376:, so-called "teak units", and a combination of fixed deposits and teak units. Natesan was extremely secretive about the financial performance of his group and this was never revealed to investors, who were happy as long as they received regular interest payments. Subsequent examinations of the company's accounts revealed that it was posting far higher incomes than its real profits. For example, in 1996–97, the company posted a net profit of ₹38.69 lakh (₹3,869,000) while its plantation income amounted to ₹35.32 crore (₹353,200,000). A total of nearly 3,500 teak plantation-based companies were set up in the 1990s in India, all promising interests to the tune of 21–24% when bank deposits gave an interest of just 5–7%.
328:. Further, Anubhav inflated the expected yield of timber by nearly twenty times the standard that had been generally observed by previous NABARD studies. In return, a teak plant would be planted on their behalf, which could be sold 20 years later. During these 20 years, the certificate would yield around 20% interest for the depositor, yielding returns of around ₹50,000 after 20 years. This was nearly triple the return offered by bank deposits. The company claimed that it owned teak plantations spread over 1,000 acres (400 hectares) of land, and floated attractive advertisements and plush offices, thus encouraging confidence among investors.
275:
Ltd., Anubhav Green Farms & Resorts (Pvt.) Ltd., Anubhav Agro, Anubhav
Security Bureau, Anubhav Interiors and Anubhav Health Club. Under these companies, the Anubhav group owned and operated 254 finance firms, including 95 firms of Anubhav finance investments, 169 firms of Anubhav dhan varsha and one firm each of Anubhav Agro and housing developers. Furthermore, the plantation companies themselves had several companies under them. For example, Anubhav plantation had six companies operating under it, including Anubhav Good Earth Unit II, Anubhav Teak Deposit and Anubhav India Limited.
344:-based company, Sanghi Plantations, introduced a scheme offering investors teak trees at a nominal cost of ₹1,261 with what later turned out to be an unrealistic return of ₹50,000 after 20 years. Teak plantations typically take 50–60 years before yielding returns and are extremely susceptible to weather and the subtleties of the agricultural industry. They have rarely given dependable returns in India. However, in the light of general ignorance on the part of most laypeople, Anubhav entered this foray of marketing lucrative teak plantation schemes along with companies such as the
441:, having invested their life savings in the Anubhav group and its schemes. The letter that they had received had actually been sent by an advocate from a law firm that was following up the Anubhav group in response to court cases that had been filed against it. The letter invited them to come and check all the records and the balance sheet of the company. The event was covered by newspapers who reported that "...investors could be seen everywhere - sitting on the pavements, standing around the building, walking up and down the roads - all of them tense and worried."
475:
warrant against S. Shreenivas Rao, one of the directors of the
Anubhav Group of Companies. Rao had earlier moved court, requesting that the non-bailable warrant issued by additional chief metropolitan magistrate in Chennai be recalled, as he was director of Anubhav Agrotech and had nothing to do with Anubhav Plantations Ltd. In its proceedings, the High Court observed that Anubhav Agrotech Ltd. was one among the Anubhav Group, which, in January 1999, became Anubhav Agro Developers. The court observed that there was proof that Anubhav Plantation funds were diverted.
