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The Government is committed to tackle the menace of unregulated ponzi deposit-taking schemes and take action against the offenders. The Ministry of Corporate Affairs has ordered investigations through Serious Fraud Investigation Office (SFIO) under Section 235 of the Companies Act, 1956 and Section 212 of the Companies Act, 2013 into the affairs of 187 companies (as on 13-04-2016) against whom complaints had been received regarding alleged collection of funds through MLM/ Ponzi activities from the people in different States of the country. Details of such companies are enclosed as Annexure.
Government has taken a number of measures to check such cases of deposit taking activities and protect interests of the investors, including:
(i) 'Fraud' as a substantive offence has been introduced in the Companies Act, 2013 .
(ii) Statutory status to the SFIO has been granted under the said Act.
(iii) Stricter norms of Corporate Governance and their implementation have been granted under the Companies Act, 2013 .
(iv) Increasing application of technology for early/ preliminary identification of cases involving frauds through data analysis and usage of forensic tools, etc.
Annexure
List of investigation through SFIO, of companies involved in alleged collection of funds through MLM/ Ponzi activities
S. No. | PARTICULARS | Remarks |
1. | Goldquest International Pvt. Ltd. | Completed |
2. | Questnet Enterprises India Pvt Ltd. | |
3. | City Limouzines (India) Ltd. | Completed |
4. | Abcindya Networks Pvt. Ltd. | Completed |
5. | Speakasia Online Pte Ltd. |
Completed |
6. | Tulsiyat Tek Pvt. Ltd. | |
7. | Seamless Outsourcing LLP | |
8. | Unigateway 2U Trading Pvt. Ltd. | Completed |
9. | Unipay2U Marketing Pvt. Ltd | |
10. | Unipay Creative Business Pvt. Ltd. | |
11. | Unipay2U Production Pvt. Ltd. | |
12. | Basil International Ltd. | Completed |
13. | Vamshi Chemicals Ltd. | |
14. | Nixil Pharmaceuticals Specialities Ltd. | |
15. | Appeline Cosmetics & Toiletries Ltd. | |
16. | Basil Express Ltd. | |
17. | Saradha Realty India Ltd. | Completed |
18. | Saradha Agro Development Ltd. | |
19. | Saradha Exports Ltd. | |
20. | Saradha Shopping Mall Pvt. Ltd. | |
21. | Saradha Printing & Publication Pvt. Ltd. | |
22. | Saradha Tours & Travels Pvt. Ltd. | |
23. | Saradha Education Enterprise Ltd. | |
24. | Saradha Construction Company Pvt. Ltd. | |
25. | Saradha Garden Resorts & Hotel Pvt. Ltd. | |
26. | Saradha Landmark Cement Pvt. Ltd. | |
27. | Rose Capital Ltd. | |
28. | Bengal Media Pvt. Ltd. | |
29. | Bhasank Food Pvt. Ltd. | |
30. | Global Automobiles Ltd. | |
31. | Rose Valley Real Estate & Construction Ltd. | Completed |
32. | Rose Valley Industries Ltd. | |
33. | Silver Valley Communications Ltd. | |
34. | Rose Valley Food Beverages Ltd. | |
35. | Rose Valley Marketing India Ltd. | |
36. | Rose Valley Infotech Pvt. Ltd. | |
37. | Rose Valley Hotels & Entertainment Ltd. | |
38. | Rose Valley Projects Ltd. | |
39. | Rose Valley Patrika Ltd. | |
40. | Rose Valley Films Ltd. | |
41. | Modern Investment Traders Pvt. Ltd. | |
42. | Rose Valley Travels Pvt. Ltd. | |
43. | Brand Value Communications Ltd. | |
44. | Rose Valley Housing Development Finance Corporation Ltd. | |
45. | Rose Valley Airlines Ltd. | |
46. | Rose Valley Fashions Pvt. Ltd. | |
47. | Rupasi Bangla Projects India Ltd. | |
