Over the past year, the stock price of PMC Fincorp shot up by a whopping 1122% or 12 times
Earlier known as Priti Mercantile Company, the company changed its name to PMC Fincorp on 8 May 2014 and has its corporate office in Kanpur (Uttar Pradesh). PMC Fincorp’s annual report for FY12-13 states that the company is engaged in trading in shares, provides financial services and undertakes investment activities. PMC claims to offer loans against property, personal loans, inter-corporate deposit, etc. Over the past four quarters (September 2013 to June 2014), PMC has reported total revenue of just Rs15.45 crore and net profit of Rs3.72 core. Its market-cap? An astounding Rs3,500 crore! Over the past year, the stock price of this company shot up by a whopping 1122%, or 12 times, to Rs700.55 as on 28 July 2014 from Rs57.31 as on 19 March 2013. The stock price is over 900 times the earnings (past four quarters) per share. The high valuation does not seem to deter ‘investors’—whoever they are. Over the past year, the trading turnover of the stock has averaged Rs1.31 crore per day with an average of around 350 trades a day. As expected, this rampant case of trading manipulation remains unnoticed by the regulators.
The Modi government wants to revive manufacturing. This will help well-managed firms like ...
Have QNet team leaders misled the Mumbai Sessions Court by submitting a fake document along with their bail application? The Economic Offences Wing has made this sensational disclosure. The police official, whose signature is on the document has also denied having prepared or signed it
In a sensational new development, the Economic Offences Wing (EOW) of the Mumbai Police, in their objection to the anticipatory bail application filed by seven team leaders of the shady QNet scheme have accused them of submitting fake documents. The EOW has told the Sessions Court that a document submitted by the QNet leaders is bogus and concocted. The Police Sub-Inspector (PSI), under whose name the document was submitted, has, in an affidavit, denied having prepared it.
According to EOW, the team leaders of QNet, including former world billiards champion Michael Ferriera, Srinavas Rao Vanka, Magarlal Viravali Balaji, Malcolm Nozer Desai, Navjyot Mahesh Das, Chinar Surendra Shinde and Mereilla Kamal Dutta have misled the Court by submitting a fake document while seeking bail. This is in connection with various charges made by the intrepid whistleblower Gurpreet Singh.
The document on which the Court relied for granting anticipatory bail pertains to a report allegedly prepared by PSI Vishnu Pandu Rathod of Oshiwara Police Station in Mumbai. It states: Since complainant Parmit Anand Kaur had gone to Hyderabad, her husband Gurupreet Anand, in his statement on her behalf has stated that his wife has no complaint against e-commerce company QNet.
However, PSI Rathod, in an affidavit has denied having recorded any such statement. He said, "I state and declare before this Court that the documents which were relied upon by the applicants in their anticipatory bail applications as the statement recorded by me and the report prepared by me are not the documents prepared by me and I have no knowledge whatsoever in respect of the said documents forwarded under my name and designation."
The EOW of Mumbai Police, which is probing the MLM fraud, had so far arrested nine team leaders of QNet for allegedly duping investors by offering to sell products such as magnetic disks, herbal products and holiday schemes through fraudulent practices. The accused have been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act 1978.
The complainant, Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) before the EOW stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. Anand told the police, “They (IRs) had said that one of the bio-products my wife bought could be used to treat my 12-year-old son's brain-related diseases.”
Earlier in February 2014, the Enforcement Directorate (ED), the agency responsible for enforcing economic laws and fighting economic crime in India, registered a case in the Rs425 crore QNet scam for money laundering.
The ED has named QNet Ltd from Hong Kong, its official franchisee Vihaan Direct Selling Pvt Ltd, Vijay Eswaran, the founder of QI group and three other independent representatives (IRs) of QNet from Mumbai.
In a media statement, QNET called the money-laundering probe by ED against it as 'allegations that are preposterous and completely baseless'.
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