253:
dropout. Natesan started his career in 1983 by launching a consultancy firm called Yours
Faithfully Consultancy. In 1984, he started a construction company with three partners. Three years later, in 1987, he closed this venture and set up the Anubhav Foundation, which became the mother company of his
482:
in the 1990s and has been called "The Great
Plantation Scam of the 1990s". However, plantation-related frauds continue to occur in the country, with unsuspecting people lured by promises of high interests. A more recent case, that of Timber World Resorts and Plantations Ltd., which had been launched
470:
to try and repay its depositors at least in part. A number of investors formed their own city-based support and action groups to send in their claims, once such group being "The Pune
Anubhav Investors' Action Committee (PAIAC)", formed by the 750-odd depositors of Pune who had collectively deposited
465:
A government enquiry was subsequently launched into the
Anubhav group. Its investigations revealed that the company had defrauded its investors through various plantation schemes, paying initial interests to old investors by simply channeling them from new investments by new investors. A liquidator,
444:
Many depositors who went to the group's offices in
Chennai and other cities to collect their deposit amount after maturity found the doors locked, and so lodged complaints with the police. Later, thousands of investors demonstrated in front of the company's headquarters in Chennai; however, by then,
274:
in 1992. Over the next six years, the
Anubhav umbrella expanded to include various other companies including Anubhav Homes Ltd., Anubhav Resorts Ltd., Anubhav Finance & Investments, Anubhav Communications & Advertising (Pvt.) Ltd., Anubhav Royal Orchards & Exports, Anubhav Hire Purchase
474:
Natesan, the chairman and managing director of the
Anubhav Group of Companies, was subsequently caught by the police and placed in judicial custody, while the filing of the final chargesheet in his criminal case (No. 20501 of 1999) was delayed. The Madras High Court meanwhile issued a non-bailable
371:
Meanwhile, in interviews and announcements in news papers, Natesan unveiled future plans to forward-integrate from teak into furniture and to import machinery to make it. This led to a further increase in small investors. However, his growth strategy was focused mainly on mobilizing funds from
339:
from
January to September 1992. Most of these companies did not have adequate crop insurance and none of them were able to live up to their promises. All of them had skewed capital structures. The first attempt to promote private investment in teak plantations occurred in 1991, when a
384:
that arose during that time and also subsequently defaulted, including Ballarshah teak plantations). The media also portrayed a larger-than-life image of Natesan himself. An ambitious man, Natesan's ostentatious lifestyle, his cars, and his plush office in Chennai's up-market
294:– a popular enterprise in the recently liberalized Indian economy of the 1990s. These companies were well-structured and backed by a nationwide infrastructure of 91 offices and over 1,800 employees. This included a young, aggressive and highly effective sales force.
453:
Anubhav was eventually found to have duped investors and depositors of over ₹400 crore. As details about what became known as the "Great Plantation Scam of the 1990s" began to be unveiled in the media, and it turned out to be a
1143:
401:
In January 1998, cheques issued by Anubhav to its investors began to bounce. Some investors reported that other than the first two payments, all the cheques had bounced. Most of these investors were middle class and
430:. On 2 December 1998, a letter was sent to all the investors of Anubhav group to come to the Woodlands hotel in Chennai to receive their long-due payments. When some of the investors landed at Anubhav's offices in
379:
During its height in the mid-1990s, the Anubhav group was often described by the media as an example of a successful company (thus becoming a role model for about 530 other teak- and agro-based companies listed by
193:
on guaranteed interests and later diversified to other schemes through four principal companies: Anubhav Agrotech, Anubhav Green Farms & Resorts, Anubhav Plantations, and Anubhav Royal Orchards Exports.
498:
While the first to be unearthed, the Anubhav scam was not the largest agro-based scam in India. As per the SEBI, in the subsequent Pearls Agrotech scam, Pearls Agrotech Corporation Limited (PACL) collected
372:
investors rather than actually investing in plantations, plants, land and factories. The group had already raised vast sums of money to the tune of more than 400 crore rupees from the public in the form of
201:, C. Natesan, went underground and the other directors claimed ignorance and innocence. The incident became a major financial scandal in India. The company was subsequently revealed to have been a
511:(US$ 5.9 billion) from 5.85 crore (58,500,000) customers over 15 years by offering ambiguous investments linked to agricultural land and its development over a certain period of time.
309:(US$ 12). These investments were marketed under different confusing and complicated schemes that started to give returns each year of ₹1000 and bumper returns after 20 years to the tune of
320:
stated that only ₹20–30 was actually required to plant a teak tree, plantation firms such as Anubhav justified their charging nearly ten times this amount by including costs for security
410:
people who had invested their savings in Anubhav. Their amounts varied between ₹15,000 and ₹50,000 per person. They included Indians from large commercial centers such as
797:
478:
The Anubhav teak plantation scam (often simply referred to as "The Teak Plantations Scam of the 1990s") is often included in the list of scams that occurred in
1180:
1254:
2005:
267:
331:
Anubhav was not the first group to do this. During the early 1990s, teak plantations mushroomed in southern India, with 40 such companies registered in
266:
allowed firms within India to be formed as financial entities. Investment in agricultural commodities, which previously had only been permitted to the
965:
197:
The company suddenly closed down in 1998 when it could no longer pay its depositors, leaving its thousands of investors in the lurch and unpaid. Its
352:-based "Sterling Tree Magnum", all of whom promised similarly large yet unrealistic returns. After the 1998 scam and subsequent investigations,
942:
1055:
270:(NABARD), was opened up to the private sector. In this environment, Anubhav Plantations Ltd. (Anubhav) was floated by Natesan as a listed
1118:
290:(US$ 30 million), and, apart from its teak-plantation schemes, was involved in other enterprises including finance, real estate and
1247:
2018:
1123:
987:
Shastri, Parth (31 August 2012). "Hundreds lost money in tree plantation scam in state". Times of India - Ahmedabad edition. TNN.
