Saturday, November 24, 2012

Act Now to Recover your Money Invested in Speak Asia.

Friends it has been proved that the association called “All India Speakasia Panelist Association” has been formed only to safeguard the interest of Speak Asia and not its panelists. You can not trust an association which claims to safeguard the interest of panelists and are yet to prepare MOA which will form the policies and agenda (see AISPA’s secretary Ashok Bhairwani’s comment .This association is mainly formed to misguide people at large. Its evident now that this association has been formed only on the behest of Speak Asia just to utilize the growing unrest among the people for their gain to come out of the clutches of law and run away




We all know that this has been done by so many companies recently in a same way and this is the only way for them to evade law once they are into soup..take support of investors by putting blame on government for stopping their company business,this is the best example to utilize their emotion for personal benefit…to name few are ACTR,Wealthline,Stockguru,Redcarpet etc all bought time and ran away with people money, why as they were successful in keeping law and people at bay
As a true speak asian we will not get fooled by the people who are running our business and will fight for our right. Some top leaders has joined hands collectively to come on a common platform and fight legally to help their downline in recovering money from company. For this we need your support in large numbers to build a peaceful movement at a fast pace so as to help  government agencies to move in a direction of recovering money of deprived panelists. Please go through the below objectives for which we are hiring a renowned legal firm to put our case forward to relevant government agencies. If you think alike and agree with us on the objectives below then send us your confirmation with your name,address,mobile number,speakasia id and your reward point as of date (panel ewallet and survey e wallet both) on email panelistforum@gmail.com
The legal firm appointed will send you a wakalatnama and the case will be put up collectively on the mailer’s behalf

Objectives:
  1. Custody of website with an independent IT firm for investigation and to stop all the activities on website including anything to do with reward points further locking the reward point transfers.This will stop people from selling reward points to loot people further.
  2. Appointment of CA firm to calculate the amount of reward points to be converted into payouts and get it ready for immediate bank transfer.
  3. Appointment of ESCROW account with any nationalize bank and transfer all the frozen money into that account.
  4. Freeze all the international accounts of saol and their promoter’s account including ceo and coo as they may have an active hand in siphoning money worldwide and get it back to ESCROW accounts 5)Pay people their money back for the reward points they have in their e wallet from the frozen amount with the help of CA firm and ESCROW account via bank transfer.
  5. Appointment of a judicial committee who can validate business model, compensation plan, legal statute of saol and it can be done with people from different field comprising of director/ceo of market research companies, network marketing national/international consultants,legal advisory company, auditing firm, retired supreme court judge, representatives of EOW, CBI, RBIand MCA who can investigate and submit their report in 30 days.
  6. Issue of red corner notice to bring in promoters of saol and its share holding companies in front of this judicial committee with all their non-disclosure agreements, balance sheets and all relevant documents so they can investigate and validate saol’s business module.
The biggest mistake we do is to try fighting emotionally..its high time we stop being a puppet and an emotional fool, get united and fight for our rights by legal and democratic means..stop fighting law and utilize it for your benefit…save yourself and your fellow speak asian
Your’s Truly
Speak Asian - Manas Robin
City-Barpeta, State - Assam
panelistforum@gmail.com
 

Government investigating 87 chit-funds MLM companies: MCA

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Government investigating 87 chit-funds MLM companies: MCA


| Blog, MLM Resource, News | 28/08/2012
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Chit Fund

As many as 87 companies have come under the scanner for irregularities related to chit fund schemes and cash circulation in the garb of multi-level marketing, the government stated today.
The Registrar of Companies (RoC) and its Regional Directors have actually been asked to scrutinise the balance sheets and inspect the books of accounts and other records of these 87 business, Minister of State for Corporate Affairs R P N Singh informed the Rajya Sabha today.
In reply to a query whether the Ministry has actually asked RoC to probe the accounts of chit fund companies and particular Multi – Level Marketing (NETWORK MARKETING) firms, the minister responded in affirmative.
Singh stated the directions have been provided on the basis of certain complaints obtained by the ministry against these companies, which are “alleged to be carrying on the tasks associated with reward chit fund and cash circulation in the garb of multi-level marketing”.
The minister was asked whether complaints have actually been obtained from investors about being ripped off through MLM money circulation schemes.
Singh further said that SFIO (Serious Fraud Investigation Office) has actually recommended setting up of a particular central regulatory agency for the execution of the Prize Chit and Money Circulation Scheme (Banning) Act, 1978.
The Act is administered by the Division of Financial Services (DFS), which has actually made up an Inter-Ministerial Group consisting of representatives from DFS, Ministry of Corporate Affairs (MCA), the Reserve Bank, Securities and Exchange Board of India (Sebi), Division of Consumer Affairs and Central Economic Intelligence Bureau.
The Group will certainly draft model rules on MLM business and on the prohibited schemes under this Act, and additionally frame clarificatory rules on the best ways to distinguish between direct sales from disguised money circulation schemes.
To an additional question on whether the investigations were being described SFIO, instead of being performed by RoCs, Singh said that multi-dimensional economic irregularities and frauds of complex nature are generally assigned to SFIO.
He said that SFIO is a “multi-disciplinary investigative agency including professionals from banking sector, capital market, company law, general law, forensic, analysis, taxation, info modern technology etc.” The minister further said that numerous segments of the Companies Act empowers the central government to designate inspectors for investigation of affairs of a business, but no extra-judicial power is bestowed upon the SFIO.
He said that RoC has powers to require needed info or explanation from any sort of company, based on the documents submitted to its office by the business, and submit a report to the central government.
On the basis of RoC report, the government can easily order investigations into the affairs of the business.
In reply to one more question on whether applications under RTI (Right to Details) Act are piling up in the different offices of the Corporate Affairs Ministry, Singh said that all RTI applications are taken care of on a top priority basis.

