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RBI approved scam companies in India
Hyderabad: Money swindling companies continue to prey on the people of Telangana and AP, while lakhs of investors have already suffered and many companies have already been busted by the police.
After the Akshaya gold scam, it is now Agri Gold. Using multi-level marketing techniques, these companies appoint thousands of agents who lure investors. The companies give fancy titles to its representatives, who have to enroll investors, and depending upon the enrollment, their commission keeps on going up.
The companies even show off their financial strength by starting other ventures in real estate, entertainment, and even the health sector. According to state CID officials, these companies usually target people from middle class and lower middle class society. They use different tactics to publicise, attract, and convince the victims that the company is authentic and investors will get higher returns.
“These companies have no licence or permission from the Reserve Bank of India to collect deposits from the public. But they function ignoring all the rules set by RBI,” said a senior police official from CID.
In order to mislead people, a single company launches many sister companies to show that they are big group of companies. “The companies have attractive and unique names. The promoters publicise and promote their schemes through colourful campaigns by using film stars, government servants and known personalities.
They conduct investors’ meeting in star hotels in a cozy atmosphere. These tricks are enough to lure common people and squeeze their money,” said a senior police officer from Central Crimes Station, Hyderabad, who has investigated MLM cases in the past. “
They enroll investors offering higher returns and create a chain, which is like a pyramid. The investors are paid initially with the money of other investors, but later it all stops,” he added. The agents and the investors, who joined initially, get handsome payments, sometimes more than 20 per cent returns, as their commission for enrolling.
However, as the number of investors grows, the chain breaks, and the people in the lower strata of the pyramid suffer huge losses. Apart from the giant companies, there are also smaller fishes in the state, who run the scam in the streets. One year after arresting the promoters of Akshaya Gold Farms and Villas Pvt, Additional DG of AP CID Mr D. Tirumal Rao has now asked the victims to come forward with their ID proofs.
The numbers of victims in this scam is so massive that the police is yet to have a final count. The CID had earlier arrested officials of the company including Mr D. Harinath Babu, the founder and director of the firm, along with other officials. The company had offered lands to investors, who were later cheated.
A futurist and clean energy expert, Toni Seba, has predicted that electric vehicles would destroy the global oil industry after a decade. By 2030, 95% of people won't own private cars which would wipe off the automobile industry, he says.
Boeing and JetBlue Airways have announced they would begin selling a hybrid-electric commuter aircraft by 2022. Planned by start-up Zunum Aero, the small plane would seat up to 12 passengers and reduce travel time and cost of trips under 1,600 km.
Here is another "great" product from Herbalife. Marketed as an ENERGY drink mix. Few people know it contains Gurana seeds which have no active compound giving artificial energy other than caffeine. Afresh also contains additional caffeine
Ingredients of Herbalife Afresh Energy Drink Mix: Maltodextrin, Orange Pekoe Extract, Guarana Seed Extract, Acidity Regulator - 330 and Caffeine Powder.
The Public Provident Fund (PPF) will now offer 7.9% but experts say it is still a good option for investors. Given that consumer inflation is down to 3.65%, the real rate of return of the PPF is a healthy 4.25%.
"This is quite impressive for an option that offers assured returns," says Amol Joshi, Founder, PlanRupee Investment Service. "Investors should continue to take advantage of this long-term tax-free product," he adds.
Even if you compare the PPF rate with the 10-year government bond yield, the scheme is attractive. "The 10-year bond yield is a better benchmark for PPF than consumer inflation," says Manoj Nagpal, CEO, Outlook Asia Capital Currently, the 10-year bond yield is around 6.8% and the PPF at 7.9% makes it for a premium of 110 basis points. "Historically, the average premium has been around 75 bps. So, the PPF investor is today earning a higher real return," says Nagpal. Even so, some investors may be feeling disappointed by the cu…