Chit Fund Scam MLM News

Cases of Corporate Frauds/Chit Fund Scams Involving Companies

Written by Ak Sharma
Rate this news...

The Ministry, during the last three years and current year, has ordered investigation into the affairs of 145 companies which were allegedly involved in illegal deposit taking activities.  A State-wise list of these companies is enclosed as Annexure. In many of the cases where investigations have been completed, diversion of funds so collected and/ or default by the companies in repayment of such deposits has been observed.

      Regulation of such activities is covered by the following statutes:

  1. Chit Funds Act, 1982, under which all chit funds require previous sanction from the respective State Governments.
  2. Prize Chits & Money Circulation Schemes (Banning) Act, 1978, enforcement of which lies with State Governments, defines and prohibits illegal chit fund schemes.

iii. RBI Act, 1934, administered by the Reserve Bank of India, bars any individual or a firm or unincorporated association of individuals from accepting deposits.

  1. SEBI Act, 1992, administered by the Securities and Exchange Board of India, to regulate Collective Investment Schemes.
  2. Companies Act, 2013 (Sections 73 to 76) read with Companies (Acceptance of Deposit) Rules, 2014.
  3. Special legislations passed by certain States to protect the interests of depositors.

Apart from enforcement of the above statutes and regulations, the following measures have been taken to protect the interests of the investors and to enable effective investigation into the affairs of companies allegedly involved in frauds:

(i) ‘Fraud’ has been defined as a substantive offence in the Companies Act, 2013;

(ii) Section 143(12) of Companies Act, 2013 requires the auditor of a company to report any fraud to the Board of Directors or Audit Committee of that company or to the Central Government, depending on the amount of fraud.

Annexure

LIST OF INVESTIGATION ORDERED IN RESPECT OF COMPANIES INDULGING IN ILLEGAL COLLECTION OF DEPOSITS

 