R4u.ca (BIGGEST FRAUD COMPANY)

THIS IS A BIGGEST FRAUD COMPANY SO DON’T INVEST YOUR HARD EARN MONEY KARAN THAKUR, PREETISHALWASHI,RAJESH SING IS A No1 FRAUD PERSONS  SUPPOSE YOU INVEST THIS COMPANY PLEASE RETURN BACK YOUR AMOUNT IMMEDIATELY THIS IS FRAUD FRAUD FRAUD.

CID police of AP file criminal case against KMJ Land Developers India Ltd


The CID police of the State of Andhra Pradesh filed a criminal case No. 5 of 2011 against KMJ Land Developers India Ltd for indulging in money circulation scheme in the name of real estate.
One look at the company's website reveals that it has no registered office address but has offices in many States across India. The web site offers EXTRA INCOME, ECONOMIC FREEDOM, and SECURE FUTURE and induces people to become a member of KMJ family to fulfill your DREAMS. Rings any bell! Yeah! IT is same like Amway India. 
They opened a business centre at Door.No.40-1-82, First Floor, M.G. Road, NTR Circle,  Vijayawada – 520 010 and started enrolling members. 
The scheme of the KMJ Land Developers India Limited, (Business Centre) is 1:2 sponsoring scheme. The first person has to sponsor 2 persons and again these 2 persons have to sponsor 2 persons each and this 1:2 enrollment keep on goes infinite. The person should be enrolled only by an already enrolled member.  The entrance fee of the KMJ Land Developers India Limited, (Business Centre) is Rs.5,000/- in the name of deposit. Out of this entrance fee, commissions will be given to all the upline members. Half of the entrance fee is directly credited to company account and out of remaining share, half is distributed among the network/chain members and the remaining is said to be for issuance of an identity card and some products by the company. Joining a member into the scheme is treated as sale of products. The person is called Advisor.  The commission on the enrollment of a member will be distributed from bottom to top of the company.
There are 12 levels in the scheme of KMJ Marketing. Depending on the enrollment of every new member not only on his personal efforts but also on the efforts of his downline members, different titles will be given. The following table demonstrates the promise of quick or easy money on the event or contingency applicable or related to enrolment of new members into the scheme. One left and one right is treated as an Agency.

Sl.No.
Name of the Title
No. of Persons to be sponsored
Promise of easy or quick money in the name of commissions
1.
Advisor
-
Kit worth Rs.200/-
2.
Sales Executive
2
600/-
3.
Field Executive
4
800/-
4.
Organiser Executive
8
1000/-
5.
Marketing Executive
16
1200/-
6.
Marketing Officer
32
1400/-
7.
Development Officer
64
1800/-
8.
Regional officer
128
2200/-
9.
Zonal Officer
256
2600/-
10.
Zonal Manager
512
3000/-
11.
Sr. Zonal Manager
1024
5000/-
12.
Executive Manager
2048
8000/-
13.
Sr. Executive manager
4096
10000/-
14.
Executive Director
8192
12000/-

            From 2nd level onwards, the title holders will get easy money consisting of benefits of Supervisor and group income which purely depend on the enrollment of new members into the scheme and not depend on the sale of products. The promoters pretty well know that if one person enrolls ten persons, at one point world population will be over and due to mathematical impossibility crores of peoples will be cheated.
            This promise of income is directly related or applicable to the event or contingency relative to enrollment of new members into the scheme.
Already there are several millions all over the country who became victims of this easy/quick money racket and lost their hard-earned money. Let us hope more and more such crooks are brought to book by the CID police of Andhra Pradesh.

N mart fraud CMD Arrested : FIR in Hyderabad, Arrested in Gujarat, Bail at Maharashtra

N Mart CMD Arrested

Hyderabad: Andhra Pradesh police arrested Gopal Shekhawat on the basis of complaints of fraud against the nation’s leading retail Chain owner of N-Mart on Tuesday morning around 11.30 in Bollywood style. Gopal Singh Shekhawat was with his wife at the time of arrest.



Later by road he was taken to Mumbai from Surat. As per N Mart’s management office located in Surat, Gopal Singh Shekhawat was presented in Mumbai local court where the court has released him on conditional bail. After hearing the news of arrest whole N Mart associates were in confusion and chaos but late in the evening after the news of his bail spread, everyone was in sigh of relief. Due to this new development, Hyderabad police could not take him to Andhra Pradesh.

On Tuesday morning with his wife, Gopal Singh Shekhawat went to a local area hospital for a regular check-up. When he came out of the hospital with his wife, the Andhra police surrounded them in filmy style and took them away. His driver opposed them but could not do much. The way the whole incident took place many presumed that Gopal Shekhawat has been kidnapped. The moment driver realised that, he immediately reported the information to their families.

later the case was reported to the Surat local police. The local police registered a complaint against Hyderabad police because they did not inform them in advance as per given law. After this Andhra Pradesh realised their mistake and immediately faxed was sent to Surat Police.

