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Multi level cheating on the rise
Highlights
The State seems to have become a breeding ground for multi-level cheating with more companies joining the list, victimising thousands of people in the name of savings and investments. It was Abhaya Gold in the past and Agri Gold recently that were found to have cheated the people a few thousands of crores of rupees.
- Abhaya Gold cheats people of Rs 200 crore
- AgriGold accused of duping depositors of Rs 6,380 crore
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Vijayawada: The State seems to have become a breeding ground for multi-level cheating with more companies joining the list, victimising thousands of people in the name of savings and investments. It was Abhaya Gold in the past and Agri Gold recently that were found to have cheated the people a few thousands of crores of rupees. While Abhaya Gold was initially alleged to have cheated people to the tune of Rs 200 crore and its managing director K Srinivas was arrested by the Vijayawada police in 2013, the Vijayawada-based AgriGold is now facing the charges of cheating people to the tune of Rs 6,380 crore.
The Abhaya Gold with over 150 branches in the State and having operations in West Bengal, Telangana, Tamil Nadu and Odisha, reportedly collected deposits from people and finally cheated them. It was only on Monday, a small-time firm, Perals Agro Tech, closed its shutters in the city causing panic among its 70-odd customers, who accused the firm of cheating them to the tune of Rs 70 crore.
The irate customers have ransaked the office in the city leading to tension. The city has the dubious record of witnessing several such crimes by multi-level companies which ran their business into several hundred crores of rupees with the number of depositors running into thousands.
It was Saptagiri Chit Funds, which had its regional office at Governorpet, that had cheated thousands of people in late 1970s. However, in 2014, the cheating renewed with the Subhadarshi Chit Funds located at Labbipet, closed its shutters cheating customers to the tune of a few crores of rupees.
The names multiply, Pratibha Chit Funds, Janahita Chit Funds, Uma Chit Funds, Apple Tree Chit Funds and many more have cheated people with their operations based in Vijayawada. This is in addition to the cases of several individuals who conduct the private chit activities in the localities and disappear leaving the people in distress.
Every time a firm closes its operations duping people, police file cases and the issue becomes a history till a new firm occupies the place. The police too remain silent or make a couple of arrests till the victims become silent cursing themselves and start looking for a new cheat.
When asked about the increasing number of such bogus companies, the ACB senior official, in-charge of economic offences, D Srinivasa Reddy, told ‘The Hans India’ that the local agents are responsible for the spread of such companies. “The companies are not permitted to collect deposits from people. Located elsewhere with head offices, these companies appoint agents offering more commission on every deposit,” he added.
He further said that the agents promise double or triple amount in return on every deposit in a period of six years, which attracts the customers. “The customers pay small amounts in installments expecting high return after the term and they finally end up getting cheated,” Srinivasa Reddy regretted.
He said that these companies, on paper, claim to have offered some plots in return to the customers, which is fake. Besides these companies that have cheated the people in the city, the ACB had recently booked cases against Chennai-based Alwin Golden City Private Limited, which had mobilised deposits from people here, he said and added that the case was handed over to the RBI for further action and it is in the court.
By:D Gopi
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