Financial Inclusion - GST Fraud Version.— V. Anand | வெ. ஆனந்த் (@iam_anandv) July 23, 2019
Just run away with double speed, if someone asks for your Aadhaar. Before you know it, you will be a director in 18+ companies.
Link: https://t.co/38aydgzO1n pic.twitter.com/YpBTAlH2zU
Showing posts with label scam. Show all posts
Showing posts with label scam. Show all posts
July 24, 2019
Financial inclusion - GST fraud version
August 11, 2018
Gujarat’s bitcoin-based Ponzi scheme could lead to India’s largest banking scandal
A $3 billion scam could be unfolding in Gujarat as probe into an alleged Ponzi scheme reveals tax evasion, police corruption and a fugitive politician.
Accusations of tax evasion and police corruption, a kidnapper who was kidnapped, a fugitive politician, and billions in bitcoin lost. This is crypto-trading Gujarat-style.
The ingredients are part of an investigation in Prime Minister Narendra Modi’s home state into allegations that investors poured cash into a bitcoin-based Ponzi scheme that could exceed the country’s largest banking scandal. The fallout extends as far as Texas and has embroiled a former lawmaker, tarnishing Modi’s ruling party months before an election.
It began in February, when property developer Shailesh Bhatt charged into the Home Minister’s office in Modi’s home state of Gujarat, claiming he had been kidnapped by a group of policemen and told to pay 200 bitcoin, worth some $1.8 million at the time, for his release. He said he had nowhere else to go.
The state’s elite Criminal Investigation Department was called in and the evidence it has uncovered points to a potential fraud on an epic scale. Eight policemen have been indicted and suspended pending trial. The abduction was allegedly spearheaded by Bhatt’s associate, Kirit Paladiya, and masterminded by Paladiya’s uncle Nalin Kotadiya, a former lawmaker in Modi’s ruling Bharatiya Janata Party, according to Ashish Bhatia, the lead CID investigator. Bhatt has been charged too, as the allegations of kidnapping widened.
Paladiya is now in jail, facing charges of abduction and extortion, and Bhatt and Kotadiya are both absconding, according to police. Kotadiya posted a video via Whatsapp in April denying wrongdoing and saying he’d informed authorities about the crypto scam, said Prashant Dayal, a senior Gujarati journalist who broke the story.
In the video, reposted on Youtube, Kotadiya says Bhatt is responsible for the scam and threatens to release evidence that could implicate other politicians. Both Bhatt and Paladiya have denied wrongdoing, according to their lawyers.
Between late 2016 and early 2017, Bhatt invested in BitConnect, a cryptocurrency firm that was being promoted in Gujarat by a man called Satish Kumbhani, according to Bhatia, the CID investigator, in an interview at his office late June.
Kumbhani is one of the founders of BitConnect, which has allegedly scammed individuals across the globe, according to Crypto Watchdogs, a group of six investors who’ve filed a U.S. federal lawsuit against the company. The firm recruited clients worldwide to deposit bitcoin and receive BitConnect coins they could lend ...
Read more at https://theprint.in/economy/gujarats-bitcoin-based-ponzi-scheme-could-lead-to-indias-largest-banking-scandal/96241/
Accusations of tax evasion and police corruption, a kidnapper who was kidnapped, a fugitive politician, and billions in bitcoin lost. This is crypto-trading Gujarat-style.
The ingredients are part of an investigation in Prime Minister Narendra Modi’s home state into allegations that investors poured cash into a bitcoin-based Ponzi scheme that could exceed the country’s largest banking scandal. The fallout extends as far as Texas and has embroiled a former lawmaker, tarnishing Modi’s ruling party months before an election.
It began in February, when property developer Shailesh Bhatt charged into the Home Minister’s office in Modi’s home state of Gujarat, claiming he had been kidnapped by a group of policemen and told to pay 200 bitcoin, worth some $1.8 million at the time, for his release. He said he had nowhere else to go.
The state’s elite Criminal Investigation Department was called in and the evidence it has uncovered points to a potential fraud on an epic scale. Eight policemen have been indicted and suspended pending trial. The abduction was allegedly spearheaded by Bhatt’s associate, Kirit Paladiya, and masterminded by Paladiya’s uncle Nalin Kotadiya, a former lawmaker in Modi’s ruling Bharatiya Janata Party, according to Ashish Bhatia, the lead CID investigator. Bhatt has been charged too, as the allegations of kidnapping widened.
Paladiya is now in jail, facing charges of abduction and extortion, and Bhatt and Kotadiya are both absconding, according to police. Kotadiya posted a video via Whatsapp in April denying wrongdoing and saying he’d informed authorities about the crypto scam, said Prashant Dayal, a senior Gujarati journalist who broke the story.
In the video, reposted on Youtube, Kotadiya says Bhatt is responsible for the scam and threatens to release evidence that could implicate other politicians. Both Bhatt and Paladiya have denied wrongdoing, according to their lawyers.
Between late 2016 and early 2017, Bhatt invested in BitConnect, a cryptocurrency firm that was being promoted in Gujarat by a man called Satish Kumbhani, according to Bhatia, the CID investigator, in an interview at his office late June.
Kumbhani is one of the founders of BitConnect, which has allegedly scammed individuals across the globe, according to Crypto Watchdogs, a group of six investors who’ve filed a U.S. federal lawsuit against the company. The firm recruited clients worldwide to deposit bitcoin and receive BitConnect coins they could lend ...
