In your interest.
Online Personal Finance Magazine
No beating about the bush.
Euro Finmart carried out enrolment work for Aadhaar number at a housing society in Mumbai. Oriental Bank of Commerce, which appointed the agency, said the work was illegal. Finally after a call to the OBC CMD's office, the residents were issued registration acknowledgement receipts for their Aadhaar number
Close on the heels of Maharashtra's information technology (IT) department losing unique identification (UID) data of about three lakh people collected for the Aadhaar number scheme, here is a first person account about the registration mess. This also highlights the dubious games being played by agencies and registrars appointed by the Unique Identification Authority of India (UIDAI) led by technocrat Nandan Nilekani.
A Moneylife reader registered for his Aadhaar number but could not even get acknowledgement receipt for the enrolment. In addition, when he raised the issue with top officials of the registrar, Oriental Bank of Commerce (OBC) and the agency, Euro Finmart, he claims to have received abusive calls!
Here is what Subhash Malviya, the Moneylife reader (name changed to protect the reader from further harassment) says…
The UID or Aadhaar registration was carried in our society during the last week of February 2013. The way the work was carried out by the agency was complete mess. The employees of the agency (Euro Finmart, I came to know later) used to arrive in the afternoon. They always used to walk in without any proper equipment, so residents used to provide it to them.
Some of the residents from our society were not even provided registration receipts from the agency. Without the registration receipt, it is very difficult to track the progress of issuance and delivery of the Aadhaar number.
One of my neighbours told me the name of the agency, Euro Finmart and the registrar, Oriental Bank of Commerce (OBC). OBC was appointed by the UIDAI to carry out Aadhaar registration work across Maharashtra and it was the lender that appointed Euro Finmart to do the job on its behalf.
Since we were not given our registration acknowledgement receipts, on 27th February, I called up Euro Finmart's nodal officer on his mobile. In addition, I also sent him a mail. The officer promised to call back after checking the details. However, the call never came.
On the same day, I called Kamal Seth from Delhi who was the chief manager at OBC looking after the Aadhaar registration project. He clearly told me that the registration carried out by the agency (Euro Finmart) in our society was illegal as it was done outside the OBC branch. However, he assured that we would receive our registration receipts after he checks the details.
Following instruction from Mr Seth, another officer, Mr Mathews from OBC's regional office in Mumbai contacted me. He also gave the same assurance about the registration receipts.
Surprisingly, after my conversation with Mr Mathews, the registration work being carried out by Euro Finmart in our society was suddenly stopped.
After waiting to get registration receipts for over 15 days, on 14th March, I again called up Mr Seth. He repeated his assurance but nothing really happened till 26th March.
On 26th March, I called up the office of SL Bansal, chairman and managing director (CMD) of OBC, seeking assistance. The official on the other end asked me to send the details. Within hours after sending the details, several top officials from Euro Finmart and the chief manager from OBC called me assuring that we would receive our registration acknowledgement receipts soon.
Meanwhile, I also received some abusive calls from 'angry' employees claiming to be from the agency. Fortunately, I recorded all such calls and then showed it to the top officials from both the agency and the bank.
Finally, on 28th March the registration acknowledgement receipts were delivered in our society office.
It took me over a month and call to the CMD's office to get just the registration acknowledgement receipts for the Aadhaar number.
Later I checked the terms and conditions of the memorandum of understanding between OBC and UIDAI. As per the terms and conditions, OBC was supposed to supervise the enrolment work being carried out by the agency. But from my own experience, I can say, the bank failed to do its job. Not a single employee from OBC was present during the enrolment in our society. In addition, they kept quiet for over a month, until the matter reached their CMD's office.
It seems that OBC employees were protecting the agency for reasons best known to them. OBC is carrying the work with the agency for entire Maharashtra region. Imagine the plight of average citizens who cannot do the follow up. They would be in fix as all the cash subsidy depends on UID.
OBC has appointed Euro Finmart (L-1 bidder) and Shri Ram Raja Sarkar Lok Kalyan Trust (L-2 bidder) as empaneled agencies for UID enrolment in Maharashtra. Apparently, the L-2 bidder was asked to match the prices quoted by the L-1 bidder.
