Pincon Spirits' Chairman Monoranjan Roy arrested in Rs56 crore scam; Company fails to update SEBI and Exchanges
The Special Operations Group (SOG) of Rajasthan Police had arrested Kolkata-based Monoranjan Roy and his three associates in Rs56-crore investment fraud. Roy is Chairman of Pincon Spirits Ltd, which is a listed entity and holds 33.84% stake in the liquor company. Roy and his associates collected money from investors and siphoned off it into Pincon Spirits, primary investigation shows. However, the company has not yet shared any information, as mandated, with the stock exchanges. 
 
According to a report from Times of India, Roy and his associates Raghu Shetty, Binay Singh and Hari Singh had raised about Rs56 crore from over 25,000 investors from Rajasthan alone. Apparently, they have also raised around Rs1,600 crore from over three lakh investors from Gujarat, Madhya Pradesh, Bihar, Haryana and Uttar Pradesh through multiple shell companies. Roy had set up multiple shell companies like LRN Finances, ASK Financial Services, Greenage Food Products Ltd, Bengal Pincon Housing Infra Ltd, LRN Universe Private Ltd and Universal Multi-state Credit Co-operative Society to cheat people, the report says. 
 
Quoting Dinesh MN, Inspector General of SOG, the report says, these NBFCs were shell companies, which never fulfilled their objectives stated under the articles of association (AOA). "Roy had set up 11 branches in Rajasthan. The first branch was opened in 2010 in Ajmer. They raised money through 'private placement' in violation of RBI norms, which mandates that only 49 investors can invest in the company. Similarly, debentures were floated at 14% for four years by these shell companies to dupe investors," Dinesh told the newspaper. 
 
The investors' money was siphoned off and moved into the accounts of Pincon Spirits Ltd, a public listed company. "The money of investors was siphoned to the Pincon. However, once the debentures matured, they told investors that their money has been 'reinvested' in another company. The investors were offered fake intensives to justify the 'reinvestment'. But the company in which the money was reinvested was liquidated by them," the report, quoting Sanjay Shrotriya, Superintendent of Police for SOG, says. 
 
According to the investigations carried out by the SOG, Roy and his associates raised Rs56 crore from investors in Rajasthan and returned Rs7 crore in small accounts while siphoning off Rs39 crore. Separately, LRM Finances raised Rs31 crore from investors, out of which Rs7 crore were refunded to investors and rest was illegally routed to Pincon.
 
As per the annual report for FY2016-17, under long term borrowing there is an outstanding unsecured loan of Rs61.75 crore from the director of Pincon Spirits. Surprisingly, this has been increasing over the past three years but no disclosures have been made about the same under related party transactions.
 
On Monday, Pincon Spirits closed 10% down at Rs63.5 on BSE, while the Sensex ended the day flat.
 
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    COMMENTS

    Raj Shekar

    2 years ago

    Hi
    I have entered wrong claim amount and not able to proceed further with Aadhar or bank details verification.
    Have been calling the helpline which seems to be automated and does not respond
    Kindly help with this issue

    Sanjay Singh

    2 years ago

    muje nhi pta ki pincon ab kya krgi lkn jo poor ya rich investor h unka pincon kya krgi.ya sebi pincon ka kya krgi

    Temple Rose Scam: Govt attaches 342 properties, bank accounts with Rs2.51 crore balance
    In a significant action, which will help people get their money back, the Maharashtra Government has ordered attachment of 342 properties of the Temple Rose group. This is one of the rare instances where a quick action by the government is expected to work to the benefit of investors depositors. 
     
    Pune-based Right to Information (RTI) activist Vijay Kumbhar played a significant role in exposing and subsequent action against the Temple Rose group owned by Devidas Sajnani. (Read: Temple Rose plotting scam worth Rs400 crore exposed in Pune)
     
    Temple Rose Livestock Farming Pvt Ltd (TRLFPL), Temple Rose Real Estate Pvt Ltd (TRLFPL), and those in the name of these company chairman and directors. The attachment is being carried out under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) -MPID Act.
     
    In an order issued on 2 November 2011, Yuvraj Ajetrao, Deputy Secretary, in the Home Department says, "... the State Government is satisfied that the said financial establishment and their chairmen or directors are not likely to return the deposits to the depositors and hence the Government has to protect interests of the depositors.
     
    The Temple Rose group has been luring investors into buying land and selling the same plots twice - once as non-agriculture (NA) and then again as agricultural land, through a group company. 
     
    The Economic Offences Wing (EOW) of the police, which is investigating the scam, believes that the Temple Rose fraud may be as big as Rs400 crore and involve 12,000 investors. 
     
    In another case of cheating, five directors, including three family members of Temple Rose Real Estate have been booked for promising investors to double their money by giving land papers as surety. The Economic Offences Wing (EOW) had filed a first information report (FIR) against Devidas Sajnani, his wife Vanita, daughter Deepa and two others, Keshav Iddya and Markas Thorat. 
     
    As per the order issued by the Home Department, there are 342 immovable properties related with the Temple Rose group that are stand attached. About 55 bank accounts of companies related with Temple Rose and their promoters, and directors with a total amount of Rs2.51 crore are also attached.
     
    Here is the order from the Home Department...
     
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    Special Court asks SEBI to issue an advertisement seeking appearance of Ketan Parekh
    In a surprise action, the SEBI Special Court has asked the market regulator to issue an advertisement/ proclamation seeking appearance of Ketan Parekh, prime accused in the securities scam of 2000-2001. The advertisement/ proclamation attached below has taken, the market by surprise since many believed that Mr Parekh was now free to trade having completed the SEBI's 14 year ban. Parekh is Director of Panther Fincap and Management Services Ltd.
     
    In the order, MG Deshpande, Special Judge, said, "It is therefore evident from the record that accused (Mr Parekh) not only made false representation before my Ld Predecessor and got the non-bailable warrant stayed till next date by abusing the process but also misused the same. Since then till date he did not even apply for bail. This attitude, conduct of accused (Mr Parekh) not paying any heed to the process of Court clearly indicates that he has taken the Courts granted. The only fact reflected from such conduct of accused Mr Parekh indicates his 'chalta hai attitude' and the way he is dealing with the cases pending in the court." 
     
    "There are more than 30 cases of this accused (Mr Parekh) pending in this court. In each case, his conduct is identical, if this practice is continued, it will amount putting premium on the illegal acts of the accused (Mr Parekh). Certainly, it will convey bad message to the investors. In that event, the very purpose and object of the SEBI Act 1992 will frustrate," the Court said. 
     
    According to sources Mr Parekh and his family spends most of their time in London.
     
    Here is the order passed by SEBI Special Court...
     
     
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    COMMENTS

    c babu challa

    2 years ago

    This is digging the grave. BJP wants that no one should talk about Godhra case as it is closed and long forgotten by people. But they want Bofors case and others belonging to others to be reopened. Of course now this is the supreme court order. No one can question the supreme court, even if they donot have any plan to clear thousands of cases pending for decades. The court can question anyone anytime.

    Sreepathid

    2 years ago

    poor guy.
    completely forgotten him.
    14 years already passed.
    how long one should wait ? till die ?

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