Hi all,
Kindly request you to be aware of all the investment plans which promise returns of whatever amount every week, every month for a set investment.
Please read the news atricle below. this came in the Times Of India
After emu, coconut is the new villain
COIMBATORE: A fortnight after the emu bubble burst, another multi-crore investment scam has come to light in western Tamil Nadu with the Economic Offences Wing (EOW) of the state police receiving 467 complaints against a Erode-based firm, which had canvassed advance security amount to the tune of Rs 200 crore from hundreds of people promising regular income through processing of copra and other coconut products.
It was revealed on Friday that a large number of people from across the state have invested in Nandhu Copra, Poultry and Cattle Farm at Chennaimalai near Erode, in the last six months believing in the promise of the farm promoters to pay Rs 2,000 per week on every unit investment of Rs 50,000 as security amount. As part of the scheme, coconuts were distributed among investors who were told prepare copra by drying the nuts. The company had agreed to take back the processed copra from the investors at the rate of Rs 2,000 per unit every week. The contract was to be for three years.
Apart from the Chennimalai office, the company had a branch at Koranguchavadi at Salem. According to complainants, company owner S Nandakumar went underground last week after closing down the offices when investors began to approach the police citing breach of promise by the company. The complainants also met Erode district collector V K Shanmugham seeking his intervention to get back the invested amount.
EOW officials have promised quick action in the case and are on the pursuit of Nandakumar, who hails from Erode. Initial estimates indicate that Nandakumar may have collected funds worth Rs 200 crore from gullible investors spread across the state using newspaper and television advertisements. Most of the victims were farmers.
Since copra making was hardly strenuous - the outer husk of the coconut needs to be removed and the pulp dried in the sun, and a familiar exercise to most farmers, many fell for it and took three to five units hoping to make some easy money.
Take the case of 57-year-old Selvi Krishnaswamy from Saravanampatty in Coimbatore. She invested Rs 50,000 in June this year and received Rs 2,000 every week till July end. She showed this newspaper a contract, which states that the company will return the security amount at the end of a three year term. "It looked like a full-time job with Rs 2,000 as salary per week. I have prompted at least two dozen people to join the firm but now they all feel cheated. When the emu firms started to shut down, this company too closed its offices without informing us,'' she said.
S Sambath Kumar of Periyanaicken Palayam in Coimbatore had taken three units by paying Rs 1.5 lakh. He used to be paid Rs 6,000 every week until the firm stopped operation. "My eagerness to have easy money has landed me in deep trouble. We hope the government would take a strong stand against these cheats and ensure redress for cheated investors,'' he said.
It was only last week that the police booked another fraud investment firm, which had cheated over 500 people by collecting investment for contract farming of country chicken.
Meanwhile, Erode town police have arrested Raj Kumar, one of the partners of Nandakumar, from his residence in the city.
Kindly request you to be aware of all the investment plans which promise returns of whatever amount every week, every month for a set investment.
Please read the news atricle below. this came in the Times Of India
After emu, coconut is the new villain
COIMBATORE: A fortnight after the emu bubble burst, another multi-crore investment scam has come to light in western Tamil Nadu with the Economic Offences Wing (EOW) of the state police receiving 467 complaints against a Erode-based firm, which had canvassed advance security amount to the tune of Rs 200 crore from hundreds of people promising regular income through processing of copra and other coconut products.
It was revealed on Friday that a large number of people from across the state have invested in Nandhu Copra, Poultry and Cattle Farm at Chennaimalai near Erode, in the last six months believing in the promise of the farm promoters to pay Rs 2,000 per week on every unit investment of Rs 50,000 as security amount. As part of the scheme, coconuts were distributed among investors who were told prepare copra by drying the nuts. The company had agreed to take back the processed copra from the investors at the rate of Rs 2,000 per unit every week. The contract was to be for three years.
Apart from the Chennimalai office, the company had a branch at Koranguchavadi at Salem. According to complainants, company owner S Nandakumar went underground last week after closing down the offices when investors began to approach the police citing breach of promise by the company. The complainants also met Erode district collector V K Shanmugham seeking his intervention to get back the invested amount.
EOW officials have promised quick action in the case and are on the pursuit of Nandakumar, who hails from Erode. Initial estimates indicate that Nandakumar may have collected funds worth Rs 200 crore from gullible investors spread across the state using newspaper and television advertisements. Most of the victims were farmers.
Since copra making was hardly strenuous - the outer husk of the coconut needs to be removed and the pulp dried in the sun, and a familiar exercise to most farmers, many fell for it and took three to five units hoping to make some easy money.
Take the case of 57-year-old Selvi Krishnaswamy from Saravanampatty in Coimbatore. She invested Rs 50,000 in June this year and received Rs 2,000 every week till July end. She showed this newspaper a contract, which states that the company will return the security amount at the end of a three year term. "It looked like a full-time job with Rs 2,000 as salary per week. I have prompted at least two dozen people to join the firm but now they all feel cheated. When the emu firms started to shut down, this company too closed its offices without informing us,'' she said.
S Sambath Kumar of Periyanaicken Palayam in Coimbatore had taken three units by paying Rs 1.5 lakh. He used to be paid Rs 6,000 every week until the firm stopped operation. "My eagerness to have easy money has landed me in deep trouble. We hope the government would take a strong stand against these cheats and ensure redress for cheated investors,'' he said.
It was only last week that the police booked another fraud investment firm, which had cheated over 500 people by collecting investment for contract farming of country chicken.
Meanwhile, Erode town police have arrested Raj Kumar, one of the partners of Nandakumar, from his residence in the city.
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