48. | Rupasi Bangla Media & Entertainment Ltd. | |
49. | Rose Valley Realcom Ltd. | |
50. | Sunshine India Land Developers Ltd. | Completed |
51. | Sunshine Mutual Benefit Ltd. | |
52. | Sunshine Land Projects Ltd. | |
53. | Sahu Investment Mutual Benefit Company Ltd. | |
54. | Sahu Investment Corporation Ltd. | |
55. | Nirmala Sahu Business Complex Pvt. Ltd. | |
56. | Shiv Nests Pvt. Ltd. | |
57. | Synergy Tie-Up Pvt. Ltd. | |
58. | Nirmala Dwellings Pvt. Ltd. | |
59. | Icore E-services Ltd. | Completed |
60. | Icore Apparels Pvt. Ltd. | |
61. | Icore Paints Pvt. Ltd. | |
62. | Icore Iron & Steel Pvt. Ltd. | |
63. | Icore Super Cements Pvt. Ltd. | |
64. | Riju Cement Ltd. | |
65. | Mega Mould India Ltd. | |
66. | Papyrus Infotech Pvt. Ltd. | |
67. | Icore Global Medicines Pvt. Ltd | |
68. | Icore Jewellery & Gems Pvt. Ltd. | |
69. | Icore Polyfab Pvt. Ltd. | |
70. | Icore Housing Finance Corporation Ltd. | |
71. | URO Infra Reality India Ltd. | Completed |
72. | URO Hotels and Resorts India Ltd. | |
73. | URO Hygienic Foods Ltd. | |
74. | URO Infotech Ltd. | |
75. | URO Lifecare Ltd. | |
76. | URO Trexim Ltd. | |
77. | URO Autotech Ltd. | |
78. | URO Agro India Ltd. | |
79. | URO Walkers Ltd. | |
80. | Mangalam Agro Products. Ltd. | Completed |
81. | Shark Communications Pvt. Ltd. | Completed |
82. | Hitech Computech Pvt. Ltd. | |
83. | Konichiva Builders Pvt. Ltd. | |
84. | Bharti Properties Pvt. Ltd. | |
85. | Heena Developers Pvt. Ltd. | |
86. | Saksham Infocom Pvt. Ltd. | |
87. | North India Securities Pvt. Ltd. | |
88. | Krishna Infomedia Pvt. Ltd. | |
89. | DMC Education Ltd. | |
90. | T and G Edutech Pvt. Ltd. (formerly known as ‘Centenary Software Pvt. Ltd.’) | |
91. | Ramel Industries Ltd | Under progress |
92. | Gan Laboratory Pvt. Ltd. | |
93. | Ramel Mart Pvt. Ltd. | |
94. | Ramel Media and Advertising Pvt. Ltd | |
95. | Ramel Real Estate & Infrastructure Ltd. | |
96. | Ramel Sea Food Ltd. | |
97. | Tamanna IT Solutions Ltd. | |
98. | Ramel Pharma Ltd. | |
99. | Ramel Hospitality Pvt. Ltd. | |
100. | Ramel Infotech Pvt. Ltd. | |
101. | Ramel Agrotech Ltd. | |
102. | Ramel Hotel & Resorts Pvt. Ltd. | |
103. | Ramel Impex Pvt. Ltd. | |
104. | Ramel Insurance Agency Pvt. Ltd. | |
105. | Cygnus Publishers Ltd. | |
106. | Ramel Bio Fertilizer Pvt. Ltd | |
107. | Rahul Hi Rise Ltd. | Under progress |
108. | Shrishti Abha Food & Beverage Pvt. Ltd. | |
109. | Rahul Media & Entertainment Ltd. | |
110. | Rahul Wood Works Pvt. Ltd. | |
111. | Veekayen Properties Pvt. Ltd. | |
112. | Hotel Sea-Coast Pvt. Ltd. | |
113. | Rahul Bhumi Vikas Ltd. | |
114. | Rahul Heights Ltd. | |
115. | Rahul Real Estate Projects Ltd. | |
116. | Rahul Inn Hospitality Ltd. | |
117. | Ideas Realcon Ltd. | |
118. | Ideas Real Estate Ltd. | |
119. | Ideas Healthcare Ltd. | |
120. | Ideas Broking Ltd. | |
121. | Zenix Technologies Pvt. Ltd | |
122. | Adventus Creations Pvt. Ltd. | |
123. | Seashore Securities Ltd. | Under progress |
124. | Seashore Agriculture Promotion Company Pvt. Ltd. | |
125. | Seashore Healthcare Pvt. Ltd. | |
126. | Seashore Pharmaceuticals Pvt. Ltd. | |
127. | Seashore Courier & Cargo Private Ltd. | |
128. | Seashore Diary Products Pvt. Ltd | |
129. | Seashore Portfolio Management Services Ltd. | |
130. | Seashore Consultancy & Construction Private Ltd. | |
131. | Falcon Consultancy Private Limited | |
132. | Royal Purple Hotels Private Limited | |
