Cases of Corporate Frauds/Chit Fund Scams Involving Companies

The Ministry, during the last three years and current year, has ordered investigation into the affairs of 145 companies which were allegedly involved in illegal deposit taking activities.  A State-wise list of these companies is enclosed as Annexure. In many of the cases where investigations have been completed, diversion of funds so collected and/ or default by the companies in repayment of such deposits has been observed.

Regulation of such activities is covered by the following statutes:

i. Chit Funds Act, 1982, under which all chit funds require previous sanction from the respective State Governments.

ii. Prize Chits & Money Circulation Schemes (Banning) Act, 1978, enforcement of which lies with State Governments, defines and prohibits illegal chit fund schemes.

iii. RBI Act, 1934, administered by the Reserve Bank of India, bars any individual or a firm or unincorporated association of individuals from accepting deposits.

iv. SEBI Act, 1992, administered by the Securities and Exchange Board of India, to regulate Collective Investment Schemes.

v. Companies Act, 2013 (Sections 73 to 76) read with Companies (Acceptance of Deposit) Rules, 2014.

vi.  Special legislations passed by certain States to protect the interests of depositors.

Apart from enforcement of the above statutes and regulations, the following measures have been taken to protect the interests of the investors and to enable effective investigation into the affairs of companies allegedly involved in frauds:

(i)         ‘Fraud’ has been defined as a substantive offence in the Companies Act, 2013;

(ii)        Section 143(12) of Companies Act, 2013 requires the auditor of a company to report any fraud to the Board of Directors or Audit Committee of that company or to the Central Government, depending on the amount of fraud.

Annexure

LIST OF INVESTIGATION ORDERED IN RESPECT OF COMPANIES INDULGING IN ILLEGAL COLLECTION OF DEPOSITS

Year – 2012-13

Sl.

NO.

Name of the Company State/ UT Suspected Quantum
1. Basil International Ltd.

Vamshi Chemicals Ltd.

Nixil Pharmaceuticals Specialities Ltd.

Appeline Cosmetics & Toiletries Ltd.

Basil Express Ltd.

Delhi & UP Rs 1721.00 crore
2.
3.
4.
5.
6. Abcindya Networks Pvt. Ltd. Delhi Rs 48.00 crore
7. Unigateway 2U Trading Pvt. Ltd.;

Unipay2U Marketing Pvt. Ltd;

Unipay Creative Business Pvt. Ltd.;

Unipay2U Production Pvt. Ltd.

Tamil Nadu Rs 791.53 crore
8.
9.
10.
11. Life Business Project Pvt. Ltd. Delhi Not available
12. Alchemist Infra Realty Ltd. Delhi Not available
13. Speakasia Online Pte Ltd. (Singapore)  

Maharashtra

Rs 3494.00 crore
14. Tulsiyat Tek Pvt. Ltd.
15. Seamless Outsourcing LLP

Year – 2013-14

16. Rose Valley Real Estate & Construction Ltd.

Rose Valley Industries Ltd.

Silver Valley Communications Ltd.

Rose Valley Food Beverages Ltd.

Rose Valley Marketing India Ltd.

Rose Valley Infotech Pvt. Ltd.

Rose Valley Hotels & Entertainment Ltd.

Rose Valley Projects Ltd.

Rose Valley Patrika Ltd.

Rose Valley Films Ltd.

Modern Investment Traders Pvt. Ltd

Rose Valley Travels Pvt. Ltd.

Brand Value Communications Ltd.

Rose Valley Housing Development Finance Corporation Ltd.

Rose Valley Airlines Ltd.

Rose Valley Fashions Pvt. Ltd.

Rupasi Bangla Projects India Ltd.

Rupasi Bangla Media & Entertainment Ltd.

Rose Valley Realcom Ltd.

West Bengal Rs 10281.00 crore
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35. Icore E-services Ltd.

Icore Apparels Pvt. Ltd.

Icore Paints Pvt. Ltd.

Icore Iron & Steel Pvt. Ltd.

Icore Super Cements Pvt. Ltd.

Riju Cement Ltd.

Mega Mould India Ltd.

Papyrus Infotech

Icore Global Medicines Pvt. Ltd.

Icore Jewellery & Gems Pvt. Ltd.

Icore Polyfab Pvt. Ltd.

Icore Housing Finance Corpn. Ltd.

West Bengal Not available
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47. Saradha Realty India Ltd.

Saradha Agro Development Ltd.

Saradha Exports Ltd.

Saradha Shopping Mall Pvt. Ltd.

Saradha Printing & Publication Pvt. Ltd.

Saradha Tours & Travels Pvt. Ltd.

Saradha Education Enterprise Ltd.

Saradha Construction Company Pvt. Ltd.

Saradha Garden Resorts & Hotel Pvt. Ltd.

Saradha Landmark Cement Pvt. Ltd.

Rose Capital Ltd.

Bengal Media Pvt. Ltd.

Bhasank Food Pvt. Ltd.

Global Automobiles Ltd.

West Bengal Rs 2394.00 crore
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
61. Sunshine India Land Developers Ltd.

Sunshine Mutual Benefit Ltd.

Sunshine Land Projects Ltd.

Sahu Investment Mutual Benefit Company Ltd.

Sahu Investment Corporation Ltd.

Nirmala Sahu Business Complex Pvt. Ltd.