N Mart CMD Arrested

Andhra Pradesh Police especially Guntur, Vijayawada etc have claimed notoriety
in getting Businessman arrested, Pearls, RMP, PACL, now Nmart. You can't
treat Directors of the company in such rash manner. You have to
consider his lawful business. This gentleman though running an MLM has
also a chain of retail stores. There can be a mature way of allowing him
to repay his deposits if found wrong by regulators/agencies like SEBI,
ROC, RBI. But like always the AP police believe that they have a free
jurisdiction in the entire country. Its high time the AP police observe
the law and act accordingly. In matters of deposit mobilization can the
Police have overriding arbitrary authority and be selective. Could they
arrest the Directors of Sahara group even when RBI, SEBI, ROC have
called their operation wrong. The AP police must follow the law

33 Chit Fund companies sealed at Gwalior

33 Chit Fund companies sealed at Gwalior – Madhya Pradesh(M.P). Administration and police in the city, with a combined team on Monday did raid over two dozen of corporate offices of Chit Fund Companies and seized a large number of records. The records related to the business of these companies have been asked to present in two days.

Administration and police in the city, with a joint team on Monday did raid over two dozen of corporate offices of Chit Fund Companies and seized a large number of records. The records related to the business of these companies have been asked to present in two days.

Collector Akash Tripathi and SP Makrand Deuskar in the afternoon finalized the action of raids on Chit Fund companies. Eight teams have been formed to investigate. Earlier, the SP and the Collector sent a letter to DIG about the police investigation on these Chit Fund companies and pointed to the police investigation was being lazy. During the first investigation the collector have already submitted report on 31 Chit Fund Companies (non-banking), this report was submitted to Superintendent of Police four months ago but only 11 cases have been presented in the court. Except for four companies, the process of giving notice is on the way.

The company operators and owners of these Chit Fund Companies are threatening investors. Such complaints have been reached last week to police and administration. Violence is also mentioned in the complaint when investors asked for money. The investigation teams found that during the raid, an official said that Skylodge Land Developers was accepting payments with an agreement. The record of Sai Prasad properties shows that it in four years they collected Rs.11 crores at Gwalior.

These are missing companies: Arbien Company Lalitpur Colony, MKD Developers Shinde camp, Ram Towers Shinde Camp, Royal Sun India Developers Bhagwan Colony Murar.

These are the instructions: the ongoing investigation against the companies should be completed immediately. A case should be registered under section IPC 420.

What the Act says: RBI Act of 1934 Section 45-1 (A) according to the Reserve Bank, without permission from RBI any non-banking company cannot accept funds from public. Madhya Pradesh Nispakesh Act. Protects the interest of the investors under companies Act, 2000. Additional rights have been given to SP, Additional Superintendent of Police to take action against Chit Fund Companies.

Administration and police in the city, with a joint team on Monday did raid over two dozen of corporate offices of Chit Fund Companies and seized a large number of records. The records related to the business of these companies have been asked to present in two days.
Collector Akash Tripathi and SP Makrand Deuskar in the afternoon finalized the action of raids on Chit Fund companies. Eight teams have been formed to investigate. Earlier, the SP and the Collector sent a letter to DIG about the police investigation on these Chit Fund companies and pointed to the police investigation was being lazy. During the first investigation the collector have already submitted report on 31 Chit Fund Companies (non-banking), this report was submitted to Superintendent of Police four months ago but only 11 cases have been presented in the court. Except for four companies, the process of giving notice is on the way.
The company operators and owners of these Chit Fund Companies are threatening investors. Such complaints have been reached last week to police and administration. Violence is also mentioned in the complaint when investors asked for money. The investigation teams found that during the raid, an official said that Skylodge Land Developers was accepting payments with an agreement. The record of Sai Prasad properties shows that it in four years they collected Rs.11 crores at Gwalior.
These are missing companies: Arbien Company Lalitpur Colony, MKD Developers Shinde camp, Ram Towers Shinde Camp, Royal Sun India Developers Bhagwan Colony Murar.
These are the instructions: the ongoing investigation against the companies should be completed immediately. A case should be registered under section IPC 420.
What the Act says: RBI Act of 1934 Section 45-1 (A) according to the Reserve Bank, without permission from RBI any non-banking company cannot accept funds from public. Madhya Pradesh Nispakesh Act. Protects the interest of the investors under companies Act, 2000. Additional rights have been given to SP, Additional Superintendent of Police to take action against Chit Fund Companies.


