4 HELD in connection with fraudulent business practice & duping people in state, * Amount received from 3 Lakh people via 105 branches in several other states, * 11 branches seized. Moreover, one of the accused is chairman of Pincon Sprit
The Special Operations group (SOG) nabbed four men in connection with fraudulent business practice and duping people in the state. The SOG seized 11 branches operated by the group. Notably, one of the accused is the chairman of Pincon Sprit who has been arrested from Kolkata. Shockingly, the SOG has learnt that they unlawfully received Rs 1600 crore from three lakh people through 105 branches in several states. Moreover the group invited people to put in money - in old currency - in their group even when the demonitisation drive was going on.
The accused have been identified as Manoranjan Roy, Raghu Shetty, Binay Singh and Hari Singh.
“Information was being received regularly that Pincon group had opened an office in Ajmer since 2010 and getting unauthorised investment from people. SOG initiated investigation and during this it was learnt that a person from Ajmer had invested Rs 76 lakh in various schemes while the maturity money was not paid. A special investigating Team (SIT) was thus formed in this,” said Umesh Mishra, ADG - ATS and SOG.
The SIT learnt that Pincon group based in Kolkata and the chairman is one Manoranjan Rai. “LRN Finance, ASK Financial services, Grinage food product, Bengal Pincon housing infra, LRN Universe Producer and Universal multistate credit cooperative society - are the six main companies of the group. Under the Ajmer regional office, five branches of Jaipur, Ajmer, Kota, Niwai and Chomu fell while Dholpur, Kaman, Alwar, Bandikui, Bharatpur and Hindaun branches were under Agra regional office. The investment used to be conducted in cash which would not be deposited in bank account of the company. Pincon group opened a bank account in 2010 but closed the same in 2014. Through this account, crores of rupees - of investors from Rajasthan - were transferred by the group to various companies apart from the major companies,” said Dinesh M N - IG - SOG.
The aforementioned companies had issued debentures to its investors through private placement to attract investment but the payment for the same was not done to anyone. When the debentures of one company matured, a virtual payment was shown for the company and the amount would be credited virtually in other company. And the money would be re-invested showing redemption of debentures.
“Like this Pincon group’s four companies - LRN Finance, ASK Financial services, Grinage food products and Bengal Pincon Housing Infra - legally showed virtual payment of its Rs 39 crore in maturity claims and reinvested the same in LRN Universe producer company and at present maturity claims of Rs 5 crore has not been paid under criminal conspiracy,” the IG said.
Since LRN Finance and ASK financial services fall under the registered non-banking financial company segment such companies need to get a trustee appointed through Sebi. “However trustee companies have give in writing that no investment has been made by people whereas crore of rupees had been taken from people in Rajasthan. Moreover, even after liquidation orders by Kolkata High Court for Grinage food product, the company kept accepting cash investment from people. Furthermore, during demonitisation, the management of the group encouraged the staff to take old currency and even made a special scheme for people to invest their old currency.
CASH BASH...
The investment used to be conducted in cash which would not be deposited in bank account of the company. Pincon group opened a bank account in 2010 but closed the same in 2014. Through this account, crores of rupees - of investors from Rajasthan - were transferred by the group to various companies apart from the major companies.
SIT FOUND...
Pincon group based in Kolkata and the chairman is one Manoranjan Rai. “LRN Finance, ASK Financial services, Grinage food product, Bengal Pincon housing infra, LRN Universe Producer and Universal multistate credit cooperative society - are the six main companies of the group. Under the Ajmer regional office, five branches of Jaipur, Ajmer, Kota, Niwai and Chomu.
DEBENTURE GAFFe...
The aforementioned companies had issued debentures to its investors through private placement to attract investment but the payment for the same was not done to anyone. When the debentures of one company matured, a virtual payment was shown for the company and the amount would be credited virtually in other company.
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