A Russian with history of duping several gullible people in Russia and the US is spreading his “mutual mutual aid fund” idea called, MMM India. This is nothing but a pure money circulation scheme
Mavrodi Mondial Moneybox India or MMM India, a multi-level marketing (MLM) or a Ponzi (pure money circulation) scheme set up by Sergei Panteleevich Mavrodi, a Russian businessman and financier, is spreading its wing in India, especially in rural areas. According to Wikipedia, in 2007 Sergei Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110 million roubles or about $4.3 million. But more about Mavrodi and his businesses later.
MMM India, the Ponzi scheme says it is neither a company nor a business but a mutual mutual aid fund. In simple words, it takes Rs5,000 from you, gives you 100 units of some virtual currency called Mavro. When you bring two more people, you would receive 20 Mavros in your e-wallet. The new member also deposits Rs5,000 in the old member's account, thus your ‘investment’ is repaid. Virtually, because the cash is converted into Mavros in your e-wallet and then there are ‘minor’ terms and conditions, which makes it difficult to get your real money back.
The MMM scheme mandates all members to keep at least 100 Mavros in their account. That means your Rs5,000 are locked permanently in air. This is because MMM is neither a company nor a business as it operates only through the internet. This helps the double your money scheme to avoid all kind of legal permissions and regulations. MMM likes to call itself an international, free, self-adjusting community or social virus. Unfortunately, it is nothing but a money-gobbling virus.
According to Who.is data, MMMIndia.in is registered by Ivan Ivanov from Petrozavodsk, Russia and the domain would expire on 11 July 2014. Its DNS record shows that mmmIndia.in uses an ID address 220.127.116.11 located in Moscow.
MMM India is nothing but a pure money circulation scheme that works on enrolling new members. The moment there are no new members, the scheme collapses. A new member pays money (here virtual money!) to the old member and it is repeated infinite times.
Two basic questions need to be answered. One, in the end who controls the 100 Mavros, or Rs5,000 that the member needs to keep in his virtual account? And second, if the idea of virtual money or mutual mutual aid fund is so great, then why the government or Reserve Bank of India (RBI) is not implementing this? Why such a great novel (!) idea needs to be sold through chain marketing route instead of customary marketing system that has served human society for thousands of years?
In short, strictly stay away from MMMIndia and it is bound to vanish sooner than later.
Coming back to MMM's founder and ‘brain’ Sergei Mavrodi, on 22 December 1997 declared MMM as bankrupt and disappeared. He was on the run until his arrest in 2003.
While on the run, in 1998 Mavrodi created Stock Generation (SG), a classic pyramid scheme presented as a “virtual stock market game”. However, its game was over once it caught attention of the US Securities and Exchange Commission (SEC). In 2003, the SEC obtained permanent injunctions against SG. Mavrodi was then placed under police custody. He was convicted of holding a fake passport and was sentenced to 13 months in prison. On 22 May 2007, Mavrodi left prison, having served his full sentence.
On 28 April 2007, the Moscow court sentenced him to four and a half years in a penal colony (a settlement used to exile prisoners and separate them from public). The court also fined him 10,000 roubles or about $390.
In January 2011, Mavrodi launched another pyramid scheme called MMM-2011, asking investors to buy so-called Mavro currency units. He frankly described it as a pyramid, adding “It is a naked scheme, nothing more ... People interact with each other and give each other money. For no reason!” In May 2012, he froze the operation and announced there would be no more payouts.
In 2011 he launched a similar scheme in India, called MMM India, again stating clearly that the vehicle is a pyramid, says Wikipedia. Looking at the past record of Mavrodi and his money multiplier schemes, you do not need an astrologer to tell about the future of MMM India. This Ponzi from Russia only loves your hard-earned money, unless you are a super spy like the 007.
Sudipto Sen, chairman of the Saradha group, the chit fund company which has allegedly defrauded thousands of depositors, has been detained from Sonmarg in Jammu and Kashmir along with two other company officials
Sudipto Sen, the chairman of group, the chit fund company which has allegedly defrauded thousands of depositors, has been detained from Sonmarg in Jammu and Kashmir (J&K) along with two other company officials today, a senior police official said.
“Three persons have been detained in Sonmarg area of J&K. The police there have identified them as Sudipto Sen, Debjani Mukherjee and Arvind Singh Chauhan,” Bidhannagar Police Commissioner Rajeev Kumar informed the media.
A Scorpio vehicle with a West Bengal number-plate has also been seized, Kumar said.
“Our team is there, after completing all necessary legal procedures they will be produced in court there and efforts will be made to bring them back,” he said.
West Bengal chief minister Mamata Banerjee had earlier ordered Sen’s arrest and said that he was hiding somewhere in North India.