Mateen Hafeez TNN
Mumbai: Suspected fraudulent company, Aryarup Tourism and Club Resort, has claimed on various websites that it distributed over Rs 900 crore to its investors in one year. The firm also claims to have produced more than 400 crorepatis in the country through its various schemes. The city police are hunting for two of its directors, Ravindra Deshmukh and his wife Vasuda Deshmukh, for duping investors. According to police sources, all offices belonging to the firm have now been shut.
The fraud came to light when a Mumbaibased businessman lodged a complaint with the economic offences wing (EOW), stating that he was duped of Rs 81 lakh with promises of fast money and handsome profits in various schemes run by Aryarup. The company, on various websites, mentions that it crossed a turnover of more than Rs 1,550 crore on March 31, 2010. According to sources, Aryarup could have more than one lakh investors.
The EOW has told banks to freeze the company’s sixteen accounts in which investors had deposited over Rs 12.5 crore. The company would lure investors with a promise of returns between 87% and 96% on investments. An investor gave lakhs of rupees and for a while, the company did pay him an amount. “But all of a sudden, they stopped making payments,” said an officer. The suspects had opened branches in various parts of Haryana, Gujarat and other states. In Maharashtra, they started companies in Buldana, Nashik, Nanded, Thane, Navi Mumbai, Mumbai, Parbhani, Jalgaon, Bhusawal, Pune and Latur among other places. “The company has more than 15,000 investors in the state,” said an EOW officer.
According to sources, the company founders also claimed that it would soon be entering the Limca Book of Records for having the highest turnover in the multi-level marketing (MLM) industry in the first year itself, producing the highest number of crorepatis. The company also claimed that even after distributing huge profits to its investors, it still has a standing property of over Rs 500 crore, which includes Aryavarta Lake View, Murbad (Rs 21crore), Aryarup Jalsa, Jaipur (Rs 170 crore), Aryavarta Peshwai, Pune (Rs 200 crore), the company is going to buy a new resort in Goa (Rs 50 crore), a new resort in Lonavla (Rs 20 crore) and another property in Jharkhand near Ranchi (around Rs 100 crore).
According to experts, there are over 300 such companies operating in India and the schemes would have mobilized an amount of over Rs 7,000 crore till date.
MODUS OPERANDI
• Fraudulent companies target those who want fast cash
• They then float new schemes. Promoters (those with experience) announce a scheme and start collecting money
• The money collected is then used to reimburse the initial investor. People start getting money, more people invest
• As money is collected from new investors, commissions are paid to those who had joined earlier from that kitty of new investors
• The older investors start showing cheques they have received to new investors and prospects, which boosts their confidence
• They start getting their friends and relatives to invest
• Once a huge amount is collected, the founders shut shop and flee
The Times of India, November 15, 2010
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