IMPHAL, April 25: After Visarev, Forex, Global Index daily, another scam Stock Guru India (SGI) has allegedly duped investors of the state of more than Rs 40 crores.
Stockguru India, claiming to be India’s premier financial consultancy firm, offers investment advisory services, portfolio management services, trading solutions in equity and derivatives, insurance, mutual funds and IPO. Yet this firm was not registered with SEBI or RBI. It has now left thousands of investors in the state in the lurch.
IFP investigating such fraudulent scams found out that SGI floated a scheme promising high returns for a minimum investment of Rs. 10,000 (plus registration fee of Rs. 1,000). For the first six months it offered returns of 20% per month. The principal amount would apparently be returned after six months. Post dated cheques for the repayment of the monthly interest plus a promissory note as security was given to investors on registration.
SGI’s promoter Lokeshwar Dev Jain, a resident of New Delhi is now absconding.
SGI entered the state in March 2010 and was promoted by one Gopal Thapa from Mantripukhri. It is also learnt that more than 10,000 persons has already invested in SGI.
The cracks started appearing from February 2011 onwards as the company failed to make payouts, Lokeshwor then gave an excuse that there has been an income tax raid at first and later said that the investors need to open bank accounts and should have a PAN registration.
The company kept stalling until this month as investors finally got wind that the CEO of SGI has absconded. Afterwards his state counterparts namely Gopal Thapa and others have absconded and investors are again left high and dry as seen in similar cases of Visarev,Forex,Unipay,Global Wing Index etc.
IFP found out that the collapse of such pyramid scams has affected thousands of families and relationships have gone sour. Dhananjoy, a disgruntled investor said “It’s acceptable that I lost my money but trusting the company, I promoted it to my friends and relatives and promised them that they will get their investments back. Now, I am being hounded by them for repayment of their loss. I can’t make it up even if I sell my property”, he said.
No complaint has been lodged against the offenders from the state at present. An official of the state home department in a telephonic conversation with IFP stated that the perpetrators of such scams can be booked under the ‘Money Laundering Act”.
It may be mentioned that investors of Forex achievements and Visarev has formed bodies recently to tackle the issues and to press the government for speedy justice.