133. | Sagiarien Systems Private Ltd | |
134. | Florance Biotech Private Limited | |
135. | Saubhagya Drinks Private Limited | |
136. | Sri Krishna Agriculture Pvt. Ltd. | |
137. | Jatish Agro and Oil Products Pvt. Ltd. | |
138. | Sagar Media & Entertainment Pvt. Ltd. | |
139. | Seashore Capital Pvt. Ltd. | |
140. | Seashore Shipping Company Pvt. Ltd. | |
141. | Saradha Housing Pvt. Ltd. | Completed |
142. | Ambujaatripuri Infra (India) Ltd. | Under progress |
143. | Ambujaatripuri Business Private Ltd. | |
144. | Artha Tatwa Consultancy Private Ltd. | |
145. | Artha Tatwa World Ventures Pvt. Ltd. | |
146. | Artha Tatwa Food Mart Private Ltd. | |
147. | Artha Tatwa Capital Limited | |
148. | Ambujaatripuri Engineering Pvt. Ltd. | |
149. | Orisha Health & Medical Research Institute | |
150. | Goldmine Food Products Ltd. | Under progress |
151. | Goldmine Agro Ltd. | |
152. | Classic Resources Ltd | |
153. | Goldmine Industries Ltd. | |
154. | Goldmine Height Pvt. Ltd | |
155. | Goldmine Hotel & Resorts Pvt. Ltd. | |
156. | Goldmine Advisories India Pvt. Ltd. | |
157. | Goldmine Health Care Pvt. Ltd. | |
158. | Samruddha Jeevan Foods Ltd. | Under progress |
159. | Sai Prasad Foods Ltd. | Under progress |
160. | Sai Prasad Properties Ltd. | |
161. | Saiprasad Corporation Ltd. | |
162. | Utkarsha Plotters and Multi Agro Solutions India Ltd. | Under progress |
163. | PGF Ltd. | Under progress |
164. | PACL Ltd. | |
165. | Jeevan Suraksha Trading & Financials Ltd | Under progress |
166. | Jeevan Suraksha Real Estate Ltd. | |
167. | Jeevan Suraksha Energy & Industries Ltd. | |
168. | Jeevan Suraksha Mercantiles Pvt. Ltd. | |
169. | Jeevan Suraksha Assurance Agency Pvt. Ltd. | |
170. | Jeevan Suraksha Associates Marketing Pvt. Ltd. | |
171. | Chakra Infrastructure Ltd. | Under progress |
172. | Chakraborty Estates Pvt. Ltd. | |
173. | Chakra Agrotech Private Limited | |
174. | Chakra Wealth Management Advisory Limited | |
175. | Chakra Hotel and Leisure Limited | |
176. | Chakramart Retail India Limited | |
177. | Jai Sadguru Advisory and Agency Services Pvt. Ltd. | |
178. | Disha Productions & Media Pvt. Ltd | |
179. | MPS Greenery Developers Ltd. | Under progress |
180. | MPS Food Products Ltd. | |
181. | MPS Resorts and Hotels Ltd. | |
182. | MPS Aqua Marine Products Ltd. | |
183. | MPS Industries & Agro Research Ltd. | |
184. | MPS Ayurvedic & Herbal Products Pvt. Ltd. | |
185. | MPS Real Estate & Infrastructure Pvt. Ltd. | |
186. | MPS Retails and Fast Food Pvt. Ltd. | |
187. | Promotech Infratech Ltd. | Under progress |
This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Rajya Sabha.
Fraud as a substantive offence strengthens action against Ponzi operators, enabling SFIO investigations and corporate governance reforms. The Government directed the Serious Fraud Investigation Office (SFIO) to investigate 187 companies following complaints of alleged fund-collection through MLM/ponzi activities, with individual probe statuses recorded as completed or under progress. To strengthen enforcement and investor protection, measures include the introduction of fraud as a substantive offence in the Companies Act, statutory status for the SFIO, stricter corporate governance norms, and increased use of data analysis and forensic tools for early identification of suspected frauds. of Press 'Enter' after typing page number.
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