Monday, 28 March 2011

AgriGold started cheating in neighbouring states too

One of our readers Mr David writes from Bengaluru:
Now theAgirGold is spreading in Bangalore too, they have opened a franchise in Nelamangala and started operations by appointing many agents to pool in funds. I got my hands on a Bond/Receipt offered by them for the New Depositors, the rules and conditions are in English and clearly benefit the Agrigold, there is no mention of returning money but only a maturity period and some piece of land given in return, and if any untoward things happen with the project like calamities or state government problems they are going to deduct the value of the land and return the balance. Considering an individual will pay about 5,000 to 15,000 over a period of 2-3 years (In fact it is 900 days on the basis of daily payment- Ed), either he would be asked to shell out more to get the land or lose what he has paid. 

Also they have put up couple of Hoardings here in Bangalore and advertising in TV9 which these agents ask the potential Bakras (lambs) to watch before taking it up, 
Bangalore has already witnessed one of the largest of Real Estate Frauds in the name of Orange Properties who have cheated to the tune of Rs 100 Crores (Rs one billion)  to hundreds of investors. Most of these are well educated High Society IT Class of Bangalore. But Agrigold seems to be targeting poor lower class who can't even read the fine print conditions written in English. 
To make it reliable, if they want to, they should offer assurance to the State government or RBI. Moreover all disputes are limited to the Jurisdiction of Vijayawada. Imagine people in Bangalore need to go to Vijayawada to recover Rs 5000 and Rs 10000 their hard earned money indeed and dream of owning a land!! 

Mr David,

It is really appreciable that you have gone through whole issue and rightly analysed it. This is the racket launched by AgriGold all over south. Not only that, they are also offering huge commissions to the agents which amount to thirty per cent. In effect, the owner of AgriGold, Mr V R Avvas gets only 70 per cent of the amount deposited by the investors. Anyway, he has not intended to return the amount. Whatever he gets, he coolly pockets leaving the public in the lurch. As long as he gets new deposits, he refunds money to the old depositors. Once the new deposits stop coming in, then the true colours would come out. But do we need to wait till that happens? It is high time, the police swung into action and take suitable action by filing criminal cases against the AgriGold.  

15 comments:

Krishna said...

Hi Mr. Shyam,

I have been following your blogs regarding Agri Gold. I have lost my time and money in few MLM schemes. I wonder why there is no mention of fraud or cheating or word of caution in any other websites lie mouthshut.com, customercomplaints.in etc. After lot of searching in the net to get the reviews against Agri gold, I could get only your Useful blog.

developmentfuture said...

Dear Shyam garu,
You himself wrote that 40% commission is being allowed in INSURENCE COMPANY BY GOVT LAW,THEN HOW AGRI GOLD IS WRONG ? Commissions are being given according to market strategies of any company even they may offer 50%,Its not our problem,HIGH COURT it self told " PRICE FIXING is sole authority of AMWAY or any company" INSTEAD OF BLAMING ,PLZ PROVIDE A SOLUTION THAT COMPANIES CAN DO BUSINESS THIS TYPE OF WAY.BLAMING IS EASY BUT GIVING SOLUTION IS GREAT THING LAWFULLY.Then companies follow lawfull suggetions.

Shyam Sundar said...

This nameless and faceless fellow suggests that giving commission is legal. He conveniently skips the important thing that raising deposits from public without the permission of the RBI is illegal. Let us recall the recent decision of the IRDA not to allow more than five per cent commission under ULIP schemes.
If the AgriGold's scheme is legal, they could have dragged me to the court for maligning their reputation. Instead they are sending these nameless fellows to defend their illegal acts.
This fellow also did not answer the main points raised by Mr David.
The commission is paid not to one agent but to the hierarchy of agents. That is what is called money circulation scheme.

developmentfuture said...

"Of course, the Court can not interfere with the fixation of the price. Anybody is free to fix any price and it is for the customers to accept or not."

You must understand,realise NAME and FACE is not important HERE,ONLY ARGUMENT is IMPORTANT for DISCUSSION.