Read more: http://www.mlmnewsblog.com/2011/05/33-chit-fund-companies-sealed-at-gwalior-madhya-pradesh/#ixzz2D4VFQSRK
Administration and police in the city, with a joint team on Monday did raid over two dozen of corporate offices of Chit Fund Companies and seized a large number of records. The records related to the business of these companies have been asked to present in two days.
Collector Akash Tripathi and SP Makrand Deuskar in the afternoon finalized the action of raids on Chit Fund companies. Eight teams have been formed to investigate. Earlier, the SP and the Collector sent a letter to DIG about the police investigation on these Chit Fund companies and pointed to the police investigation was being lazy. During the first investigation the collector have already submitted report on 31 Chit Fund Companies (non-banking), this report was submitted to Superintendent of Police four months ago but only 11 cases have been presented in the court. Except for four companies, the process of giving notice is on the way.
The company operators and owners of these Chit Fund Companies are threatening investors. Such complaints have been reached last week to police and administration. Violence is also mentioned in the complaint when investors asked for money. The investigation teams found that during the raid, an official said that Skylodge Land Developers was accepting payments with an agreement. The record of Sai Prasad properties shows that it in four years they collected Rs.11 crores at Gwalior.
These are missing companies: Arbien Company Lalitpur Colony, MKD Developers Shinde camp, Ram Towers Shinde Camp, Royal Sun India Developers Bhagwan Colony Murar.
These are the instructions: the ongoing investigation against the companies should be completed immediately. A case should be registered under section IPC 420.
What the Act says: RBI Act of 1934 Section 45-1 (A) according to the Reserve Bank, without permission from RBI any non-banking company cannot accept funds from public. Madhya Pradesh Nispakesh Act. Protects the interest of the investors under companies Act, 2000. Additional rights have been given to SP, Additional Superintendent of Police to take action against Chit Fund Companies.


Read more: http://www.mlmnewsblog.com/2011/05/33-chit-fund-companies-sealed-at-gwalior-madhya-pradesh/#ixzz2D4VFQSRK

Friday, November 23, 2012

Sai Prasad Food and Sai Prasad Properties fraud co.

Police have conducted raids at the office of two companies here who were allegedly collecting money from people in rural areas on the promise of trebling it within six years.
However, police could not find managers or proprietors of the two companies -- Sai Prasad Food and Sai Prasad Properties during the raid yesterday. No one could provide information regarding the accused.
Computers found at the offices had been sealed. Besides, police have written to concerned banks to seal their accounts.
It was informed that the directors of the companies are from Pune. Recently, the companies had opened branches at several places in Madhya Pradesh. Their premises were raided following information that they had collected crores of rupees from nearby districts. Company agents used to visit people in rural areas and collect money on the promise of trebling the amount in six years. These agents used to get 20 per cent of the amount as commission.

Sai investors urge CM to intervene in Real Estate fraud case


BHUBANESWAR: Demanding a high level inquiry into the Real Estate fraud case by Sai Pragati Assets and Properties (SPAP) and S Virgin Worldwide Concept Pvt Ltd, the investors of the companies staged a dharna at Lower PMG here on Thursday and later in their memorandum to the Chief Minister urged him to intervene into the matter.

Hundreds of Sai Pragati investors flaunting placards bearing slogans against the company came out with a procession from Master Canteen to Lower PMG demanding fulfillment of their six-point charter of demands and proper action against the cheaters.   

In their memorandum, the investors said the company having its office at Bapuji Nagar in the city was run by its Managing Director Debasish Mohanty, Associate Directors Nirmal Prasad Padhy, Ashwin Kumar Das, Surath Kumar Sahoo and Kamalakant Patnaik are involved in the cheating of Rs 600 crore from its investors. More than 85,000 investors were affected due to the fraud, they alleged. Even the Lord Jagannath temple properties have seen sold to their customers by above said cheaters, the investors added.

They alleged that the company has not paid the promised amount to any investors from last October. Moreover, the office was closed on December 23 last year, they said. Regarding this matter, the investors had lodged an FIR in the Capital police station on December 23 last year. But the police are not taking serious action in the matter, they alleged.

The investors publicly demanded the arrested Sai Pragati Company CMD Debashish Mohanty should not be given bail, the police should arrest the other associates of Mohanty, the State Government should order a high level probe into the case and confiscate the properties of the alleged company managers and return of investors’ money immediately.

Among others, investors including Abhimanyu Nayak, Aniruddh Mahapatra, Prasant Kumar Routray and others were leading the rally.   

NGHI Developers India Ltd, fraud and cheater investment co.

Today saw, fraud investment co. NGHI looted people of India, through floating following scheme,
Requesting you to all Indian fellows, dont invest hard earned money this type of fast making rich scheme, you will always get cheated by these fraud peoples.


Banned by Sebi


Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI has passed an ad-interim ex-parte order on July 09, 2012, in the matter of NGHI Developers India Limited (NGHI) with the following directions:

i. NGHI and its promoters and directors including Mr. Pipal Singh, Mr. Bakshish Singh and Mr. Avtar Singh shall immediately stop collecting money, directly or indirectly, from investors under the plans/ schemes offered by it and as identified in the Order or launch any such further plans /schemes in the nature of a 'collective investment scheme'

ii. The properties/assets which have been owned or acquired in respect of or in pursuance of the plans/schemes or earmarked/allotted to the investors under the plans/schemes, shall not be disposed of by NGHI without prior permission of SEBI

iii. NGHI, its promoters and directors including Mr. Pipal Singh, Mr. Bakshish Singh and Mr. Avtar Singh are prohibited from buying, selling or otherwise dealing in the securities and are restrained from accessing the securities market, directly or indirectly, or in any manner whatsoever. Further, they shall not be associated with any intermediary registered with SEBI.

iv. NGHI shall deposit the money collected from the investors under its plans/schemes identified in the Order in a separate bank account within a period of 3 days from the date of the Order. A report to this effect shall be filed within 3 days of making such deposit. It shall not withdraw the money so deposited without the prior permission of the SEBI in writing in this regard.

v. NGHI is restrained from replacing the certificates issued by Nicer Green Forests Limited with its bonds or any other instruments by whatsoever name called.

vi. NGHI shall, within 7 days of receipt of the order, provide the details/documents as required by SEBI vide letter dated September 08, 2011.

