Tuesday, August 10, 2010
CHEATING - THE NEW METHODS !!!!!!!!!
In any bull markets ,promoters of fraud companies are inventing new methods to lure retail investors into their stocks.This is to make their exit easy by creating liquidity on the cost of poor retailers . Even the mandatory filing requirements to stock exchanges are used for this purpose ,which is really alarming . In this bull market ,BSE has revoked the suspension of many small companies.Majority of such companies were suspended for many years and revocation of trading is really helping retail investors (who caught in previous bull markets)to exit from such dead companies.In reality , intention of promoters in most of such cases are not helping others but to exit themselves. Let us take case of a company which is re-listed today -VIRGO GLOBAL MEDIA formerly known as ONLINE MEDIA LTD. In the filing of basic details to BSE ,company has provided the name of two websites as its own (1) http://www.onlinesolutions.com/ and (2) http://www.owens-minor.com/ . When we digging into it ,it is clear that both these address have no relation with the company and these are the web addresses of two foreign companies.It is clear that company is purposefully trying to mislead the investors by filing wrong data to BSE. In a circular by BSE on 04/08/2010 company informed that they have no website and it is only under construction.It is sad to see that even stock exchanges with or without knowledge, helping fraud companies in their efforts to cheat retail investors ,by including wrong details in their official website without proper verification .TO SAVE REATILERS FROM THESE TYPE OF FRAUDS , STOCK EXCHANGES SHOULD COLLECT HUGE PENALTY FROM THESE TYPES OF FRAUD COMPANIES.
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Dear Value Pick,
ReplyDeleteI suggest that we should forward this information to the concerned companies and they are very likely to take appropriate legal action.
In the previous bull market in 2008 another company by name Dhoot Industries Ltd had placed in their the photographs of Pokarna Granites facilities as their facilities and even the address of Pokarna was used in their web site. To find find out the facts I referred the details to Pokarna. The reply received from the Company Secretary of Pokarna Ltd is copied below:
"We have no relationship whatsoever with Dhoot Industries and we are initiating legal action against them for violating our Intellectual Property Rights and passing off their goods as our amongst other criminal action. Thanks for informing us about the said company.
Regards
Paras Kumar Jain
General Manager-Corp.Affairs & Secretary
POKARNA LIMITED
"
Thanks
MN Reddy
Dear valuepick sir,
ReplyDeletethank you so much by brining such dark house news to retail investors :).
Do you think NSE norms are stringent then BSE. ?
kindly change the back ground color of the web page. kindly make it reader friendly.
ReplyDeleteDear Friend
ReplyDeleteHope ,it is readable now
Thanks
Hey Value
ReplyDeleteTht u might be interested in this found it yesterday
Koda money rode on hawala
Navin Upadhyay | New Delhi
The economic investigation agencies probing the Madhu Koda scam have unearthed huge pay-off remitted from abroad to agents and facilitators for grabbing mining lease in Jharkhand when Koda was the Chief Minister.
Sources said that Koda’s close aide Binod Sinha helped a major steel company grab mining lease in the State. The company agreed to pay part of the payment in cash for the contract of extracting iron ore from Jharkhand mines and remaining by remitting it to two separate companies linked to Sinha and his aides.
Sources said probe agencies have learnt that Koda and his associates used hawala channels in a big way to receive pay-offs for awarding mining lease to different companies. The bribes were routed to a spate of companies and then passed off to Koda and his aides.
In the present case, the probe agencies have learnt that as per the understanding reached between the steel company and Koda’s aides, the former allegedly routed the money through Global Absolute Research Private Ltd and Brushman India Ltd. The two separate companies are headed by one person, whose role is already under scanner in the scam.
Sources said there is evidence to establish that Tony Dildar Singh, a senior official of the Global Research, visited Ranchi in 2007 to finalise the mining lease and cut off the ‘deal’ with Koda’s aides. Dildar Singh is believed to be the main person involved in transferring funds from Dubai, Delhi, London, India, and Singapore.
The probe agencies have found evidence to establish that Koda’s APS Arun Kumar Srivastava had written to Dildar Singh and one Anil Adi Nath Bastabade in 2007, inviting them to explore business possibilities in Jharkhand on the instruction of Koda and Binod Sinha. Anil Bastabade is a key player in the scam.
Probe agencies are investigating a series of suspected transactions reflected in the accounts of Global Absolute Research Pvt Limited and Brushman India Ltd. Sources said that on March 14, 2007, Global Research received payment of Rs 3.5 lakh from London and again received Rs 11 crore in the third week of October from New York.
