by Harish Gupta, National Editor, Lokmat Group
* Hundreds of companies shut down as agencies go after them
* West Bengal, Maharashtra top the list
Harish gupta
New Delhi, Mar. 26
A virtual war seem to have been declared against Ponzi companies across the country including Maharashtra.
According to information available, the RBI has been conducting special probe into the complaints involving 104 companies. The RBI has told the government that these companies are suspected to be holding public deposits. Other probe agencies such as CBI, Enforcement Directorate, SEBI & Special Fraud Investigation Organisation (SFIO) under the Corporate Affairs Ministry have been conducting separate investigations into Ponzi/chit fund companies which have duped thousands of poor investors.
According to information collated from various agencies, the total amount calculated so far is Rs 33141 crores. In Maharashtra, there are at least 18 companies under investigation where action has been initiated involving an amount of Rs. 4697.67 crores.
These agencies estimate that the amount of scam would be of a very high order once the probe is completed. Apart from RBI, the SFIO is conducting separate probe.
The RBI has been conducting probe into the complaints involving 104 companies. The RBI has told the government that these companies are suspected to be holding public deposits.
Maharashtra Companies (in Crore)
Seamless Outsourcing LLP (3 Companies) 3494
option one industries Ltd 1000
Vishwamitra International Infra 106.75
Cell Industries 15.61
Wasankar Wealth Management 13
Equinox Infratech 12.47
Angel Group 12
RBX Land Developers 11.98
others (8 companies) 31.86
Total 4697.67
According to Finance Minister Arun Jaitley, the SFIO was assigned the task of probing 164 cases against these companies. Probe into as many as 78 companies has been completed until December 31, 2015 while investigations are on against 46 companies. The Finance ministry sources said probe into major offenders such as Saradha, Rose Valley, Seamless, I Core and other groups has been completed. The probe against other companies will be completed within the next couple of months. A Computer Forensic Lab has been set up in SFIO for analysing the database of the companies under investigation. The investigations into the Punjab-based Pearl Group of companies are still in progress. The amount involved is said to be nearly Rs 45,000 crores.
The Directorate of Enforcement has registered 57 cases under the Prevention of Money Laundering Act, 2002 (PMLA) and the CBI has registered 65 cases during 2014-15. The ED has attached assets worth Rs. 1133.25 crores and prosecution launched.
Chit Fund biz is history...
Ponzi Companies in the Country Rs. in Crore
Rose Valley Realcom Ltd. (19 Companies) 10281
I croe group (12 Companies) 7375
Seamless Outsourcing LLP (3 Companies) 3494
Saradha/Global Automobiles Ltd. (14 companies) 2394
Saradha/Basil Express Ltd. (5 companies) 1721
URO group 1500
Alchemist Holding Ltd 1088
option one industries Ltd 1000
Unipay2U Production Pvt. Ltd. (4 Companies) 792
NVD Solar 595
Artha Tatwa 500
Seashore Group 478
SGI Research & Analysis 494
Annex Infrastructure 200
Vishwamitra International Infra 106
Rimel group 100
Others (51 Companies) 1023
Total 33141
The crack down that began with the SEBI action against the Sahara group two years ago has now been expanded to hundreds of companies in West Bengal, Jharkhand, North Eastern states, Odisha etc. The government has now set up State Level Coordination Committee (SLCC) for greater coordination between RBI, SEBI and other agencies as chit fund companies are governed by states.
Though the Maharashtra government had estimated that the amount involved is more than Rs 10,000 crore, the central agencies' estimates are based on cases registered with them.
Incidentally, the BJP MP Kirit Somaiaya has been spearheading the campaign against chit fund firms in the state and claimed the scam in Maharashtra alone was to the tune of Rs 40,000 crore.