NGHI, having its registered office at F-117, 1st Floor, City Star Complex, Central Spine, Vidyadhar Nagar, Jaipur was found to be related to Nicer Green Forests Ltd. (Nicer Green) which had been held by SEBI vide its Order dated November 09, 2010 to have been operating unregistered Collective Investment Schemes. Hence, Nicer Green had been directed by SEBI vide the Order to wind up its existing collective investment scheme(s) and refund the money collected by it under the scheme(s) with returns which were due to the investors as per the terms of offer within one month from the date of the SEBI Order. The said proceedings against Nicer green are still ongoing. Based on a complaint it was found that NGHI is letting Nicer Green substitute the certificates issued to Nicer Green’s investors with the bonds of NGHI. It thus prima facie appears that NGHI is being used by Mr. Pipal Singh and Mr. Bakshish Singh, Directors of NGHI, as a vehicle to subvert the SEBI order against Nicer Green.

NGHI has also been prima facie found to be launching/floating/sponsoring 'collective investment schemes' in violation of the provisions of the SEBI Act, 1992 and the SEBI (CIS) Regulations, 1999. It is noted that agricultural lands are claimed to be sold to poor villagers/farmers who invest their hard-earned money pursuant to investment contracts that are in the nature of 'collective investment schemes' of NGHI.

While the aforesaid directions take effect as on the date of the order, the company and its directors may make their submissions, if any, within twenty one days from the date of receipt of this order.

Saturday, November 17, 2012

BEWARE OF DATAWIND

FRIENDS BEWARE OF DATAWIND ..http://www.datawind.com/index.html A COMPANY MARKETING AAKASH LOW COST TAB FOR INDIAN CHILDREN..DATAWIND..ALSO SELLING PRODUCT NAMED UBISLATE.THIS IS A FRAUD COMPANY AND OVER A MILLION PEOPLE ARE CHEATED. I HAVE PAID BY CHEQUE IN MAR 12 THEY KEEP SHIFTING DELIVERY DATES.LAST IN OCT THEY COMMITTED DELIVERY IN 72 HRS THEREAFTER NOT HEARD OF THE COMPANY.....NOW THEIR MAILS ARE BOUNCING..NO ONE ATTEND PHONE CALLS..SO FRIENDS BEWARE OF THIS FRAUDSTERS..DONT LOOSE YOUR HARD EARNED MONEY

vijayan1657@gmail.com

Tuesday, November 13, 2012

Ulhas Khaire, Raksha Urs floated an investment company called "Stock Guru India" - Fraud co. fake names such as Lokeshwar Dev or Priyanka Duped people to the tune of Rs.500 cr

Con ‘gurus’ run out of their stock of luck
Duped people to the tune of `500 cr

It was too good to be true. A couple from Ratnagiri district in Maharashtra who lured people with unbelievable investment schemes and organised lavish conferences at luxury hotels ran out luck after cheating more than 2 lakh people across the country to the tune of over Rs500 crore. Ulhas Khaire, 33, and his wife Raksha Urs, 30, were arrested by the Economic Offences Wing (EOW) of the Delhi police on Monday.

The police said the couple had multiple identities and fooled people by using as many as six fake names such as Lokeshwar Dev (Khaire) and Priyanka Dev (Urs). They are involved in several cheating, forgery and fraud cases in Maharashtra, Uttarakhand, Himachal Pradesh, Rajasthan, Madhya Pradesh and Sikkim.

Ulhas and Raksha floated an investment company called "Stock Guru India" and registered it in Delhi. People were lured to invest money on the promise of lucrative returns and against promissory notes provided by Lokeshwar, Priyanka and others.

“They assured a 20% return per month up to six months on the principal amount followed by a refund of the principal amount in the seventh month through prudent and source-based investments in the share market. But Lokeshwar and Priyanka abruptly shut down their office and decamped with all the money,” the police said.

The couple also held conferences in posh hotels and distributed costly brochures to get people to invest in their company. “They led a lavish lifestyle. We have recovered 12 vehicles, including a Toyota Land Cruiser, a Mercedes and a Hyundai i20. They also owned a bungalow in Goa,” the police said. “They managed to get fake passports created on their fake names.”

Ulhas and Raksha have 94 bank accounts in more than 20 banks. These accounts were opened using at least 13 names. “The accounts as well as fixed deposits and share investments have been identified and frozen,” the police said.

“The Delhi police’s EOW got information about the con couple’s presence in Ratnagiri. They alerted us. We conducted a joint operation and nabbed the couple,” Sukhwinder Singh, inspector general of police, Konkan range, told DNA.

Ulhas and Raksha are in custody of the Delhi police. The husband and wife will be handed over to the police from other states for further investigation later.

Despite the dubious modus operandi it followed, the company has escaped the regulators’ net

Stockguru.India, (SGI) a fraud company operating as a self-styled investment adviser, has allegedly duped its investors of around Rs1,000 crore. According to these investors, the company's managing director is absconding.

In December 2010, Moneylife had reported about the dubious modus operandi of Stockguru.India and advised investors to stay away from investing in the company. (This MLM openly flouts SEBI norms and offers 120% returns in a year through stock market investment!)

Going by the comments posted on consumer complaint forums, as many as 2 lakh investors have been duped of a whopping Rs1,000 crore.

