Green Wealth Estates — green valley foundations fraud | |||
Red alert... 360 degree fraud Dear friends Now another case in chrompet police station against real estate fraud haribut kanniyappan haribut santosh. Beware and don't pay even a rupee for booking plots. The accused haribut kanniyappan is now operating from office of green wealth estates after closing his office, changing numbers and firing the old staffs. He has cheated customers even from there. Iam happy that my facebook post about green valley foundations frauds and money looting in the business of plots selling has helped others too. People dream to own house and this fraud rascal exploiting them to make money and create personal wealth from the customers money. He did not spare even handicapped people. He is a hardcore criminal animal. He has even cheated cab owners, telecallers and even a watchman. I have seen housekeeping staffs made to run around for salary. Shame inning that he won't even pay for newspapers and flowers. For now i'm remaining silent on sexual abuse of female staffs.in a nutshell it is "360 degree fraud" He has been managing to stay scot free with a strong nexus with police. I have done my part already to expose the corrupted inspector who has been transferred. All is well after the new inspector took charge. File cases without fear under section 420, 406 and 506 of the indian penal code and ask for remand and not settlement. Contact me on [protected] for any help. The new inspector mr. Chandramohan is a very clean and honest person who goes in spirit of law with empathy, and i owe instant gratification to him. I reiterate beware and don't pay even a rupee for booking plots. However i would like to clarify that green wealth estates managing director and all of their staffs were of moral support to me personally, as a friend, despite their association with the fraud haribut kanniyappan, for unknown reasons. I owe gratification to each and every one of them, but i cannot be tolerant on green valley foundations, till the arrest of haribut kanniyappan in the interest of public. Over to inspector chandramohan to crack this 360 degree fraud Was this information helpful? | |||
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Green Wealth Estates customer support has been notified about the posted complaint. | |||
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Beware of Neomax Groups they are collecting fund from public and this is strictly Government has banned. So, kindly don't deposit this company they are target retired Government Employees and NRI Returns don't believe neo max and Greanwealth agro because Govt says Clearly
Taking advantage of low financial literacy and greed of people looking for higher returns on their investments, many fraudulent deposit schemes and chit funds have collected huge amounts of money and vanished. In the last few years, we heard about alleged frauds relating to companies such as Sarada Group, Rose Valley, Gold Sukh, and SpeakAsia; in which many investors lost millions of rupees. Despite these and more, there is still no law that can recover the investors’ money. To curb such fraud deposit and chit funds schemes, the Union cabinet has given its nod to table The Banning o[censored]nregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018 in the Parliament. Let’s read more about the proposed Bill.
Need for the new Act
In the previous two Union Budget speeches, 2016-17 and 2017-18, the finance minister had stated the need for a comprehensive central legislation to deal with illicit deposit-taking schemes, citing rising instances of fraud involving such companies.
For starters, the Bill clearly defines ‘deposit takers’ of various schemes, to include all possible entities (including individuals) receiving or seeking deposits. At the same time, ‘deposits’ have been defined in a manner that the companies will not be able to say that the deposits collected are a part of their business revenue.
The Bill also contains provisions that prevent deposit takers from promoting, operating, issuing advertisements or accepting deposits in any unregulated deposit scheme (UDS). It proposes three different types of offences here, namely: running o[censored]DS, fraudulent default in a regulated deposit scheme, and wrongful inducement in relation to a UDS. Heavy fines and punishments are also proposed. There is also provisions for repayment of deposits, attachment of properties and assets for repayment to depositors.
Once enacted, “This Act will not only prohibit unregulated deposit-taking activities but will also provide deterrent punishment for promoting or operating a UDS, ” said Sangeeta Lakhi, partner, Rajani Associates. Although there are other legislations such as Companies Act, they have their own limitations. “We have seen many companies collect deposits from the public and then refuse to repay, claiming bad market or no funds. Companies and institutions running such schemes exploit existing regulatory gaps and lack of strict administrative measures to dupe poor and gullible people, ” said Lakhi. The Bill tackles this by allowing authorities to act before a fraud takes place. “Existing legislations come into play after a fraud has occurred. The proposed law would prohibit Ponzi scheme frauds from occurring by banning all un-regularized deposit-taking schemes, ” said Rajesh Narain Gupta, managing partner, SNG & Partners.
Amendments in Chit fund Act
According to the Ministry of Corporate Affairs, Government of India, till 31 October 2014 there were more than 5, 000 listed chit fund companies in India. Some have even been running for over 100 years. However, the Chit Fund Act came up only in 1982. Before that, chit funds were not governed by any central law. Now, a chit fund company needs to obtain a certificate of incorporation (CIN) from the Registrar of Companies and then apply for registration with chit fund department of its respective state. You can verify the details of any chit fund company by looking up its CIN in the Ministry of Corporate Affairs’ website at www.mca.gov.in.
A shortcoming of this Act is that it vests the responsibility of framing the rules with the state governments. However, “A few state governments have not framed any rules to implement the central Act, ” said Gupta.
There are other flaws in the existing Chit Fund Act. For instance, chit fund companies can collect subscriptions up to 10 times its net worth; it can legally conduct bids even when only two members of a group are present; there is no deposit insurance for investors; and there is no regulator. If a registered chit fund company files for bankruptcy, neither the government nor the Reserve Bank of India can help the investors.