246:
1240:
1133:
1090:
1085:
389:
area were frequently cited by the media as examples of his lavish tastes. Natesan had also associated his company with the
250:
805:
356:
subsequently reported that on average, these teak plantation companies collectively had a promoter's contribution of just
1894:
1138:
909:
657:
2071:
1113:
830:
1048:
998:
Brarapatre, Ashish; Kapoor, Aditya; Kothari, Bhavik; Gupta, Ankur. "Planting a dream - Anubhav plantations scheme".
479:
2086:
2023:
1959:
1884:
861:"Press release by SEBI - 31 October 2003. Status of Collective Investment Schemes (CIS) and List of defaulters".
20:
2061:
1463:
1128:
1904:
1699:
1313:
1159:
2056:
1588:
1403:
1216:
1041:
725:
2096:
2081:
1453:
1221:
2076:
2051:
1949:
1939:
1909:
1664:
1548:
2000:
1979:
1924:
1418:
1206:
1185:
1164:
630:
597:
237:. The Anubhav case is often termed by the Indian media as "The Great Plantation Scam of the 1990s".
1974:
1779:
1568:
1080:
302:
Anubhav investors were offered teak certificates or teak shares for investing anything upwards of
1944:
1799:
1628:
709:
Kakkar, R.M.R (19 July 1994). "Government may slap blanket ban on plantation schemes". Telegraph.
2101:
1874:
1638:
1603:
1578:
1458:
1423:
1358:
271:
217:, could not promise sure returns. Anubhav was found to have defrauded its depositors of nearly
1020:
883:
2030:
1841:
1438:
1428:
897:
Jain, A (24 August 1998). "Finance company officials disappear after fraud". Hindustan Times.
245:
The Anubhav group of companies was founded by C. Natesan, a commerce graduate from Chennai's
1914:
1734:
1724:
1593:
8:
1995:
1669:
1643:
1608:
1533:
1468:
1393:
1064:
434:, they were met with locked doors. The company had closed down, with Natesan absconding.
390:
158:
762:
Chaturvedi, A.N. (1 June 1995). "The viability of commercial teak plantation projects".
2091:
2066:
1969:
1864:
1804:
1383:
1378:
1211:
2010:
1719:
1618:
1483:
1007:
870:
467:
263:
698:"Anubhav group investors can file claims for lost money". One India. 9 October 2007.
514:
After seven years of judicial custody, Natesan was released on bail in 2007. Of the
1869:
1831:
1759:
1694:
1623:
1613:
1573:
1503:
1443:
1343:
1328:
1323:
1318:
521:(US$ 13 million) invested by small investors, the company ultimately refunded
1929:
1899:
1826:
1809:
1674:
1478:
1338:
190:
571:
233:
18 billion, US$ 220 million or €220 million in 2023) through
1851:
1836:
1653:
1558:
1538:
1473:
459:
373:
47:
1232:
2045:
1964:
1934:
1764:
1563:
1528:
1513:
1368:
1348:
1280:
913:
661:
407:
345:
1954:
1919:
1856:
1794:
1789:
1774:
1744:
1689:
1633:
1543:
1493:
1388:
1353:
502:
487:, turned out to be a similar scam in 2009. Similarly, in 2012, hundreds of
455:
359:
321:
281:
234:
220:
93:
1879:
1821:
1739:
1729:
1709:
1684:
1598:
1523:
1518:
1508:
1498:
1408:
1333:
1295:
325:
210:
1816:
1769:
1714:
1704:
1679:
1553:
1488:
1413:
1373:
1363:
438:
431:
386:
183:
107:
90:
1033:
1398:
687:(1 ed.). Kozhikode, India: IIM - Indian Institute of Management.
492:
488:
341:
336:
291:
214:
43:
1784:
1754:
1583:
1448:
1433:
751:
Srinivasan, A (3 March 1993). "Money now grows on teak". Statesman.
198:
491:
lost their money in a similar tree-plantation scam floated by the
1290:
403:
179:
103:
1889:
1749:
535:(US$ 838,732) has still not been refunded to 2,044 depositors.