One comment reads: "It's really the height of deception. Lokeshwar Dev made a lot of promises and played with more than 2 lakh families. I (had) also invested hard-earned money and even advised many of my friends … as I found it to be a very lucrative plan. As per Lokeshwar's comment, he has run away to the US and will not return until he would be out of IT department boundaries and (it will) take several years. His web site, contact numbers, top leaders contacts are out of reach, hence there is nobody to help us."

Another comment says, "Stockguru.India was a pre-planned fraud by Lokeshwar Dev Jain. In February, he had to return 100% principal amount taken by his company six months back, so he himself complained to Income-Tax authorities about surplus cash in his office. Only a handful amount of money was seized, as Lokeshwar must have withdrawn the entire amount from the company's account, which is estimated at over Rs1,000 crore, before the raid which he was expecting. He kept making a fool of everyone for the next two months, so he could escape to the US along with his family."

SGI is a multi-level marketing (MLM) company that promised 20% returns per month. The company describes itself as the country's 'Premier Financial Consultancy', offering trading solutions in equity, derivatives, currency futures, commodities trading, initial public offerings (IPOs), insurance (life/non-life), general insurance, mutual funds, portfolio management services and terminal handling, all under one roof.

The MLM company's investment plan was very simple. You pay a minimum Rs10,000 as investment and Rs1,000 as registration fees. There is no limit on the maximum amount one can invest. It offers a return of 20% per month for up to six months and the principal amount invested is returned in the next six months. It also gives post-dated cheques of the principal and a promissory note as security. In short, on an investment of Rs11,000, the company offers to pay Rs12,000 in six months and the rest Rs10,000 over the next six months, that is a total of Rs22,000 or a 120% return in a year.

Such huge returns were suspicious, given the volatility in the market, but it did manage to attract a lot of investors.

SGI is not registered with the Securities and Exchange Board of India (SEBI) as an investment adviser, but still offers to trade on behalf of clients. It also operated without any trading licence from the Reserve Bank of India and SEBI. So, will the regulators take any action against the officials of the company?

A couple has been arrested for allegedly duping around two lakh investors from seven states of nearly Rs 500 crore by promising them high returns on their investment through their firm dealing in stock market, police said today.
"After a hunt of one year, Ulhas Prabhakar Khaire, 33, a resident of Nagpur, and his 30-year-old wife Raksha J Urs were arrested from Maharashtra's Ratnagiri town on Saturday by the sleuths of Delhi Police Economic Offences Wing for duping over two lakh people from Delhi, Uttarakhand, Himachal Pradesh, Sikkim, Rajasthan, Madhya Pradesh and Maharashtra," Jt CP, EOW, Sandeep Goel said.
"Till date we have received 14,303 complaints in Delhi but during investigations we found that there were about 2,05,062 investors who had invested Rs 10,000 or more totalling an investment of about Rs 493 crore in Stock Guru India," he said, adding that the duo was managing to evade arrest by hiding in Moradabad, Dehradun, Alwar, Nagpur and Goa.
In Ratnagiri, the couple was living under the false names Sidhharth Jay Marathe and Maya Marathe, along with their three children.
Giving details of their modus operandi, Goel said, they had floated Stock Guru India in 2010 under false identity of Loskeshwar Dev and Priyanka Saraswat Dev.
They lured several people to invest in the firm promising them highly lucrative returns of 20 per cent per month up to six months on the principal amount followed by a subsequent refund of the principal amount in the seventh month, through prudent and source based investments in the share market, he said.
The scheme to induce public at large was quite elaborate with conferences and distribution of very attractive brochures in five-star hotels all over India, the officer said.
"They also had multiple agents across the country who mobilised funds on their behalf. But instead of returning their investments as promised, the duo suddenly shut down their office and escaped with all the collected funds," he said, adding that first case was registered in June last year and subsequently many more victims lodged their complaints.
The couple had 94 accounts in 20 different banks with 13 different names, 12 properties -- including eight flats in Dwarka in Delhi, one each in Bhiwadi, Alwar and Moradabad and a villa in Goa.
They also owned 12 luxury vehicles, the official said.
Police has, so far, recovered Rs 63 crore worth properties, cash and demand drafts of various banks. Of these, fixed deposits are of Rs 80 lakh, share investments of Rs 5.87 crore, demand drafts from three banks of value Rs 26.86 crore, properties worth Rs 5.87 crore and cash in banks is around Rs 23 crore.
"We have frozen all the accounts and questioning them to know about the rest amount," Goel said.
The couple -- Khaire, who is Class XI pass and Raksha Urs, who has done second year BA in Photography journalism – have old record of committing crime.
Earlier, the couple used to get high value credit cards in fake names and buy expensive items and disappear without leaving any trace. The first of forgery or cheating case against Khaire was registered in 2004 in Nagpur, but he managed to evade his arrest and came to Pune and worked in a call centre for few months.
"From Pune, he went to Bangalore and started working in a finance company, where he met his wife Raksha. After marriage they left Bangalore and reached Lucknow with an assumed name of Rohit and Kanchan Khatri. They then left Lucknow and went to Ahmedabad and started living as Dr Raj and Dr Priya Zaveri, From there they shifted to Bhubaneshwar," he said.
During this period, they applied for credit cards and bought expensive items and leave quietly. But when they reached Ahmedabad, banks got some hint and the couple was refused credit cards, so they went to Dehradun and opened an educational institution in the assumed name of Dr Rakesh Kumar and Dr Prachi Maheshwari.
After collecting fees and documents, the couple fled and came to Delhi to establish Stock Guru India, the Jt CP said, adding that police is now trying to trace the other co-accused.
One of the fraud victims, Ankur Sachdeva, a resident of Karol Bagh, said he had invested Rs 12 lakh in Stock Guru India and the couple had earlier kept their promises of providing good returns.
"But then, they said they were closing this business as they were unable to provide them high returns...they ran away with all the money," Sachdev told reporters.
He said the couple used to rope in celebrities and host programmes in farm houses for the investors.


