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KOHIMA, Oct 28: Recently Nagaland Police arrested and Charge sheeted the Chairman and Managing Director (MD) of the Company-Everlight Realcon Infrastructure Limited (ERIL) for duping and cheating unsuspecting depositors /investors and swindling crores of rupees. The same Person is wanted in other States as well in similar cases.
During an investigation, it was ascertained that the company (ERIL) was incorporated under the Companies Act 1956 and promised 100% secured investment under two schemes (a) Advance Products Booking (APB) and (b) Redeemable Preferential Shares (RPS). Initially the company had various products like electronics, household products etc against Advance Product Booking but later, the system of the company changed and it became more or less a money business offering huge returns in interest for investment under both APB and RPS. Thus, the company was engaged in a Ponzi Scam accepting deposits from unsuspecting investors which they were not allowed under law. It was also admitted by the MD of the Company that the system of the company was a failure and that it had been circulating the money of the investors only.
According to the SP(Crime)&PRO, PHQ, Nagaland, M.Tungoe, IPS, the modus operandi of the company was to establish its credibility by stating that the company was engaged in various projects like hospitals, mines, infrastructure etc.; by organizing programs such as materials donations, blood donation camps, orphanages visits and by engaging state functionaries as chief guests in the company’s functions. However, during the investigation, it was found out that there were no such properties, assets or projects of the company and that it was engaged only in fund mobilization promising huge returns, which the company failed to pay the investors later.
Therefore, citizens have been once again warned not to invest in any kind of schemes/Products that promise huge returns in a short span of time. Any such scheme is illegal and therefore, should be avoided at all cost. It is to be remembered that even the interest rates offered by Banks vary between 5%-9% only. If any company or organization offers anyone such schemes, the matter is to be reported to the Police immediately.