You are looking one side angel only.

Yes,Giving commissions FOR single OR two or GROUP are 100% Legal in lawfull businesses,I didnt say in illegal businesses.
In Real estate and marketing comapnies ,Companies sell and give commissions to GROUP of employees ALSO.
Society itself a GROUP of people.
A Family it self a group of Members.
A Court it self a GROUP OF LAWYERS.
Indian Army it self a Group of ARMY MEN.
Same way company it self a Group of memebrs.What is wrong If commissions devide to GROUP in lawfull business like Manager,Assi Manger,Marketing Manager,Sales exucutives and other RANKS? GROUP may be two or 50 OR MORE.
A company can have 50 share HOLDERS, A partnership firm can have 20 people, A public limited company can have many group of share holders persons.

Central and state govt Cabinets are GROUP OF PEOPLES REPRESENTATIVES,MLAS,MPS.

developmentfuture said...

INSTEAD OF RAISING :

LEGAL IS LEGAL,ILLEGAL IS ILLEGAL.
NO BODY KNOWS 100% ALL LAWS OF CONSTITUTION INCLUDING LAWYERS IN ALL FIELDS. HOW ONE CAN KNOW ? Its not easy
I RESPECT LAWFULL DEEDS AND SO MANY DONT KNOW ALL LAWS IN CONSTITUTION ALSO.1000S OF BOOKS,LAWS,EVEN LAWYERS ALSO DONT KNOW MANY THINGS,ALL LAWS FOR ALL FIELDS,Even Govt people,then How can Private people aware of all LAWS ?

Raising Illegal things is ok appreciable but Solution ,advice for that Problem helps many people in the world.That will be more APPRECIABLE.
Dont say just away from that companies cause SELLING PRODUCTS and SERVICES are correct lawfully through Busines MARKETING STRATEGY plans.The concept is not wrong but Method is wrong in Your view,So come with a accurate solution to solve this problem instead of FIGHTING AGAINST THEM.

1:
You said INFINITE CHAIN is wrong.UPTO WHAT EXTENT ITS WRONG ?

In any business No one JOIN WHOLE WORLD,How can you apply to the whole world.

Ok.Its wrong according to Your view.

When MONEY is being given back If you dont like to join that also depends on company terms,what is wrong in lawfull business ?

I am no where concern to any companies.
2:
When It will be cut of at one stage like 10000 Left and 7,000 or 10,000 RIGHT each side,Retirement is correct with Benefits withought INFINITE CHAIN ?

3:
INSTEAD OF RAISING THE LEGAL ISSUES WITHOUGHT SOLVING,You come up with SOLUTION HOW CAN THIS BUSINESS CAN BE OPERATED IN RIGHT marketing LAWFULL WAYS.

Some companies SELL products direct DOOR TO DOOR ALSO.So are they also wrong ?


You suggest how companies can do Market sell products with GROUP OF PEOPLE,Companies takes your ADVICES INSTEAD OF FILING CASES.
If you dont have a solution for the problem,then also ITS NOT CORRECT.Atleast FEW people get SELF EMPLOYMENT from above comapnies in the socity in a better way with your suggetions,advices,marketing strategies.

YOU GIVE ADVICE,SOLUTION FOR THE SAME COMPANIES TO OPERATE BUSINESS IN LEGAL WAY WITH GROUP OF PEOPLE.

THEN EVERY BODY WILL BE HAPPY WITH YOUR MOOVEMENT.
Think in this WAY,POST A PLAN,SOLUTION FOR THE PROBLEMS.

Shyam Sundar said...

Advice No 1: Improve your English. Try to be clear in expressing your views.
Advice No 2: Stick to one argument at one time.
Now the questions: 1) How much land Agrigold owns through out the country?
2) What is the number of depositors through out the country?
3) How much land could be allotted to each of the depositors if at all allotted?
Finally, I have already filed a criminal case against AgriGold. If you have guts, file a libel suit against me for maligning the reputation of 'your' beloved company.

developmentfuture said...

