Helpless PACL Investors Are Now Being Duped through Fraud Refund Messages
Several desperate investors, who have lost money in PACL Ltd. are now receiving fraud messages about refunds that could dupe them all over again. These messages claim they are about providing a refund, but actually ask PACL investors to pay 10% of the claim amount as goods and services tax (GST). 
 
We asked market regulator Securities and Exchange Board of India (SEBI) for a clarification. In an email reply, an official from SEBI says, "The (PACL) Committee has not sent such a message as highlighted in the trailing mail and it appears the message is not genuine."
 
Our assessment also confirms that these messages are completely fraudulent and aimed at duping already aggrieved investors of PACL.
 
This type of fraud, which aims to scam people, who are already victims of another scam is fairly common abroad. What is required is a communication exercise by the regulator to warn people in time. 
 
The PACL fraud message that was shared by one of our readers says, "Please verifying your Genuine identity By making a Positive Response in order to verify your identity of Yours at [email protected] FROM the Phone Pe UPI SERVER.Only By Making A Consumer GST In the name of xxx." 
 
"Go to the Phone Pe UPI app and make Positive Response of transaction BY Verifying Your identity. the amount would be settled in same time In the Account of xxxx. once we receive the verification.Amount of GST from the same bank account. please make a positive response from you and verifying the amount 24,978 INR Refundable. IN Order to receive your PACL Refund Compensation Amount 2,25,000 INR Same time. Please let us inform once you receive the amount so that we can close the case," the message reads. (this is the actual message shared verbatim.) 
 
 
Firstly, all PACL investors seeking refunds have already submitted documents for identification and verification and shared their bank details. These investors would receive their refunds directly from the regulator, once cleared by the Justice RM Lodha (retd) committee, appointed by the Supreme Court (SC), in their valid bank accounts. There is no need to verify their details on any third-party UPI app. 
 
What is more shocking is that instead of sending the claim amount the message, in fact, is asking the PACL investor to pay more money! 
 
If an investor opens the Phone Pe app, fills the account details, and gives a 'positive response' (clicks Yes), then money from her account would immediately get deducted. This is a trap to extract money from the investor's account through UPI.   
 
The digital payment platforms based on unified payments interface (UPI) allows user to pay money or receive money from other UPI users. This is called as push (pay) and pull (receive) transactions. In the above message, the PACL investor is being asked to pay money instead of receiving it. 
 
If you receive such mails, do not pay any heed and simply mark it as 'spam' and press delete. 
 
Following regulatory action, PACL investors were asked to submit refund claims for which the cut-off date was 31 July 2019. However, several investors are still pleading for an extension of time to submit their refund claims. PACL (or Pearls) is one of the largest Ponzi schemes in India which had been allowed to run for decades amassing over Rs49,000 crore. 
 
The Justice Lodha committee is supervising the SC-ordered process of selling PACL's assets across the country and refunding Rs49,100 crore collected from over 55 million investors.
 
Earlier, in August 2019, we reported how a Mumbai-based investment banking analyst lost Rs87,000 via UPI while buying three beers online. The analyst Radhika Parekh was requested to share her UPI ID for making a payment of Rs420 on Google Pay. After sharing her UPI ID, she received a request on Google Pay. The moment she accepted the request, Rs29001 were deducted from her account. She called the wine shop number where the answering person apologised and told her that the amount was deducted due to mistake. However, when she disconnected the call, another amount of Rs58,000 was deducted from her account.
 
 
You may also want to read our extensive reports on PACL Scam… 
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    CBI Arrests Pailan Group CMD in Rs574 cr Chit Fund Scam

    The Central Bureau of Investigation (CBI) here on Tuesday arrested Pailan Group's Chief Managing Director Apurba Kumar Saha in connection with Rs 574 crore chit fund scam.

    Saha had collected Rs 574 crore from investors under various fraudulent schemes on assurance of paying high returns on maturity. Shah fled the scene after cheating thousands and allegedly misappropriated the money, the CBI said.

    "The Pailan Group had collected approximately Rs 574 crore from the market through various chit fund schemes, assuring investors high rate of interest," a CBI official said.

    In August, the CBI had arrested Bipin Kumar Singh, director of the Pailan Group.

    The CBI had taken over the case from the West Bengal Police, which was probing the case following complaints by agents working in Saha's company in 2014.

    The Securities and Exchange Board of India (SEBI) in 2015 had barred two Pailan Group companies—Pailan Agro India and Pailan Park Development Authority—for illegally raising Rs 98 crore funds.

    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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    SC Appoints Senior Counsel Shyam Divan as Amicus Curiae in the Rs7,500 crore Royal Twinkle Star Club and Citrus Check Inns Ponzi scam
    The Supreme Court had appointed senior counsel Shyam Divan as Amicus Curiae to assist the Court in a case involving an alleged scam worth Rs7,500 crore by Ponzi schemes run by Royal Twinkle Star Club Ltd and Citrus Check Inns Ltd. 
     
    The order to appoint Mr Divan as Amicus Curiae was passed by a bench of justices Rohinton Nariman and V Ramasubramanian. Mr Divan, who was counsel for one of the petitioners in the case, agreed to give up his brief (case) and take up the role of Amicus Curiae. An amicus curiae (literally, 'friend of the court') is one who assists a court by offering information, expertise, or insight that has a bearing on the issues in the case. 
     
    The court also acceded to the request made by Mr Divan to have advocate Vipin Nair as advocate-on-record (AOR) and advocate Vinayak Bhandari to assist him.
     
    The Supreme Court is monitoring a phase-wise sale of Royal Twinkle Star Club and Citrus Check Inns to protect the interests of investors. Both the companies have raised about Rs7,500 crore from over 18 lakh investors through a collective investment scheme (CIS). This scheme was sold to investors by agents appointed by the companies. 
     
    Citrus Check Inns is the new avatar of Royal Twinkle Star Club, infamous for selling holiday packages to gullible people on monthly instalment basis and promising high returns on their investment. Several agents of both these entities were found hard selling these as investment plans just to earn more commission and also recruiting new agents for marketing it.
     
    Both RTSC and Citrus Check Inns are owned by Mumbai-based Mirah group, which runs hotels under the name Citrus and retail food chain restaurants such as Rajdhani, Mad Over Donuts and Falafels. Citrus Check Inns website claims that it gives freedom to its members to travel over 30 Indian and 3,000 overseas destinations.
     
    Earlier in August 2015, market regulator Securities and Exchange Board of India (SEBI) has directed Royal Twinkle Star Club Ltd (RTSC) and its four directors to refund within three months, money collected from investors under its holiday package plans. The markets regulator also refused to lift a ban on Citrus Check Inns (new avatar of RTSC) and its directors in a 'collective investment scheme' (CIS) case promising returns on 'holiday plans'. (Read: Royal Twinkle Star Club, directors asked to wind up ‘holiday’ investment schemes)  
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    COMMENTS

    Ramesh Poapt

    4 weeks ago

    fraud companies' growth excellent in the country.

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