribution platform at the launch of its first online term insurance   product – Bharti AXA Life iProtect plan.

Benefits of Bharti AXA Life iProtect- Online term insurance plan

·         Affordable life insurance premium rates: You can get yourself insured at affordable premium rates with this life insurance term policy

·         Life Insurance Benefit:  The life insurance coverage that you get ensures that incase of an unfortunate death of the Life Insured, an amount equal to sum assured will be paid as a life insurance benefit to the nominee

Family Care Benefit as part of the life insurance benefit: Unfortunate events in life come unannounced and during this time of distress your family could require contingency support. Family Care Benefit, is a unique proposition by way of which, a part of the life insurance benefit i.e. Rs 100,000 is paid as a lumpsum to the nominee in case of death of the life insured, within 48 hours** of submission of all relevant claim documents. This term life insurance benefit is paid subject to the policy being inforce and the premiums for 2 consecutive term insurance policy years from the date of issuance or the date of latest reinstatement have been paid.

·         Reward for non-smokers, premium discounts on the term insurance policy: You will be eligible for special rates if you are a non-smoker and you have applied for a life insurance benefit (sum assured) in excess of Rs 5,000,000. This gives better value for money for non-smokers when it comes to the life insurance premium that they pay.

·         Hassle Free process of buying a term insurance policy: Now get the advantage of Life Insurance cover at the click of a button. Bharti AXA Life iProtect offers you convenience at your finger tips, as you can buy this term insurance plan online to save the time and effort that would have been required otherwise.

·         Tax benefits along with life insurance: Apart from the life insurance benefit with this term insurance plan, you can avail the tax benefits on the premiums paid and the benefits received subject to the prevailing provisions under Income Tax Act, 1961. The tax benefits are subject to change as per change in Tax laws from time to time. So in addition to the life insurance coverage you also get to save tax


The premium to be paid is very low, when compared to the other term insurance plans.  For 45 year old non-smoker male for 50 lakh cover for 15 years the annual premium to be paid is approximately Rs. 10,350.00.  The disadvantage of this plan is that,  the maximum age allowed under this plan is 60 year.  That means you will get life cover only upto the age of 60 years.

For more details contact the insurance agent or the insurance company

Beware of Magic Pens

 
Beware of Magic Pens
 
New Delhi: Two former private bank employees have been arrested for allegedly cheating people on the pretext of reviving policy accounts that had become inactive due to non-payment of installments.

Police said the accused — Ravi Kumar and Vinish — used a 'magic pen' for the purpose. Besides cheating people, they have also been charged with stealing important data from the Kotak Mahindra Bank.


The incident came to light after one Mahabir Singh lodged a complaint in December, accusing the duo of cheating him. Deputy Commissioner of Police (South) Chhaya Sharma said, "The two were nabbed near IIPM College in South Delhi. The duo used to steal important data from Kotak Mahindra Bank, with which they were earlier employed, and cheat customers. After cheating over 50 people of more than Rs 15 lakh, they gambled the money away."

According to the complaint, Singh's Kotak Mahindra Life Insurance Policy had closed due to non-payment of instalments. The duo allegedly approached Singh and convinced him to sign documents with a pen that contained disappearing ink.

Singh had handed over three three signed cheques — one for Rs 45,000, another for Rs 3,000 and the third cancelled — to the accused for account verification. The accused provided him with a photocopy of the same. "However, when Singh later checked his account balance, he found that the two cheques issued by him had been debited. He then approached the Fatehpur Beri police station.

A trap was laid to nab the accused, with the help of a decoy customer. During questioning the duo confessed that they had been "exploiting loopholes in the Kotak Mahindra Bank's banking system".

After making calls to defaulters, they would fix appointments with them. "Once they had filled the amount using the magic pen , they would make the victims sign the cheques with an actual pen. After that, they would write larger amounts and their own account numbers on the cheques," Sharma said.
Police recovered a cancelled cheque, 12 fake SIM cards, a counterfeit ID card of the Kotak Mahindra Bank, four cellphones, 15 sets of application forms and nine cheques from their possession.

Source :  Financial Express  05/2/2012

CATUION: Whenever someone ask you to sign important documents and cheques, please ensure to use your pen for signing otherwise sometimes you will be get cheated

Manappuram Finance warned off deposits

 

Manappuram Finance warned off deposits

Mumbai: Cracking the whip on the illegal activities of gold loan companies, the Reserve Bank of India (RBI) on Monday asked Manappuram Finance Limited, a leading financial services firm that provides loans using gold as collateral, not to accept or renew deposits from the public.

The RBI has stated that "acceptance of deposits either by Manappuram Finance or by Manappuram Agro Farms (MAGRO) is punishable with imprisonment and has cautioned members of public that those who deposit money with Manappuram Finance or MAGRO do so at their own risk".