427:
423:
419:
411:
353:
349:
332:
317:
437:
Some of these small investors were themselves on the brink of
1285:
552:
Aiyar, VS (2 November 1998). "Now a Green Scam". India Today.
507:
484:
462:
shocked those who had held the Anubhav group in high regard.
286:
225:
206:
111:
1275:
415:
381:
364:
202:
187:
831:"ICMR Complete Detailed Case Study - Anubhav Plantations"
783:
Teak: ecology, silviculture, management and profitability
445:
the main accused, Natesan, had already gone underground.
262:
In 1991, as part of its post-liberalization process, the
997:
910:"Letters from Investors - 5 August 2010 to 5 March 2016"
393:(WWF), thus garnering a positive image for his company.
368:(US$ 42,000) for every investor's share of ₹300 crore.
1181:
Disqualification of convicted representatives in India
785:. Dehradun, India: International Book Distributors.
598:"Case Study - Anubhav scam (Teak plantations scam)"
572:"Teak investment programmes: an Indian perspective"
268:
National Bank for Agriculture and Rural Development
528:(US$ 12 million) to 31,431 depositors. About
89:Allegations that the consortium of companies is a
2043:
966:"Tree plantation scheme unearthed, kingpin held"
865:. SEBI - Securities and Exchange Board of India.
726:"From Anubhav to Saradha - lessons to be learnt"
483:by a catering college graduate Ashwani Sud from
1262:
658:"Planting the dream - Anubhav plantations scam"
495:-based company "Golden Trees Plantation Ltd."
1248:
1049:
655:
414:as well as smaller cities and towns such as
1119:Benami Transactions (Prohibition) Act, 1988
825:
823:
186:company founded in 1992. It sold shares in
2006:Criminal enterprises, gangs and syndicates
1255:
1241:
1056:
1042:
901:
761:
750:
57:Teak plantation deposit-mobilising company
780:
545:
1124:Prevention of Money Laundering Act, 2002
957:
943:"Cheers for plantation scheme investors"
907:
820:
702:
1063:
986:
856:
854:
852:
682:
2044:
937:
935:
933:
931:
912:. More Wealth Advisors. Archived from
804:. Press Trust of India. Archived from
720:
718:
716:
708:
660:. More Wealth Advisors. Archived from
625:
623:
621:
619:
590:
1236:
1037:
980:
963:
570:Balooni, Kulbhushan (IIM Kozhikode).
565:
563:
561:
559:
551:
1905:High-yield investment program (HYIP)
1134:Whistle Blowers Protection Act, 2011
1091:2012 Indian anti-corruption movement
1086:2011 Indian anti-corruption movement
896:
849:
837:. IBS Centre for Management Research
685:Commercial agroforestry - a misnomer
656:Muthukrishnan, Daya (20 July 2010).
1895:Foundation for New Era Philanthropy
1139:The Lokpal and Lokayuktas Act, 2013
964:Ghosh, Dwaipayan (20 August 2009).
928:
908:Krishnan, Muthu (26 October 2010).
774:
713:
616:
569:
466:M. Ravindran, was appointed by the
13:
1114:Prevention of Corruption Act, 1988
945:. Times of india. 18 February 2003
890:
795:
691:
676:
631:"Case Study - Anubhav Plantations"
556:
14:
2113:
297:
278:By 1998, Anubhav group was worth
165:Anubhav Green Farms & Resorts
1960:Saradha Group financial scandal
991:
789:
781:Debabrata, K.C. (1 July 1999).
755:
744:
396:
21:Saradha Group financial scandal
1129:Right to Information Act, 2005
649:
169:Anubhav Royal Orchards Exports
1:
1314:1992 Indian stock market scam
538:
143:Teak shares, time share units
1589:Strip search phone call scam
1404:Extraterrestrial real estate
1222:Political dynasties in India
1217:Corruption Perceptions Index
683:Balooni, K (1 August 2000).
