By SNV Sudhir
Visakhapatnam, Dec 21, 2012: Finance and chit fund companies, which collect huge deposits from a gullible public, with the offer of repayment with high interest every month, are thriving in the city. In the span of a week, three scamster companies downed their shutters after duping thousands of innocent depositors to the tune of around Rs 100 crore.
Last month, police took into custody the owners of Spark Ventures, which was running similar schemes and collecting deposits as high as Rs 10 crore from many. Last week, to the depositors’ shock, the offices of the Magic Group and Airawat Associates, running similar money deposit schemes, were locked. While Magic Group reportedly collected deposits from around 15,000 depositors to the tune of Rs 75 crore, Airawat Associates collected deposits worth Rs 30 crore.
While some companies were offering Rs 18,000 per month as repayment if Rs 1 lakh was deposited for a year, few others were registering plots with General Power of Attorney (GPA). The moment the company stopped repaying the monthly promised amount, the depositor could claim the plot. However, when the depositor would go to the layout developed by the company, he would be kicked out.
According to reports, there are at least 30 such companies operating in various parts of the city and rural tracts of the district. Ironically none of the companies follow strict guidelines, norms fixed by Reserve Bank of India (RBI) like putting assets, cash deposits, and bank balance in public domain.
While such companies make hay, the police are planning to crack down on them. City Police Commissioner B. Shivadhar Reddy said, “We are not going to spare anyone. Most of the companies have not adhered to RBI norms. Hereafter, there will be regular checks and raids on companies. If we smell any foul play they will be taken into custody. It’s highly impossible for anyone to repay amounts such as Rs 18,000 for a year in return of Rs 1 lakh deposit. Public should also be cautious.”
No comments:
Post a Comment