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Homechevron_rightKeralachevron_rightMushrooming...

Mushrooming money-chain companies drain crores

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Mushrooming money-chain companies drain crores
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Malappuram: After a lull, money chain companies take root in the state with rainbow promises.

They have unsuspecting people trapped through attractive schemes and products.

Their offers might differ but all of them function nearly in the same modus operandi. Every single one of them claims transparent transaction and reliability.  

Their networks are so deep in rural Kerala that everybody from students to journalists are active links.

One company headquartered in Coimbatore receives investment from Rs 6000 to Rs 96,000, and offer Rs 100 as profit for Rs 6000 per day to a period of 150 days.

The trajectory of profit thus goes up to the tune of Rs 200 for 12,000 and Rs 400 for Rs 24,000 before topping off to Rs 16,000 for Rs 9, 60,000.

Successfully canvassing somebody into the scheme means daily 5 percent incentive.  

Another company get people enmeshed by selling oils and soap at double the actual market rate, promising better quality than regular products. Going bust at one place means mushrooming elsewhere.

With poor takers for soaps and oils, they sell food supplements claiming to have enriched nutrient and medicinal properties.

One company charges Rs 1,500 for 30 tablets that it claims to invigorate internal organs. For nearly the same price a packet of ground mixed grains is sold.

Many such companies offering big dreams made away with crores without sharing profits with investors.

In a latest fraud a company convincing investors of profit sharing on interest siphoned off 300 crore.   Victims of this investment fraud gathered in Malauparam town hall sharing their experiences days ago.

Despite reports of similar frauds, people queue up to join these companies.

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