पती-पत्नीचा १,१०० कोटींचा घोटाळा



कोट्यवधींचे घोटाळे करणा-या केंद्र आणि राज्य सरकारमधील मंत्र्यांनाही लाजवेल, त्यांच्या ' कर्तृत्त्वा ' ला फिकं पाडेल असा ' प्रताप ' विदर्भातल्या - नागपुरातल्या एका जोडप्यानं केला आहे. ' स्टॉक गुरू इंडिया ' नावाची कंपनी सुरू करून, सहा महिन्यांत दुप्पट पैसे देण्याचं आमिष दाखवून या पती-पत्नीनं तब्बल २ लाख भोळ्याभाबड्या गुंतवणूकदारांना चुना लावला आणि १,१०० कोटी रुपयांचा गफला केल्याचं उघडकीस आलंय. दीड वर्षांच्या शोध मोहिमेनंतर, दिल्ली पोलिसांच्या आर्थिक गुन्हे शाखेनं या दोघांनाही रत्नागिरीतून अटक केली आहे.

उल्हास प्रभाकर खैरे, वय वर्ष ३३, शिक्षण ११ वी पास... याच महाभागाच्या डोक्यात पैसे कमवायची एक भन्नाट आयडिया आली. ' एका वर्षात पैसे दुप्पट ' , अशा अनेक योजना मार्केटमध्ये आहेत आणि भोळसट लोक मागचा-पुढचा विचार न करता त्यात पैसे गुंतवतात, हे उल्हासनं हेरलं आणि ' सहा महिन्यात पैसे दुप्पट ' देणारी योजना सुरू करायचं त्यानं ठरवलं. त्याची अर्धांगिनी, रक्षा जे. उर्स (३०) हीसुद्धा तात्काळ पतीच्या सेवेत दाखल झाली. दोघांनीही आपापली नावं बदलून लोकेश्वर देव जैन आणि प्रियांका देव जैन अशी केली. जानेवारी २०१० मध्ये दिल्लीत जाऊन त्यांनी स्टॉक गुरू इंडिया नावाची कंपनी उघडली आणि देशभरातील २ लाख ५ हजार लोक त्यांच्या आमिषाला बळी पडले. त्यांनी या गुंतवणूकदारांना सुमारे १,१०० कोटी रुपयांना गंडा घातला असून हा आत्तापर्यंतचा सर्वांत मोठा घोटाळा ठरू शकतो.

गेल्या वर्षी एप्रिल महिन्यात हा घोटाळा उघडकीस आला. आपण गुंतवलेले पैसे परत न मिळाल्याची तक्रार घेऊन एकापाठोपाठ एक १४ हजाराहून अधिक गुंतवणूकदार दिल्ली पोलिसांकडे पोहोचले. त्यांच्यापैकी काहींनी तर लाखो रुपये (६० लाखापर्यंत) स्टॉक गुरू इंडियामध्ये गुंतवले होते. त्यांच्या ' अकले ' पुढे हात जोडून दिल्ली पोलीस कामाला लागले. त्यांना गुंगारा देण्यासाठी उल्हास आणि रक्षा सतत नवनवी नावं आणि रुपं (प्लॅस्टिक सर्जरी) धारण करून देशभरातील लोकांना लुबाडत होते. पण रत्नागिरीत नवी कंपनी काढून, कोकणी माणसाला फसवण्याचा त्यांचा कट पोलिसांनी उधळून लावला. सिद्धार्थ मराठे आणि माया मराठे ही नावं घेऊन त्यांनी रत्नागिरीत आपलं ' दुकान ' थाटलं होतं. दिल्ली पोलिसांच्या आर्थिक गुन्हे शाखेनं या दोघांना जेरबंद केलं असून त्यांची सखोल चौकशी सुरू आहे.

या वैदर्भिय जोडप्यानं गुंतवणूकादारांना ५०० कोटींना चुना लावल्याचं उघड झालंय, पण हा आकडा हजार कोटींच्या घरात जाण्याची शक्यता पोलिसांनी वर्तवली आहे. या दोघांच्या नावावर ६३ कोटी रुपयांची स्थावर-जंगम मालमत्ता असल्याचंही पोलीस तपासांत समोर आलं आहे. वेगवेगळ्या बँकांमधील त्यांच्या खात्यात २३ कोटी रुपये जमा आहेत. त्याशिवाय, दिल्ली, द्वारका, भिवाडी, अलवर, मुरादाबाबद आणि गोव्यात ६ कोटींचे फ्लॅट - बंगले त्यांच्या नावावर आहेत. २०.४५ कोटींचे अनपेड डीडीही पोलिसांना सापडलेत. तसंच, लँड क्रुझर, मर्सिडीज आणि पजेरोसारख्या १२ कार या दोघांकडे आहेत. याआधी, २००४ मध्ये एक लाख रुपयांच्या फसवणुकीच्या गुन्ह्यात उल्हासला नागपुरात अटक झाली होती.

