Following RBI enquiry, Union Bank files complaint against chain marketer with CBI

Criston Dior Shopee or CD Shopee used bank guarantees issued for buying fabric to lure unsuspecting people for its 'investment' chain-marketing scheme

A Reserve Bank of India (RBI) investigation and intervention, following an alert by Moneylife has led to Union Bank of India (UBI) filing a First Information Report (FIR) with the Central Bureau of Investigation (CBI) against a chain-marketing scheme run by an outfit called M/s Criston Dior Shoppe.
Such an obvious rip-off of a famous French deluxe brand was unlikely to fool most savvy and educated people, but the email propagating this brand came to us from Latur in Maharashtra, where people are more likely to be conned. While all chain marketers offer extraordinary returns based on a plan that ropes in new customers, this one was sold with a difference.

It claimed bank guarantees (albeit fake) from a nationalised bank-in this case UBI-to create an illusion of safety and assured returns. We wrote to the RBI on 6 January 2010 and have now received details of the action taken.

RBI investigations revealed that Criston Dior Shopee or CD Shopee, is a partnership firm set up by Virendar Rai and Manjheet Singh of Haryana. It manufactures and retails readymade garments and has a unit at Manesar. On 29 October 2009, the firm opened two current accounts with UBI's Dwarka Branch in New Delhi. It obtained two guarantees from the bank for procurement of fabric. The RBI discovered serious lacunae in the process and has recalled and cancelled the guarantees. The CBI complaint has been lodged on the basis of a fraud investigation and other systemic issues.

However, the chain-marketing racket linked to the firm was a little different. CD Shopee runs this multi-level marketing (MLM) scheme through two websites  and Access to first site is restricted; the second site is still under construction.

CD Shopee offers to double your returns in 12 months and "guarantees" it. The minimum investment requirement is Rs10,000 plus Rs2,000 as registration fee.

 CD Shopee claimed to return 8% of the invested amount every month through post-dated cheques for 12 months. After the stipulated period it promised to return the full amount invested by a person. It enhanced the credibility of this promise through an agreement signed on a Rs100 stamp paper by CD Shopee with a bank guarantee issued by UBI.

An investor in the scheme was offered bigger benefits on introducing more investors to CD Shopee-these included 10% direct income, royalty income, binary income etc. As it turns out, the bank guarantee, which was the basis of attracting investors itself was fake. UBI lodged an FIR with the CBI on 9 March 2010.

While this is one aspect of the investigation, CD Shopee also claims an account (05710500378) with ICICI Bank in which 'investors' are asked to deposit money. The scheme was clearly attracting plenty of investors when Moneylife wrote to the RBI in January. We have five payment slip copies which alone show deposits of Rs28.32 lakh between 21 December- to 31 December 2009 at the Latur branch of ICICI Bank. CD Shopee is just one example of how ordinary people are lured by the chain-marketing racket and duped.



rajeev kumar

4 years ago

sir;i want to take enquiary to send a pound in britain in my accont no0007000402249301p.n.b. if it is true then i can pay to my c.o.t. no.kindly send me a message in my phone no.09817165659.otherwise whatcan i do sir.they send to me a message you won the coca cola prize . this person number is 08802946883 kindly inquries in this number


6 years ago

Office of the Reserve Bank Of India,
Pad Mumbai: Mumbai Branch Bombay,
Maharashtra State.
Contact paying Person: [email protected]

Financial Regulation and Financial Inclusion – Working Together or at Cross-

Our ref: Cbn/Ohg/Oxd1/2011
Telex: 09331Credit/RBI.
Payment file: RBI/Ben/09.
Attn: Beneficiary,
The transfer department of the Reserve bank of India has decided to
bring to your attention, that you were listed as a beneficiary in the
recent schedule for payment of outstanding debts incurred by the RBI
government 2010. to 2011
According to your file, Your payment is categorized as:
contract type: Lottery/inheritance/unpaid contract funds/ undelivered Lottery
Payment file: RBI/id1033/09.
Payment amount: $500,000. us dollars.
But recently, on the 27st of JAN, 2011. The Reserve Bank of India (RBI)
Governor, Dr D. Subbarao, met with the Senate Tax Committee On Finance RBI
Mumbai branch. Regarding unclaimed funds which have been due for a long run, at
end of the meeting (RBI) Governor, Dr D. Subbarao mandate all unclaimed funds to
be release back to the beneficiary stating that it’s an unfair practice to
withheld funds for government basket for one reason to the other for tax
Therefore, we are writing this email to inform you that $500,000 US DOLLARS will
be release to you in your name, as it was committed for (RBI) Governor that
Beneficiary will have to pay crediting fees only. So you are therefore required
to pay 8500 INR ONLY. To credited your account immediately making a decline for
2 working day after date of receiving this mail. Also reconfirm/provide your
bank account details-for crediting.SEND BELLOW INFORMATION TO PAYING PERSON.
2.) AGE:
3.) SEX:
8.) PHONE:
Contact paying Person: [email protected]
(Transfer Officer)
DR Srinath
I want Know about this, is it true


6 years ago

i think here we know tht there are lots of fools who do not apply common sense & want quick easy money.Abt law it will take its own time to react & culprits will ever be caught & punished.

k a prasanna

6 years ago

There is no business that offers that kind of returns(legal) on investments. If there is one, the promoters would not share the profit with others.They themselves will keep every thing. People should apply common sense while dealing with such fraudsters

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