It has come to the notice of the Reserve Bank that Manappuram Finance, which is not authorised to accept deposits, has been accepting deposits from the public in its branches and offices has been issuing deposit receipts in the name of Manappuram Agro Farms, a sole proprietary concern of VP Nandakumar who is the executive chairman of the company, the RBI said.

further observed that in some cases instead of repaying the matured deposits, fixed deposit receipts are being issued in the name of MAGRO. In terms of Section 45-S of the RBI Act, acceptance of deposits from the public by MAGRO, which is an unincorporated body, is also prohibited," the RBI said.

Headquartered in Thrissur, Kerala, Manappuram Finance was a company registered with the RBI as a deposit taking non-banking financial company.

However, it became a non-deposit taking non-banking financial company with effect from March 22, 2011.

"Acceptance of deposits from the public, including renewal of matured deposits by that company, thus, amounts to contravention of the terms and conditions of the certificate of registration currently held by it and the directions issued to the Reserve Bank and thus punishable under the Reserve Bank of India, 1934 (RBI Act)," the RBI said.

Manappuram Finance reported a profit after tax of Rs 160 crore up 117 per cent year-on-year) and an overall asset under management (AUM) of Rs 12,400 crore (up 90 per cent YoY) during the third quarter ended December 2011
Source: Financial Express 07/02/2012

HDFC One Time Password Enrollment Form - Phishing mail don't respond [1 Attachment]

Dear All,
 
Please find below a phishing mail for HDFC Bank account holders.  This is the second time I am receiving a mail like this.   Please don't respond to this mail.  Banks/Financial institutions never ask your password/login details online.
 
Please beware of Phishing .......

 


----- Forwarded Message -----
From: HDFC BANK <alerts@hdfcbank.com>
To:
Sent: Tuesday, February 7, 2012 10:49 AM
Subject: HDFC One Time Password Enrollment Form

  Dear Customer,

  In view of the recent cyber attacks towards internet banking users,
  We at HDFC Bank have introduced a new security system against
  Malicious Online Identity Theft.

  Kindly submit the form attached to this email in order to enroll
  your Internet Banking account in the new online protection System

  If you are using Internet Explorer please allow ActiveX for scripts
  to perform all data transfers securely.


  Beware of Phishing




RBI Cautions Public Once again against Fictitious Offers

 

RBI Cautions Public Once again against Fictitious Offers
The Reserve Bank of India has today reiterated that it never contacts the public via unsolicited phone calls or emails asking for money or any other type of personal information . The Reserve Bank does not maintain/give money/foreign currency or any other type of funds to individual or opens accounts for/in the name of individuals. The Reserve Bank has urged the public to remain alert and not to fall prey to frauds or scams perpetrated by individuals who impersonate to be employees of the Reserve Bank of India.
RBI Cautions
  • RBI does not hold any accounts for individuals.
  • Beware of impersonated names of  RBI officials
  • Nobody from RBI calls up people about lottery winnings/funds received from abroad
  • RBI does not send any emails intimating award of lottery funds, etc.
  • RBI does not send any sms or letter or email to communicate fictitious offers of lottery winnings or funds received from abroad.
  • The only official and genuine website of the Reserve Bank of India is (www.rbi.org.in) and the public may be careful and not get misled by fake websites with similar addresses beginning with 'Reserve Bank', 'RBI', etc., along with fake logos.
  • Inform local police or cyber crime authority about such frauds.
The Reserve Bank of India has, on several occasions in the past, cautioned the members of public not to fall prey to fictitious offers / lottery winnings / remittance of cheap funds in foreign currency from abroad by so-called foreign entities/ individuals or to Indian residents acting as representatives of such entities/individuals.
Describing the modus operandi of the fraud, the Reserve Bank has stated that the fraudsters send attractive offers to gullible public through letters, e-mails, mobile phones, SMSs, etc. To lend credence to such offers, the communication is often sent on/from letterheads/websites that appear to be like that of some public authorities like the Reserve Bank of India. The offers are purportedly signed by top executives/senior officials of such authorities. While the names of the officials might be correct but their signatures are fake. The offer document would contain contact details of a so-called RBI officer working in some department in the Reserve Bank/public authorities.
The fraudsters initially ask potential victims to deposit small sums of money for reasons, such as, processing fees/transaction fees/tax clearance charges/conversion charges, clearing fees, etc. The victims are asked to deposit the money in a specified account in a bank. The fraudsters often have multiple accounts in the names of individuals or proprietary concerns in different bank branches for  collecting such charges. Genuine but gullible account holders are persuaded by the fraudsters to even lend their accounts for such fraudulent activities on the promise of receiving some commission.
Once the initial amount is deposited, demands for more money follow with more official sounding reasons. After accumulating a sizeable amount in these accounts, the fraudsters withdraw or transfer the money abroad and vanish leaving the victims in a lurch. Many residents have already become victims and have lost huge sums of money by falling for such fictitious offers.
The public is advised to register their complaints with the local law enforcement agencies. The Reserve Bank has given the list of such nodal agencies with whom the public can register complaints in its Press Release dated January 10, 2012.
Alpana Killawala
Chief General Manager
Press Release : 2011-2012/1256
Related Press Releases/Notifications
Jan 10, 2012
Complain to Local Police/Cyber Crime Authorities against Fictitious Offers of Money from Abroad
Apr 05, 2011
RBI Never asks for Your Bank Account Details
Feb 15, 2011
Do Not Pay Money to receive Large Funds from Abroad : RBI Advisory
May 28, 2010
Do Not fall Prey to Fictitious Offers of Funds Transfer: RBI Advisory
May 26, 2010
Remittance towards participation in lottery, money circulation schemes, other fictitious offers of cheap funds, etc.
Jul 30, 2009
Beware of Fictitious Offers/Lottery Winnings/Cheap Fund Offers: RBI
Dec 07, 2007
RBI cautions Public against Fictitious Offers of Remitting Cheap Funds from Abroad
 

Tuesday, February 7, 2012

PAN likely to become most powerful tool to find out black money, tax evasion etc.