दरम्यान, कुठल्याही योजनेते पैसे गुंतवताना गुंतवणूकदारांनी कंपनीची संपूर्ण शहानिशा करावी, सर्व कायदेशीर मुद्दे, कागदपत्रं तपासूनच आपला मेहेनतीचा पैसा दुस-याच्या हातात द्यावा, असं आवाहन पोलिसांनी केलं आहे. ' एका वर्षात दुप्पट पैसे ' देणा-या अनेक योजनांमध्ये गुंतवणूदारांची फसवणूक झाली आहे. तरीही लोक या मोहात का पडतात, त्यांना सुबुद्धी का होत नाही ?, असा प्रश्न पोलिसांना पडलाय. 


Stockguru.India and its group companies are self-styled investment advisors, offering Rs22,000 on an investment of Rs10,000 in one year
As if there were not enough potholes on the stock market route, here is a multi-level marketing (MLM) company that is promising 20% returns per month! The company Stockguru.India describes itself as the country's 'Premier Financial Consultancy', offering trading solutions in equity, derivatives, currency futures, commodities trading, initial public offerings (IPOs), insurance (life/non-life), general insurance, mutual funds, portfolio management services, terminal handling all under one roof.

Stockguruindia.com (the company's portal) has only one standard line of advice in all market situations-whether it is a bull market or a bear market, range-bound market or volatile market. It says, "We advise our clients to buy shares at a low price and sell them at a higher price. Selecting the right share at the right price and entering the capital market at the right time is an art. We help all our clients to make huge profits by investing in good shares for very short/short/medium/long term depending upon the client's requirements. Trading/investment for minimum intraday to T+5 days may give you a handsome return of 5% to 25% on your capital investment."

This MLM company's investment (!) plan is simple. You pay a minimum Rs10,000 as investment and Rs1,000 as registration fees. There is no limit on the maximum amount one can invest. Stockguruindia.com offers a return of 20% per month for up to six months and the principal amount invested is returned in the next six months. It also gives post-dated cheques of the principal and a promissory note as security. In short, on an investment of Rs11,000, the company offers to pay you Rs12,000 in six months and the rest Rs10,000 over the next six months, a total of Rs22,000 or a 120% return in a year.

So how does Stockguruindia.com offer such a high return where even leading investors like Rakesh Jhunjhunwala found it very hard to earn even 20% return from the stock markets? Here is the company's logic..."If you have gained Rs1,000 somebody has lost Rs1,000. If you have lost Rs1,000 somebody has gained Rs1,000. Most of the people you meet say (around 90%) that we have lost a lot of money in the financial markets. But that means around 90% people you do not know have made huge profits. For every seller there is a buyer."

If this sounds to be too good to be true, it lures investors with an additional 3% per month income through a binary plan of 27 levels. Binary plans of MLM companies are the new clients you bring in, who are placed below you in rank in a right and left combination. It's nothing but a trap. All MLM companies promise say you rewards if you complete the left leg-right leg cycle. But in practice this does not happen. There are very few people who manage to do this in a proper way. A majority of those participating fall in the category where they lack a single member in one leg, or a member becomes inactive thus freezing the spread of that leg and the business.

How do MLM companies operate without a trading license from the regulators, the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI)? Why has there been no action against Stockguru.India, Stockguruindia.com and its subsidiaries? Market regulator SEBI had, on its part, issued SEBI (Investment Advisers) Regulations, 2007 (the 'Draft Regulations') to regulate the advisory activities of investment advisers in India. But till date it has remained a draft only.

According to R Balakrishnan, a columnist for Moneylife, India probably is the only market in the world where a distributor needs to pass an exam, but absolutely no qualifications are required for someone to become a fund manager. The same is applicable for investment advisors as well. As a result, there are a number of 'self-styled investment advisors', including wealth managers, private bankers, chartered accountants and even some MLM companies like Stockguru.India.

According to the SEBI Act 1992, "No stock-broker, sub-broker, share transfer agent, banker to an issue, trustee of trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser and such other intermediary who may be associated with the securities market shall buy, sell or deal in securities except under, and in accordance with, the conditions of a certificate of registration obtained from the Board in accordance with the regulations made under this Act."

In addition, the Act says, "No person shall sponsor or cause to be sponsored or carry on or caused to be carried on any venture capital funds or collective investment scheme (CIS) including mutual funds, unless he obtains a certificate of registration from the Board in accordance with the regulations."

Stockguru.India and all its group companies are openly flouting the norms and rules. It is not registered with SEBI as investment adviser and still offers to trade on behalf of its clients. According to information available over the internet, Stockguru.India and its chairman and managing director Lokeshwar Dev, will help anyone to open a demat account with Sharekhan so that they can manage the investor's money. We checked with Sharekhan and the brokerage said, neither Stockguru.India nor Lokeshwar Dev have any relations with or any demat account with them.

In addition, neither Stockguru.India nor any of its group companies possess a certificate of registration from SEBI for CIS, but they are still collecting huge amounts from clients under the pretext of stock market investment. Are the regulators sleeping on this one?

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