My english is not harm to anybody,JUST try to understand the meaning.

UNITY or GROUP ACHIEVE MORE THAN INDIVIDUAL IN MANY FIELDS.
Every filed is working with Group of people on the earth.
Group of Presidents MEET AND DISCUSS TO SOLVE PROBLEMS and ACHIEVE some things in the world meetings.
GROUP OF 11 cricketers ACHIEVE VICTORY in a CRICKET MATCH ,not one or two or three ?

Captain can CHOOSE his own TEAM out of 14.Before it was with 16 members.
When INDIA WON 1983 and will win WORLD CUP 2011 ALSO,,MONEY WILL BE DISTRUBUTED for all eleven including EXTRA TEAM MEMBERS 14 members,Manager and Fitness TRAINEE,One may get MORE BENEFIT MONEY with MAN OF THE MATCH AWARD, SO GROUP OF SHARING,WORK IS NOT WRONG.

GROUP OF SRI KRISHNA COMMITTE RECENTLY worked for TELANGANA ISSUE.

GROUP OF LAWYERS WORK IN A OFFICE WITH SENIOR LAWYERS IN SAME OFFICE TO SOLVE A PROBLEM.

GOVT or Private JOBs,some one get low,high,medium salries in same office.That means GOVT is doing Un Justice ???

For example :
One lawyer take 2,000,other Lawyer take 5000, other lawyer may charge 25,000 for same case depends on their infrastructure,ability,staff.so Is this correct?Yes,correct.Price fixing is companies wish like ALL OTHER PROFESSIONAL.

One small IT company gives 5 to 10000Rs,one BIG IT company gives 25 to 50,000Rs for the same programming work.A PROJECT will be done with GROUP OF PEOPLE with TEAM LEADER,LEADERS.
If customers like only they BUY the product,same products,different companies,different prices.

One SCHOOL TAKE 300Rs,other school take 1000rs,International school take 2000 or even more per month from one student.Parents can choose according to their INCOMES.
Private companies busines startegies,commissions cant be dectated by GOVT ALWAYS IN EVERY FIELD. EVEN GOVT DOESNT INTERFEAR.

developmentfuture said...

MANY GOVT ORGANISATIONS STEEL,COAL,IRON companies they follow world prices SUPPLY and DEMAND,they didnt sell low prices when STEEL went upto 70 rs per kg in BOOM period WITH SAME MANUFACTURING COSTS.

Cement prices went upto 250Rs when manufacturing cost was 90 to 100RS PER bag.

Why FREE RIVER SAND FROM RIVER withought any manufacturing costs sold at 5000rs to 10000rs PER lorry.Why GOVT ALLOW ?

Why GOVT sold 15 crores per ACRE in BOOM period in HYD to corporate companies in OPEN ACTION when the price was just one crore FEW MONTHS BACK for the same land ?

IF ONE COMPANY LOSS CRORES IN THEIR BUSINESS, GOVT and NO BODY COME AND SHARE THEIR LOSS INCLUDING YOU.
One cell phone was sold 20,000 initially same cell model was sold at 5000rs after some months .What you say ? Its all depends on MARKET STRATEGY demand and supply,production costs,urn over,Employees salaries and so many other costs.

Few years back BSNL GOVT ORGANISATION was only in the market.
They charged 300+ rs per minutes to talk with USA,now even with one ,two,three rupees also can talk per minute.Initially internet was 100 rs PER HOUR ALSO,now 5 Rs also,some charge 10,20 rs,Reliance charge in their caffes upto 50 rs per hour also now.

WHY A JUDGE has salory more than some one in same profession ?

GROUP OF JUSTICE BENCH IN AYODHYA ISSUE worked,WHY shouldnt SINGLE Judge to work on that issue?It depends on situations to work.

One plot of land price may be 1000Rs per yard,some where 1lack rupess for same land plot,LAND IS LAND.NOTHING IS DIFFERENCE.In TOKYO the same YARD PRICE MAY BE 10 lacks.