On March 10, 2008, the company again received Rs 46 lakh from the same source in New York. On April 4, Global Research received foreign remittance of US$ 1,99,972.50 by Vishes Infotechnic from New York. On June 6, another London-based company remitted US$ 1,41,14.02 to it.
Also under scanner is a remittance of $11,710,507.00 that flowed into the account of Brushman India from London on August 1, and then re-routed to Singapore, Hong Kong, and Dubai.
Bastabade is well connected in Delhi, London, Dubai and had visited Ranchi several times between 2006 and 2008 when Koda was the CM.
Regards
Rajesh
Value this is just a suggestion but the marketdesperately needs a sane and honest voice like urs DEALING ONLYWITH FARUD COMPANIES
ReplyDeleteSO HOW ABOUT A SEPERATE BLOG ONLY FORFRAUD COMPANIES?
RAJESH AGAIN
Dear Valueji,
ReplyDeleteMany thanks for this info.
It is high time that proper invester education and transparency in Financial market is the need of the hour! Is it the beginning of a downward movement? Could you please throw more light into this?
Dear Neeraj
ReplyDeleteWhen we analyse the june qtr result of mid-small cap companies,it is sad to say that number of out performers are very few.As you are aware from next qtr onwards there will be the effect of high base too. Current hype is only based on fund flows and not supported by fundamentals.So chances are high for a reasonable correction from this level,so one must be very choosy and should go for periodic profit booking .
Dear Rajesh
ReplyDeleteYour idea for a separate blog for fighting against fraud companies is good.But it is not very easy to fight against their money and muscle power ,by people like us .
EONOUR SOFTWARE - IS IT A DEFUNCT COMPANY?
ReplyDeleteHAD BEEN DELISTED IN DECEMBER, 2007. ANY PROSPECT OF ITS RE-LISTING?
PLEASE LOOK INTO, I HAVE 1000 PCS @ MY DP A/C
Dear Valuepick sir
ReplyDeleteliked your last 2comments :)
Thank you
hi valueji
ReplyDeleteany idea about the rumours on an itc rdb industries merger ....or is it just another pump and duump scheme?
Hey Value
ReplyDeleteTht u might be interested in this found it yesterday
Koda money rode on hawala
Navin Upadhyay | New Delhi
The economic investigation agencies probing the Madhu Koda scam have unearthed huge pay-off remitted from abroad to agents and facilitators for grabbing mining lease in Jharkhand when Koda was the Chief Minister.
Sources said that Koda’s close aide Binod Sinha helped a major steel company grab mining lease in the State. The company agreed to pay part of the payment in cash for the contract of extracting iron ore from Jharkhand mines and remaining by remitting it to two separate companies linked to Sinha and his aides.
Sources said probe agencies have learnt that Koda and his associates used hawala channels in a big way to receive pay-offs for awarding mining lease to different companies. The bribes were routed to a spate of companies and then passed off to Koda and his aides.
In the present case, the probe agencies have learnt that as per the understanding reached between the steel company and Koda’s aides, the former allegedly routed the money through Global Absolute Research Private Ltd and Brushman India Ltd. The two separate companies are headed by one person, whose role is already under scanner in the scam.
Sources said there is evidence to establish that Rajinder Singh, a senior official of the Global Research, visited Ranchi in 2007 to finalise the mining lease and cut off the ‘deal’ with Koda’s aides. Rajinder Singh is believed to be the main person involved in transferring funds from Dubai, Delhi, London, India, and Singapore.
The probe agencies have found evidence to establish that Koda’s APS Arun Kumar Srivastava had written to Rajinder Singh and one Anil Adi Nath Bastabade in 2007, inviting them to explore business possibilities in Jharkhand on the instruction of Koda and Binod Sinha. Anil Bastabade is a key player in the scam.
Probe agencies are investigating a series of suspected transactions reflected in the accounts of Global Absolute Research Pvt Limited and Brushman India Ltd. Sources said that on March 14, 2007, Global Research received payment of Rs 3.5 lakh from London and again received Rs 11 crore in the third week of October from New York.
On March 10, 2008, the company again received Rs 46 lakh from the same source in New York. On April 4, Global Research received foreign remittance of US$ 1,99,972.50 by Vishes Infotechnic from New York. On June 6, another London-based company remitted US$ 1,41,14.02 to it.
Also under scanner is a remittance of $11,710,507.00 that flowed into the account of Brushman India from London on August 1, and then re-routed to Singapore, Hong Kong, and Dubai.
Bastabade is well connected in Delhi, London, Dubai and had visited Ranchi several times between 2006 and 2008 when Koda was the CM.
Regards
Rakesh
Hi Anonymous,
ReplyDeleteWe all appreciate the information, but have doubt on the credibility of the information you have posted.
- regards,
Anonymous?