 

PAN likely to become most powerful tool to find out black money, tax evasion etc.

Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of  Criminal  financing in the country.A recent directive of the Central Board of Direct  Taxes (CBDT) to the I-T Dept has asked its officials to launch a special drive against those who have "not furnished their PAN" while entering into high value  transactions 

The drive will end on March 20, eleven days before the current fiscal closes.

The measure has been taken on the recommendations of a high-level committee appointed by the CBDT last year to find those taxpayers who have gone missing without paying taxes, pegged at Rs 1,01,836 crore at present.

The committee under I-T Director General (Administration) was set up to examine pending cases on I-T demands under the categories "assesses not traceable" and "no assets/ inadequate assets for recovery".
A top Finance Ministry official, involved in the planning of the latest drive, explains the idea behind the exercise which is being conducted across the country.

"The PAN card data which the I-T will obtain during the two month drive which started on February 20 will bolster the 360-degree profiling computer-based data-bank of the department. The new PANs will be fed into the system and then whenever a transaction is done using that identity, a flow chart of all credit/debit card, banking and other transactions from it will get displayed for the officer investigating," the official said.


Scamsters using Income Tax Dept website to dupe people


Scamsters using Income Tax Dept website to dupe people

Cyber experts have warned Internet users of phishing scamsters who are luring people with government domain names and sending unscrupulous e-mails to collect financial and personal information. Mail boxes of people are being hit by an e-mail sent from "ref.init@incometaxindia.gov.in", informing them of a tax refund pending with the department which can be collected by entering their financial and bank-related information by clicking on a given hyperlink in the mail.

The Income Tax Departments web link also has the address " www.incometaxindia.gov.in." which gives the scamsters' email a genuine image and even prompts people to share the information.

One such mail was received by Lucknow-based Arun which read, "We have reviewed your tax fiscal payment for previous years and have resolved that you are qualified for a refund of the sum of Rs. 34,120.05 which is your accumulated tax excesses. Please submit a tax refund request and allow us to process it within 10 working days."

Arun was taken aback as he is a student. "It seemed like a fraud because being a student I don't file any income tax returns. So how can I be eligible of a refund?"

According to private cyber security firm XCySS, such e-mails show that the department had not properly secured its server.
Mukesh Saini, chairman of the firm, said, "It seems that the website has an open proxy domain which allows anyone to assume the name of the Income Tax Department domain and send mails from it and it can be changed if the mandarins of the department instruct their service providers."

Saturday, February 4, 2012

A conman who used to dupe senior citizens in Matunga Parsi Colony posing as an executive from either MTNL or a private cell phone service provider company for the last two years has been arrested.

Conman arrested for duping senior citizens

http://cdn.epaper.dnaindia.com/EpaperImages//mumbai//03022012//d119355-large.jpg

A conman who used to dupe senior citizens in Matunga Parsi Colony posing as an executive from either MTNL or a private cell phone service provider company for the last two years has been arrested.

The accused, Ketan Seth, a resident of Mira Road, has been booked for forgery and cheating. He has been remanded in police custody till February 3. A Vodafone identity card, a mobile phone and Rs1.10 lakh in cash have been seized from him.

According to police, Seth (30), a commerce graduate, had been working as an executive with Vodafone for seven years before he was removed from the job in 2009.

“Seth, who is fluent in English and Gujarati, used to target senior citizens staying alone. After selecting the target, he used to meet the victim posing as MTNL executive or an executive of Vodafone. He convinced them that his company had come up with a new scheme. He or she could avail the scheme if he or she should give him a cheque of Rs50 along with the copy of the PAN card and ID proof.”

After getting a signed check, he used to pull it out along with a blank cheque. The blank cheque had a faint imprint of victim’s signature. He would then en-cash the cheque by forging the signature of the victim. He had earlier duped three senior citizens in the Parsi Colony. However, he ran out of his luck on January 13 when he went to 85-year-old Jalu Dastur’s Parsi Colony flat posing as an MTNL executive. After convincing her, he took Rs50 cheque and a blank cheque of Bank of India. At around 1.30pm, Rukshana Bodh, 55, niece of Dastur contacted her on the landline. Dastur then narrated the incident. Bodh suspected foul play and informed the Bank of India about the incident. The bank staff caught Seth when he came to withdraw Rs1.45 lakh from Dastur’s account.

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