GREEN GOLD TURNED TO ASHES Fraudulent schemes enticing investments in Teak plantations have multiplied without little control. As the plantations mature and the unrealistic nature of promised returns becomes obvious, a growing number of frustrated investors face hollow promises and financial losses. The following story, published in The Hindustan Times, refers to the Green Gold Teak Plantations and its Teak Gold Equity Scheme. ----------------------------------------------------- FINANCE COMPANY OFFICIALS DISAPPEAR AFTER FRAUD By Abhay Jain The Hindustan Times August 25, 1998 New Delhi http://www.hindustantimes.com/ Gurgaon, August 24, 1998 Proprietor and other senior officials of a finance company, SPG Green Gold Plantation Ltd. have gone underground after collecting crore of rupees from the general masses, allege some investors. It is another case of cheating and fraud like that of Hoffland Finance Company, they say. Parmatma Sharan Gupta said that he invested Rs 5,000 under Teak Gold Equity Scheme, SPG Dhanvirdhi Option 1 Plan in Feb. 97. He was issued a maturity certificate SPG Green Gold Plantation Ltd which had its corporate office at TA 93 D. Tughlakabad Extn, Guru Ravi Dass Marg, Delhi. Mr Gupta received five postdated cheques, amounting to Rs 16,000 drawn on different dates. He deposited his first cheque for Rs 1,200 drawn on State Bank of India, Chandralok building, Janpath, Delhi towards payment of interim returns in his account. But the cheque bounced, because of 'insufficient fund' in the account. Dr V. S. Solanki of Delhi informed The Hindustan Times that he along with other relatives invested around rupees seven lakh with the said company in Sept. 97 for a period of six months to one year. After maturity of his cheque, Dr Solanki deposited his cheques of Rs 1,15,000 in March 98 but the cheque was dishonoured. Dr Solanki and other investors approached the Chairman-cum-Managing Director of the company S. D. Sharma for the refund of their principal amount but to no avail. All offices of SPG Green Gold Plantation Ltd were found locked. The investors tried to contact other senior officials of the company but all are said to have gone "underground" The investors informed that the company was jointly assisted by two retired Army officers, Surgeon Vice-Admiral Inderjit Singh and Major Manjeet Singh. They are also untraceable, Dr Solanki said that Major Manjeet Singh assured him in February '98 that they would soon get their amount with the interest but afterwards, despite their best efforts they were unable to trace him. According to sources, the SPG group was running seven companies to woo the investors, SPG Green Gold Plantation Ltd. SPG Electrical Equipments, SPG Capital and Investment Ltd. SPG Children Trust, SPG Publications, SPG Neel Gagan Constructions and SPG Finlease. Four telephone numbers were mentioned on brochure and maturity certificate of the company. But all of them are temporarily withdrawn. None of them is functioning at the moment. The investors said that they would soon lodge an FIR against the company and its officials as all their efforts to trace the accused have failed. Last week, Mr P. S. Gupta wrote a letter to the Minister of Defence, Government of India requesting him to interfere and trace the whereabouts of these persons. The Gurgaon and Delhi police have also been urged to take appropriate action. ___________________________________________________ Julio Cesar Centeno, PhD Las Tapias, Edif. Carreto Pent House Tel: +58-74-714576 PO Box 750 Fax: +58-74-714576 / 713814 Merida - Venezuela JCenteno@telcel.net.ve JCenteno@ula.ve http://www.ciens.ula.ve/~jcenteno/ ___________________________________________________
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