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Tuesday, May 7, 2013

Government agencies Negligence - Root cause of Fraud Chit Fund -MLM companies


After Sardha group fraud came to light one after another, scams are coming out. Recently  In pune, some people alleged that they were  Duped by Nitin Rajaram Narke, Blue Chip Corporation Pvt Ltd Pune. In the past thousands of such incidents happened  , but no Government or even innocent Investors have taken any lesson from that.

In High Court of Madhya Pradesh a Public Interest Litigation was filed(PIL No.3332/2010) against chit fund and Multy level marketing companies .These companies were Madhya Pradesh Lok Vikas Finance Limited,Samruddha Jeevan Foods Limited,Saksham Dairy India Limited,Royal Sun Real Estate & Allied Services-India Pvt. Ltd,Sky Lark Land Developers and Infrastructure India Limited,KMJ Land Developers India Limited,KBCL India Limited,GN Dairies Ltd./GN Gold Ltd-Kim Infrastructure and Developers Limited,PACL India Limited,RBN Real Estate and Allied India Limited,Sai Prasad Foods Limited-Sai Prasad Properties Limited,GCA Marketing Pvt. Limited.

         H'ble court  had ordered CBI inquiry in various chit fund frauds .From the enquiry conducted by CBI, it had emerged that prima facie, the companies had not found to be conducting their business legally and some  offences appear as were being committed by them. H'ble court also  passed serious strictures against them. However, some of the companies approached supreme court and obtained stay. In this petition, one may find the name of the company or person he /she has invested money with and its modus operandy.

           It was duty of all the governments to take steps to stop such frauds . However, all the concerned agencies kept mum . Nobody took serious cognizance of this order . The same companies appear to be conducting the same business in the same or other name of company in various states of India . It is interesting that persons associated with such type of companies always are in the limelight and  surrounded by lot of powerful and influential people. This scenario attracts small investor's confidence and they get duped.

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