Shiv Nests Pvt. Ltd.

Synergy Tie-Up Pvt. Ltd.

Nirmala Dwellings Pvt. Ltd.

West Bengal Rs 30.00 crore
62.
63.
64.
65.
66.
67.
68.
69.
70. URO Infra Reality India Ltd. West Bengal Not available
71. URO Hotels and Resorts India Ltd.
72. URO Hygienic Foods Ltd.
73. URO Infotech Ltd.
74. URO  Lifecare Ltd.
75. URO  Trexim Ltd.
76. URO  Autotech Ltd.
77. URO Agro India Ltd.
78. URO Walkers Ltd.

Year – 2014-15

79. Mangalam Agro Products Ltd. West Bengal Not available
80. Ramel Industries Ltd.

Gan Laboratory Pvt. Ltd.

Ramel Mart Pvt. Ltd.

Ramel Media and Advertising Pvt. Ltd.

Ramel Real Estate and Infrastructure Ltd.

Ramel Sea Food Ltd.

Tamanna IT Solutions Ltd.

Ramel Pharma Ltd.

Ramel Hospitality Pvt. Ltd.

Ramel Infotech Pvt. Ltd.

Ramel Agrotech Ltd.

Ramel Hotel & Resorts Pvt. Ltd.

Ramel Impex Pvt. Ltd.

Ramel Insurance Agency Pvt. Ltd.

Cygnus Publishers Ltd.

Ramel Bio Fertilizer Pvt. Ltd.

West Bengal Not available
81.
82.
83.
84.
85.
86.
87.
88.
89.
90.
91.
92.
93.
94.
95.
96. Rahul Hi Rise Ltd West Bengal Not available
97. Shrishti Abha Food & Beverage Pvt. Ltd.
98. Rahull Media & Entertainment Ltd.
99. Rahul Wood Works Pvt. Ltd.
100. Veekayen Properties Pvt. Ltd.
101. Hotel Sea-Coast Pvt. Ltd.
102. Rahul Bhumi Vikas Ltd.
103. Rahul Heights Ltd.
104. Rahul Real Estate Projects Ltd.
105. Rahul Inn Hospitality Ltd.
106. Ideas Realcon Ltd.
107. Ideas Real Estate Ltd.
108. Ideas Healthcare Ltd.
109. Ideas Broking Ltd.
110. Zenix Technologies Pvt. Ltd.
111. Adventus Creations PVt. Ltd.
112. Seashore Securities Ltd. Odisha Not available
113. Seashore Agriculture Promotion Company Pvt. Ltd.
114. Seashore Healthcare Pvt. Ltd.
115. Seashore Pharmaceuticals Pvt. Ltd.
116. Seashore Courier & Cargo Private Ltd.
117. Seashore Diary Products Pvt. Ltd
118. Seashore Portfolio Management Services Ltd.
119. Seashore Consultancy & Construction Private Ltd.
120. Falcon Consultancy Private Limited
121. Royal Purple Hotels Private Limited
122. Sagiarien Systems Private Ltd
123. Florance Biotech Private Limited
124. Saubhagya Drinks Private Limited
125. Sri Krishna Agriculture Pvt. Ltd.
126. Jatish Agro and Oil Products Pvt. Ltd.
127. Sagar Media & Entertainment Pvt. Ltd.
128. Seashore Capital Pvt. Ltd.
129. Seashore Shipping Company Pvt. Ltd.

 

Year – 2015-16

130. Saradha Housing Pvt. Ltd. West Bengal Not available
131. Ambujaatripuri Infra (India) Ltd. Odisha Not available
132. Ambujaatripuri Business Private Ltd.
133. Artha Tatwa Consultancy Private Ltd.
134. Artha Tatwa World Ventures Private Ltd.
135. Artha Tatwa Food Mart Private Ltd.
136. Artha Tatwa Capital Limited
137. Ambujaatripuri Engineering Private Limited
138. Orisha Health & Medical Research Institute
139. Helios and Matheson Information Technologies Ltd. Tamil Nadu Not available
140. Grand Vyapaar Private Ltd. West Bengal Not available
141. Ultra Tie-up Pvt. Ltd.
142. Happy Tie-up Ltd.
143. Saphire Infradeveloper Pvt. Ltd.
144. Best Tie-up Ltd.
145. Sahu Land Developers Pvt. Ltd.

This information was given by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha today.

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6 responses to “List of Companies involved in Corporate Frauds/Chit Fund Scams”

  1. Santosh Tiwari says:

    Hlw sir I am save rahul hirise ltd bank 2 lakh ruppess when it’s return me I want to know

  2. Santosh Tiwari says:

    Sir I am save rahul hirise ltd bank 2 lakh ruppess when it’s return me

  3. San says:

    Regulators should regulate the companies instead of killing them by making new unpractical laws . Law made in a night cannot be followed in a day. Is tarah ke regulation se India ke sab company band ho jayegi aur public ka paisa doob jayega. Sick peoples have become regulators. Horrible

  4. TAXWELL says:

    ACTION TAKEN ALSO MUST BE SHARED

  5. Mohit Jain says:

    The list should be circulated in all banks & accounts of all companies should be seized.Its very important information .By cautioning the banks consumers money can be saved at first step.

  6. CA. Subhash Chandra Podder says:

    good information .

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