Govt is charging 65Rs per liter petrol in INDIA when It is 25 Rs to 40RS in BESIDE ASIAN COUNTRIES.

MEMBER SHIP and REGISTRATOION FEESES :

Govt departments are charging MEMBERSSHIP FEESES for YEARLY or 2 years some departments.SPICES BOARD,APEDA and so many export Organisations.

If you need a Permission from GOVT wheather You get it or not,THEY CHARGE Registration and aplication Fees.

You also take FEES from clients irrepective of WIN or LOSS of that case in Court.Will you give BACK MONEY ?

GOVT charge FEES for every work.
GOVT take advance money to build RAJIV SWAGRUHA.They charged 10,000Rs.

If anybody approach INDIAN RAILWAY DEPARTMENT TO TAKE AGENCY,they charge REGISTRATION FEE 5000Rs as RISK ammount irrespective of AGENCY SANCTION wheather you get or not.If you cant get it,YOU must loose that money.

Same GOVT TENDERS,Government takes ,collect feeses. They give tenders for companies who quote HIG PRICES .

Welcome said...

If You observe practical facts of prices Lawfully in India and world also.

1:
Same Education,same syllabus in Intermediate Collage,school level also.Govt collage fee is low where as Corporate Collages Narayana,CHAITANYA takes 50,000Rs per year. Both STUDENTS attend same exams INTER ,SSC BOARD with same exam fee but Tution feeses are different.
2:
Same Govt TRAINS,same time travel,same time reach,same distnce KMS but facilities and prices are vary for same train from HYD to DELHI.General ticket may be 200Rs+,Sleeper may be 500+RS,Three tier AC 1500rs,Two tier may be 2000Rs+,ONE TIER AC 3000+Rs.
GOVT is fixing ,collecting prices as they like,they may reduce or hike.
3:
Same Flight,same Route Journey,Same distance,same AC.Economy class price may be 50,000Rs to USA ,Busines class price is 1,70,000Rs,First class and Premium class prices are vary in SAME FLIGHT TO ONE DESTINATION.
4:
1Kg Mangoes were sold at 750Rs in INDIA in MUMBAI to export USA,same mangoes,same taste,same variety was sold for INDIAN MARKET 1kg 50 to 100RS.
5:
Indians can study same course 1 year for 25,000RS,same course in Switzerland ONE HAS TO PAY 8 to 10 lacks.

Medical collage fee may be 10 to 15 lacks,Beside country Nepal,even india 50+lacks at some collages for the same MBBS course study,same MBBS courses in Europe just for 1.5 TO 2 lacks.
6:
Same village different side roads different prices with water or withought water 1 Acre price may be 10 lacks,other side road 1 crore close to city.
7:
Govt City bus 10 rs,auto costs 200Rs for same distance in City.
8:
Same shirt,same quality can be sold 200Rs on Road in Delhi,Mumbai,IT can be sold 1200 to 1500Rs in AC SHOW ROOMS.
Same place small shop same quality shirt price is 400RS,iF YOU GO TO big SHOW ROOM AC ,they sell 1200Rs in same place.
9:
If a person travel from HYD to Vijayavada,It may costs 200Rs but If CM travels,same route It costs Crores.
10:
Chaina cell phone costis 5000Rs same MODEL NOKIA price cost is 30,000Rs.
11:
Hotels and Flights charge different prices for the same facilities in PEAK SEASONS,OFF SEASONS,Different prices in different MONTHS.

If you book a ticket WITH SOME AIRLINES one month to two months before It may costs you 2000Rs same JOURNEY,SAME FLIGHTS,If some one book 2 weeks before It may costs 3000Rs,If you book ONE DAY BEFORE or same day or hours before they charge you 5,000 TO 6000Rs,same Journey day,same flight,same class.People bought with different prices even at CRICKET STADIUM,THEATERS.

Like so many PRODUCTS with different prices ,We can observe in the market.
12:
One square feet was sold at 3000Rs in Boom period,same place now 1500Rs.
One yard was 50,000,now 20,000,some places now market price is 25% of previous prices.