Read more at https://theprint.in/economy/gujarats-bitcoin-based-ponzi-scheme-could-lead-to-indias-largest-banking-scandal/96241/
February 23, 2018
Different eras.Different Geographies.Same Human Nature.
John Kenneth Galbraith in his book 'The Great Crash of 1929' :
“In many ways the effect of the crash on embezzlement was more significant than on suicide. To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter.
Weeks, months or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.)
At any given time there exists an inventory of undiscovered embezzlement in – or more precisely not in – the country’s business and banks.
This inventory – it should perhaps be called the bezzle – amounts at any moment to many millions of dollars. It also varies in size with the business cycle.
In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more.
Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly.
In depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks."
Different eras.Different Geographies.Same Human Nature.
Nothing Changes.
“In many ways the effect of the crash on embezzlement was more significant than on suicide. To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter.
Weeks, months or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.)
At any given time there exists an inventory of undiscovered embezzlement in – or more precisely not in – the country’s business and banks.
This inventory – it should perhaps be called the bezzle – amounts at any moment to many millions of dollars. It also varies in size with the business cycle.
In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more.
Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly.
In depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks."
Different eras.Different Geographies.Same Human Nature.
Nothing Changes.
February 21, 2018
Calling all citizens to pay their taxes on time and fund the defaulters/ scamsters
Prove your loyalty to the nation... pay your taxes on time but don't expect anything in return.
And link everything you have to Aadhaar.
You have to fill for the defaults by Nirav Modi, Vipul Kothari of Rotomac, Winsome Diamonds, Vijay Mallya of Kingfisher and many others.
Acche din are here now... if you don't believe then it means you are on the wrong side.
And link everything you have to Aadhaar.
You have to fill for the defaults by Nirav Modi, Vipul Kothari of Rotomac, Winsome Diamonds, Vijay Mallya of Kingfisher and many others.
Acche din are here now... if you don't believe then it means you are on the wrong side.
Why should you stop paying taxes
Amount looted... Nirav Modi Rs.11,000 crores, Rotomac (V Kothari) Rs.3,000 crores, Winsome Diamonds Rs.6,000 crores. And many many more in the past.
All related (distantly) to big business families of India. So one can safely assume nothing will happen.
Wonder if these people had Aadhaar cards. Why ordinary people are being bombarded with messages to link everything with Aadhaar ... all in name of preventing black money.
But if I default on a car loan or housing loan, I and my family will be harassed non stop and the assets will be seized.
These rules don't apply to big people... otherwise these defaults or scams would not have happened.
So why should I pay taxes? My taxes are for the betterment of society... not to benefit the defaulters or help the govt recapitalise loss making banks. Every such scam means my money is lost forever.
NOTE: this post is not a reflection of the political party in power. It is more a frustration of govt harassing ordinary citizens while ignoring or allowing the big fish to escape.
All related (distantly) to big business families of India. So one can safely assume nothing will happen.
Wonder if these people had Aadhaar cards. Why ordinary people are being bombarded with messages to link everything with Aadhaar ... all in name of preventing black money.
But if I default on a car loan or housing loan, I and my family will be harassed non stop and the assets will be seized.
These rules don't apply to big people... otherwise these defaults or scams would not have happened.
So why should I pay taxes? My taxes are for the betterment of society... not to benefit the defaulters or help the govt recapitalise loss making banks. Every such scam means my money is lost forever.
NOTE: this post is not a reflection of the political party in power. It is more a frustration of govt harassing ordinary citizens while ignoring or allowing the big fish to escape.
May 11, 2016
Insurance scams - loans at 5% - a must read
So, the other day, I received a routine junk call from a Delhi-based number. But the man at the other end of the line didn’t start with the usual “Sir, are you looking for a loan?” spiel.
Instead, he asked: “Sir, I can offer you a loan at 4.99%. Interested?” He got my attention.
How could he possibly offer me a loan at 4.99% I wondered? “If I take a loan from you at that rate and deposit it in my Savings Bank account, I’ll get double the interest rate. What’s the catch?” I asked of him.
“Nothing,” he said. “I am from the Future Group founded by Kishore Biyani. It’s a two day offer and we’re doing it to attract new clients to whom we can cross sell other products later from our portfolio,” he said, sounding rather earnest.
Having spent two decades in business journalism, I know if something sounds too good to be true, it can’t be true. I ended up engaging with him in an hour-long conversation.
Read complete article at http://www.foundingfuel.com/article/a-day-in-the-life-of-india
Instead, he asked: “Sir, I can offer you a loan at 4.99%. Interested?” He got my attention.
How could he possibly offer me a loan at 4.99% I wondered? “If I take a loan from you at that rate and deposit it in my Savings Bank account, I’ll get double the interest rate. What’s the catch?” I asked of him.
“Nothing,” he said. “I am from the Future Group founded by Kishore Biyani. It’s a two day offer and we’re doing it to attract new clients to whom we can cross sell other products later from our portfolio,” he said, sounding rather earnest.
Having spent two decades in business journalism, I know if something sounds too good to be true, it can’t be true. I ended up engaging with him in an hour-long conversation.
Read complete article at http://www.foundingfuel.com/article/a-day-in-the-life-of-india
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