Year – 2012-13

LIST OF INVESTIGATION ORDERED IN RESPECT OF COMPANIES INDULGING IN ILLEGAL COLLECTION OF DEPOSITS
Year – 2012-13
Sl.
NO.
Name of the Company State/ UT Suspected Quantum
1
Basil International Ltd.
Vamshi Chemicals Ltd.
Nixil Pharmaceuticals Specialities Ltd.
Appeline Cosmetics & Toiletries Ltd.
Basil Express Ltd.
Delhi & UP
Rs 1721.00 crore
2
3
4
5
6 Abcindya Networks Pvt. Ltd. Delhi Rs 48.00 crore
7
Unigateway 2U Trading Pvt. Ltd.;
Unipay2U Marketing Pvt. Ltd;
Unipay Creative Business Pvt. Ltd.;
Unipay2U Production Pvt. Ltd.
Tamil Nadu
Rs 791.53 crore
8
9
10
11 Life Business Project Pvt. Ltd. Delhi Not available
12 Alchemist Infra Realty Ltd. Delhi Not available
13 Speakasia Online Pte Ltd. (Singapore)
Maharashtra
Rs 3494.00 crore
14 Tulsiyat Tek Pvt. Ltd.
15 Seamless Outsourcing LLP
Year – 2013-14
16
Rose Valley Real Estate & Construction Ltd.
Rose Valley Industries Ltd.
Silver Valley Communications Ltd.
Rose Valley Food Beverages Ltd.
Rose Valley Marketing India Ltd.
Rose Valley Infotech Pvt. Ltd.
Rose Valley Hotels & Entertainment Ltd.
Rose Valley Projects Ltd.
Rose Valley Patrika Ltd.
Rose Valley Films Ltd.
Modern Investment Traders Pvt. Ltd
Rose Valley Travels Pvt. Ltd.
Brand Value Communications Ltd.
Rose Valley Housing Development Finance Corporation Ltd.
Rose Valley Airlines Ltd.
Rose Valley Fashions Pvt. Ltd.
Rupasi Bangla Projects India Ltd.
Rupasi Bangla Media & Entertainment Ltd.
Rose Valley Realcom Ltd.
West Bengal
Rs 10281.00 crore
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Icore E-services Ltd.
Icore Apparels Pvt. Ltd.
Icore Paints Pvt. Ltd.
Icore Iron & Steel Pvt. Ltd.
Icore Super Cements Pvt. Ltd.
Riju Cement Ltd.
Mega Mould India Ltd.
Papyrus Infotech
Icore Global Medicines Pvt. Ltd.
Icore Jewellery & Gems Pvt. Ltd.
Icore Polyfab Pvt. Ltd.
Icore Housing Finance Corpn. Ltd.
West Bengal
Not available
36
37
38
39
40
41
42
43
44
45
46
47
Saradha Realty India Ltd.
Saradha Agro Development Ltd.
Saradha Exports Ltd.
Saradha Shopping Mall Pvt. Ltd.
Saradha Printing & Publication Pvt. Ltd.
Saradha Tours & Travels Pvt. Ltd.
Saradha Education Enterprise Ltd.
Saradha Construction Company Pvt. Ltd.
Saradha Garden Resorts & Hotel Pvt. Ltd.
Saradha Landmark Cement Pvt. Ltd.
Rose Capital Ltd.
Bengal Media Pvt. Ltd.
Bhasank Food Pvt. Ltd.
Global Automobiles Ltd.
West Bengal
Rs 2394.00 crore
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Sunshine India Land Developers Ltd.
Sunshine Mutual Benefit Ltd.
Sunshine Land Projects Ltd.
Sahu Investment Mutual Benefit Company Ltd.
Sahu Investment Corporation Ltd.
Nirmala Sahu Business Complex Pvt. Ltd.
Shiv Nests Pvt. Ltd.
Synergy Tie-Up Pvt. Ltd.
Nirmala Dwellings Pvt. Ltd.
West Bengal
Rs 30.00 crore
62
63
64
65
66
67
68
69
70 URO Infra Reality India Ltd.
West Bengal
Not available
71 URO Hotels and Resorts India Ltd.
72 URO Hygienic Foods Ltd.
73 URO Infotech Ltd.
74 URO Lifecare Ltd.
75 URO Trexim Ltd.
76 URO Autotech Ltd.
77 URO Agro India Ltd.
78 URO Walkers Ltd.
Year – 2014-15
79 Mangalam Agro Products Ltd. West Bengal Not available
80
Ramel Industries Ltd.
Gan Laboratory Pvt. Ltd.
Ramel Mart Pvt. Ltd.
Ramel Media and Advertising Pvt. Ltd.
Ramel Real Estate and Infrastructure Ltd.
Ramel Sea Food Ltd.
Tamanna IT Solutions Ltd.
Ramel Pharma Ltd.
Ramel Hospitality Pvt. Ltd.
Ramel Infotech Pvt. Ltd.
Ramel Agrotech Ltd.
Ramel Hotel & Resorts Pvt. Ltd.
Ramel Impex Pvt. Ltd.
Ramel Insurance Agency Pvt. Ltd.
Cygnus Publishers Ltd.
Ramel Bio Fertilizer Pvt. Ltd.
West Bengal
Not available
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96 Rahul Hi Rise Ltd
West Bengal
Not available
97 Shrishti Abha Food & Beverage Pvt. Ltd.
98 Rahull Media & Entertainment Ltd.
99 Rahul Wood Works Pvt. Ltd.
100 Veekayen Properties Pvt. Ltd.
101 Hotel Sea-Coast Pvt. Ltd.
102 Rahul Bhumi Vikas Ltd.
103 Rahul Heights Ltd.
104 Rahul Real Estate Projects Ltd.
105 Rahul Inn Hospitality Ltd.
106 Ideas Realcon Ltd.
107 Ideas Real Estate Ltd.
108 Ideas Healthcare Ltd.
109 Ideas Broking Ltd.
110 Zenix Technologies Pvt. Ltd.
111 Adventus Creations PVt. Ltd.
112 Seashore Securities Ltd.
Odisha
Not available
113 Seashore Agriculture Promotion Company Pvt. Ltd.
114 Seashore Healthcare Pvt. Ltd.
115 Seashore Pharmaceuticals Pvt. Ltd.
116 Seashore Courier & Cargo Private Ltd.
117 Seashore Diary Products Pvt. Ltd
118 Seashore Portfolio Management Services Ltd.
119 Seashore Consultancy & Construction Private Ltd.
120 Falcon Consultancy Private Limited
121 Royal Purple Hotels Private Limited
122 Sagiarien Systems Private Ltd
123 Florance Biotech Private Limited
124 Saubhagya Drinks Private Limited
125 Sri Krishna Agriculture Pvt. Ltd.
126 Jatish Agro and Oil Products Pvt. Ltd.
127 Sagar Media & Entertainment Pvt. Ltd.
128 Seashore Capital Pvt. Ltd.
129 Seashore Shipping Company Pvt. Ltd.
Year – 2015-16
130 Saradha Housing Pvt. Ltd. West Bengal Not available
131 Ambujaatripuri Infra (India) Ltd.
Odisha
Not available
132 Ambujaatripuri Business Private Ltd.
133 Artha Tatwa Consultancy Private Ltd.
134 Artha Tatwa World Ventures Private Ltd.
135 Artha Tatwa Food Mart Private Ltd.
136 Artha Tatwa Capital Limited
137 Ambujaatripuri Engineering Private Limited
138 Orisha Health & Medical Research Institute
139 Helios and Matheson Information Technologies Ltd. Tamil Nadu Not available
140 Grand Vyapaar Private Ltd.
West Bengal
Not available
141 Ultra Tie-up Pvt. Ltd.
142 Happy Tie-up Ltd.
143 Saphire Infradeveloper Pvt. Ltd.
144 Best Tie-up Ltd.
145 Sahu Land Developers Pvt. Ltd.

This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.

Source pib.nic.in

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 144 other subscribers

Leave a Reply

1 Comment

  • Shri Arun Jaitley, You are kindly requested, Sir,to bring these illegal companies to the task who are cheating honest Indians of their hard earned money and money recovered from them and handed over to the honest Indians who had invested with these culprits. Hoping for a speedy action from your end, Sir.