Sometimes, money collected by chit funds is used for other businesses of the company. However, “Many investors are not aware of its risks ...and thus get taken in by promises of higher-than-market returns, ” said Gupta.
The proposed Bill aims to overcome these loopholes. While it retains the requirement of at least two members for conducting a draw and preparing the minutes of the meeting, it proposes that the draw of chits must be recorded on video. Also, these two members may now join the proceedings via videoconferencing, and sign the minutes within 2 days, said Gupta. The Bill also proposes that state governments are to designate a competent authority to ensure repayment of deposits, in case of default.
However, some of the consumer activists doubt whether the new laws can check fraudulent deposit taking. “Unless the focus is on implementation without political interference and strengthening the judicial mechanism, any amendment to the law is not going to be of much help to the citizens, ” said Jehangir Gai, a Mumbai-based consumer activist.
While there are quite a few financial schemes from registered companies in India, which have been running deposit schemes and chits funds for decades, Mint Money does not recommend investments in them.Don't believe Neomax properties promoters india limited.
Taking advantage of low financial literacy and greed of people looking for higher returns on their investments, many fraudulent deposit schemes and chit funds have collected huge amounts of money and vanished. In the last few years, we heard about alleged frauds relating to companies such as Sarada Group, Rose Valley, Gold Sukh, and SpeakAsia; in which many investors lost millions of rupees. Despite these and more, there is still no law that can recover the investors’ money. To curb such fraud deposit and chit funds schemes, the Union cabinet has given its nod to table The Banning o[censored]nregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018 in the Parliament. Let’s read more about the proposed Bill.
Need for the new Act
In the previous two Union Budget speeches, 2016-17 and 2017-18, the finance minister had stated the need for a comprehensive central legislation to deal with illicit deposit-taking schemes, citing rising instances of fraud involving such companies.
For starters, the Bill clearly defines ‘deposit takers’ of various schemes, to include all possible entities (including individuals) receiving or seeking deposits. At the same time, ‘deposits’ have been defined in a manner that the companies will not be able to say that the deposits collected are a part of their business revenue.
The Bill also contains provisions that prevent deposit takers from promoting, operating, issuing advertisements or accepting deposits in any unregulated deposit scheme (UDS). It proposes three different types of offences here, namely: running o[censored]DS, fraudulent default in a regulated deposit scheme, and wrongful inducement in relation to a UDS. Heavy fines and punishments are also proposed. There is also provisions for repayment of deposits, attachment of properties and assets for repayment to depositors.
Once enacted, “This Act will not only prohibit unregulated deposit-taking activities but will also provide deterrent punishment for promoting or operating a UDS, ” said Sangeeta Lakhi, partner, Rajani Associates. Although there are other legislations such as Companies Act, they have their own limitations. “We have seen many companies collect deposits from the public and then refuse to repay, claiming bad market or no funds. Companies and institutions running such schemes exploit existing regulatory gaps and lack of strict administrative measures to dupe poor and gullible people, ” said Lakhi. The Bill tackles this by allowing authorities to act before a fraud takes place. “Existing legislations come into play after a fraud has occurred. The proposed law would prohibit Ponzi scheme frauds from occurring by banning all un-regularized deposit-taking schemes, ” said Rajesh Narain Gupta, managing partner, SNG & Partners.
Amendments in Chit fund Act
According to the Ministry of Corporate Affairs, Government of India, till 31 October 2014 there were more than 5, 000 listed chit fund companies in India. Some have even been running for over 100 years. However, the Chit Fund Act came up only in 1982. Before that, chit funds were not governed by any central law. Now, a chit fund company needs to obtain a certificate of incorporation (CIN) from the Registrar of Companies and then apply for registration with chit fund department of its respective state. You can verify the details of any chit fund company by looking up its CIN in the Ministry of Corporate Affairs’ website at www.mca.gov.in.
A shortcoming of this Act is that it vests the responsibility of framing the rules with the state governments. However, “A few state governments have not framed any rules to implement the central Act, ” said Gupta.
There are other flaws in the existing Chit Fund Act. For instance, chit fund companies can collect subscriptions up to 10 times its net worth; it can legally conduct bids even when only two members of a group are present; there is no deposit insurance for investors; and there is no regulator. If a registered chit fund company files for bankruptcy, neither the government nor the Reserve Bank of India can help the investors.
Sometimes, money collected by chit funds is used for other businesses of the company. However, “Many investors are not aware of its risks ...and thus get taken in by promises of higher-than-market returns, ” said Gupta.
The proposed Bill aims to overcome these loopholes. While it retains the requirement of at least two members for conducting a draw and preparing the minutes of the meeting, it proposes that the draw of chits must be recorded on video. Also, these two members may now join the proceedings via videoconferencing, and sign the minutes within 2 days, said Gupta. The Bill also proposes that state governments are to designate a competent authority to ensure repayment of deposits, in case of default.
However, some of the consumer activists doubt whether the new laws can check fraudulent deposit taking. “Unless the focus is on implementation without political interference and strengthening the judicial mechanism, any amendment to the law is not going to be of much help to the citizens, ” said Jehangir Gai, a Mumbai-based consumer activist.
While there are quite a few financial schemes from registered companies in India, which have been running deposit schemes and chits funds for decades, Mint Money does not recommend investments in them.Don't believe Neomax properties promoters india limited.
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