ING Vysya Bank Ltd appoints Arun Thiagarajan as the part-time chairman of the company for a period of three years. He succeeds the distinguished banker KR Ramamoorthy. Mr Thiagarajan, who is educated abroad both in engineering and management, has had a successful career in the corporate world over the last forty years. His association spans across companies like Asea Brown Boveri, Wipro and Hewlett Packard in different capacities, inclusive of the position of president and vice chairman.
KGN and its related companies are running what looks like a pyramid scheme through a multi-level marketing chain in Pune under different names, ensnaring gullible small investors
One of the most common ways people lose their hard-earned money is by investing in pyramid schemes. These companies essentially pay a very high rate of interest until one day they go bust. One such company, that claims to invest money in land, is offering an interest of 1% to 2% daily on investments. Interestingly, it does not pay interest on Sundays and public holidays, giving an impression that your money is at work on regular working days!
The company, KGN Sales and Services, has its office in the posh Arora Towers at MG Road in Pune. It also operates under two different names, KGN Land Trading and Kosmic Developers. Both KGN Land Trading and Kosmic have similar looking websites, with a palatial bungalow on the home page. These websites do not allow easy access to outsiders, except to the homepage, the 'about us' page and bank details. KGN Sales and Services has accounts in Axis Bank, Indian Bank, Oriental Bank of Commerce and State Bank of India (SBI) and one account in IndusInd Bank. Kosmic Developers has two accounts with HDFC Bank and one each with SBI and Union Bank.
KGN has been using SMS to spread its network. One SMS reads "Earn daily 1%-2% inv. 5000/5000 & multiples. Call 020-26052013/13. (also available 12 months inv plans) 10/12 pd cheques+agreement."
We called on the numbers provided. The lady who answered told us of various investment plans. One plan is if you invest Rs5,000, after 200 working days, excluding public holidays, you will get Rs8,000. In other scheme, if you invest Rs1,000, after 120 days you will receive Rs2,000. However, under this scheme, KGN will deduct 1% and service charges if you invest more than Rs1,000.
The lady from KGN also told us that the company gives post-dated cheques and signs an agreement at the time of investment itself. After enquiring about how the company can offer such an interest rate on a daily basis, the lady said that KGN invests the money in land and thus can afford to pay such interest rates.
What's interesting is that the company does not have any source of earning on a day-to-day basis, but is still paying interest on a daily basis and nobody is questioning the claims.
The login page on the websites asks for one 'user' name, a 'sponsor user' ID, a 'leg referral' user ID and related details. All this is nothing but a perfect setup used by almost all multi-level marketing companies.
This MLM scheme is in full swing in and around Pune. One investor, a dentist by profession, said that some of his early post-dated cheques given by KGN were honoured. However, in a classic situation that befalls all pyramid schemes, cheques started bouncing later. KGN also promised him that if he could bring in more investors, then they will give him commission. However, despite bringing in four-five investors, the dentist was denied any commission.There is not much information available about the promoters of KGN.
New Delhi: The government has asked mobile operators to give self certificates stating that radiations emitted by their towers are not harmful for human health, else face penalty as per prescribed norms, reports PTI.
The Department of Telecom (DoT) met operators last week and informed that any base transceiver station (BTS) for which a self certificate was not submitted by 15 November, 2010 shall be treated as non-compliant to the radiation norms and penalty shall be imposed.
BTS are radio transmitters mounted on either free-standing masts or on buildings. Radio signals are fed through cables to the antennas and then launched as radio waves into the area, or cell, around the base station.
To avoid health hazard from radiation of BTS, DoT had issued instructions to all Access Service Providers (ASPs) to conform to the limits of radiation as prescribed by International Commission on Non-ionising Radiation Protection (ICNIRP) from time-to-time.
They were also asked to submit a self-certificate. The meeting was chaired by minister of state for communication and IT Sachin Pilot.
The self-certification details have to be submitted to respective Telecom Enforcement Resource and Monitoring (TERM) Cells of DoT by 15 November, 2010.
With thousands of telecom towers being erected in cities across the country, on people's houses, the radiations could cause probable health hazards.
The government had earlier said erring mobile service providers will have to pay a fine of Rs5 lakh per mobile phone tower if it does not conform to internationally accepted limits of radiation.