Same city different places different prices for houses,lands.
LAND IS LAND,HOUSE IS HOUSE,Prices vary on so many factors.
Some peple sold 100 to 200% margin also,some people sell 10 to 50%.
13:
Same city GOVT keep different REGISTRATION PRICES,one place 1000Rs,another place 5000, another place 15,000,another place of SAME city 50,000 per yard in HYDERABAD CITY.

Same country,same products with different prices in different places.


So price FIXING is not in GOVT hands or courts hands always for all products.

Where GOVT Restrict,there people follow,Where GOVT doesnt restrict,there Companies WISH to keep prices.

Same way Companies can desighn their own Commission structures for ONE INDIVIUDUAL or GROUP of people and can have Different MARKET STRATEGY PLANS,NOT SAME.

A company may charge HIGH PRICE,can offer HIGH COMMISSIONS for the same product,Its purely on company BRAND,market strategy,demand,supply.

Shyam Sundar said...

Again the same questions once again: How much land Agrigold has all over country?
How much money has been collected from depositors from all over country?
How much land has been allotted actually to the depositors?
These are important questions.
Let us beat around the bush and answer to the point.

Anand said...

Does anyone of you give a brief history of the agrigold company....
how it started...its initial venture.. when it started diversifying...
since when it has been collecting public money & some its scheme...

any details of the above queries would be highly appreciated.. thanks in advance...

vivek said...

Is Developmentfuture fishing in sewrage pond?

I think he/she is trying to support the men who is trying to grab the weak ness of a common man with all these unknown scrap. Our constitution laid down so many judiciaries acts laws to protect the utmost common man. Insurance company can not act without the control of IRDA the highest authority. In the same manner, there are so many constitutional bodies for each scenario. for finance - RBI, for unlimited competetion -MRTP and so on, For foreign money transactions - FERA, FEMA etc. for example,if only one producer in the market is there he will rule the market. what he tell, that is the rule or VEDAM. The consumer has no right of bargaining and no demand and supply rule prevails. Hence, the govt has to take needful steps to protect the interests of a common man. For instance, Which tooth paste is being used by you for tooth cleaning/ brushing? You or any one can tell simply, Colgate Closeup, Promise, in old times Binaca, cibaka. How many people are saying we are using VICCO Vajradanti an herbal tooth paste which is come out through less ADs. All the products are fascinating the common man. We or the man do not the good ness of the Product shown in the AD. The man Just,drown and flooding in the Enormous ADs. In the same way finance companies are glittering the people(agents) through their huge commissions to get grab the sweat earnings of the common man. THE company is safe, the agent is happy with his commissions. Only the Common Investor is tearing with the end lost of his Money deposits. HENCE, made guidelines to collect Money deposits from public. Who have fulfilled the guidelines, RBI gives licence to the Company. OK Now come to Developmentfuture : Can he/she Give me sorry deposit Rs.100000/- at my Pocket (Pocket - it is one of Best the investment company- it is big board in front of a huge multi storied building and has a two pages addresses of branches( but I dont where they are) and very sophisticatedly prepared brochure whether facts shown or not I dont know and forms to apply for investing) for repayment after 36months with an additional amount of Rs.50000/- with Several oral promises and written/ mentioned in writing, just without knowing the particulars of mine or what type of expenditure may I made with the money, or How can I repay that such Rs.50000/- within or after 36 months with what terms. If I do not pay after 36 months what you will do with out help of Constitutional bodies. Please answer me. CAN YOU GIVE ME THE MONEY. The RBI issues the license for those companies for such Questions of a common thinker and survielance among those companies. Nevertheless, Concentration of money reaches to one end without balance. Hence, the

SAM SUNG said...

hey its completely wrong ,it is a good company ,depending on the area agents

raghu said...

Shyam Sundar is 100% correct . Should not believe these type of companies.99 % of vijayawada people are cheaters.

snigdha G said...
This comment has been removed by the author.