448:
257:
251:chartered accountancy course
7:
1464:Intellectual property scams
1454:Indian coal allocation scam
1263:Scams and confidence tricks
798:"Teak plantations in India"
135:S. Shreenivas Rao, Director
133:C. Natesan, Chairman and MD
10:
2118:
1950:Pyramid schemes in Albania
1910:Investors Overseas Service
1842:Website reputation ratings
240:
18:
2072:Pyramid and Ponzi schemes
1988:
1980:Welsh Thrasher faith scam
1925:Madoff investment scandal
1850:
1652:
1419:Foreclosure rescue scheme
1304:
1268:
1207:List of scandals in India
1199:
1186:None of the above (India)
1173:
1152:
1106:
1099:
1071:
863:www.watchoutinvestors.com
578:. FAO Forestry department
348:group, DSJ group and the
157:
147:
139:
127:
117:
99:
85:
77:
69:
61:
53:
38:
30:
16:Indian plantation cimpany
1975:Stanford Financial Group
1780:Russian Business Network
1569:Slavery reparations scam
1081:India Against Corruption
1945:Petters Group Worldwide
493:Ellisbridge (Ahmedabad)
2087:Criminal investigation
1639:White van speaker scam
1604:Technical support scam
1579:SSA impersonation scam
1534:Redemption/A4V schemes
1459:IRS impersonation scam
1424:Foreign exchange fraud
802:www.panamaforestry.com
480:post-liberalized India
272:public limited company
2062:20th-century scandals
1439:Get-rich-quick scheme
1429:Fortune telling fraud
1144:Black Money Act, 2015
968:. Times of India. TNN
1915:Kapa investment scam
1735:Internet vigilantism
1725:Email authentication
1700:Cryptocurrency scams
1594:Swampland in Florida
254:future enterprises.
209:, as teak, being an
2057:Corruption in India
2019:Film and television
1740:Lenny anti-scam bot
1644:Work-at-home scheme
1609:Telemarketing fraud
1469:Kansas City Shuffle
1394:Embarrassing cheque
1065:Corruption in India
391:World Wildlife Fund
247:Vivekananda College
176:Anubhav Plantations
167:Anubhav Plantations
149:Number of employees
27:
2097:Financial scandals
2082:Corporate scandals
1970:Scott W. Rothstein
1865:Aman Futures Group
1384:Coin rolling scams
1379:Coin-matching game
1212:Indian black money
916:on 26 October 2016
808:on 26 October 2016
664:on 26 October 2016
42:Teak plantations,
25:
2077:Confidence tricks
2052:Scandals in India
2039:
2038:
2001:Confidence tricks
1720:Domain name scams
1619:Thai zig zag scam
1484:Miracle cars scam
1307:confidence tricks
1305:Notable scams and
1230:
1229:
1195:
1194:
1165:Electoral reforms
1015:Missing or empty
878:Missing or empty
835:www.icmrindia.org
635:www.icmrindia.org
602:www.icmrindia.org
468:Madras High Court
316:(US$ 600). While
264:Indian government
173:
172:
2109:
1870:Bernard Cornfeld
1832:Stock Generation
1760:Referer spoofing
1624:Three-card monte
1614:Thai tailor scam
1574:Spanish Prisoner
1504:Overpayment scam
1444:Green goods scam
1344:Black money scam
1329:Art student scam
1324:Advance-fee scam
1319:2G spectrum case
1257:
1250:
1243:
1234:
1233:
1104:
1103:
1058:
1051:
1044:
1035:
1034:
1025:
1024:
1018:
1013:
1011:
1003:
995:
989:
988:
984:
978:
977:
975:
973:
961:
955:
954:
952:
950:
939:
926:
925:
923:
921:
905:
899:
898:
894:
888:
887:
881:
876:
874:
866:
858:
847:
846:
844:
842:
827:
818:
817:
815:
813:
793:
787:
786:
778:
772:
771:
759:
753:
752:
748:
742:
741:
739:
737:
732:. Indian Express
722:
711:
710:
706:
700:
699:
695:
689:
688:
680:
674:
673:
671:
669:
653:
647:
646:
644:
642:
627:
614:
613:
611:
609:
594:
588:
587:
585:
583:
567:
554:
553:
549:
534:
532:
527:
525:
520:
518:
510:
505:
367:
362:
315:
313:
308:
306:
289:
284:
232:
228:
223:
163:Anubhav Agrotech
28:
24:
2117:
2116:
2112:
2111:
2110:
2108:
2107:
2106:
2042:
2041:
2040:
2035:
1984:
1930:Make Money Fast
1900:Franchise fraud
1855:
1846:
1827:Spoofing attack
1810:Scammer Payback
1658:countermeasures
1657:
1648:
1339:Bait-and-switch
1306:
1300:
1264:
1261:
1231:
1226:
1191:
1174:Court decisions
1169:
1160:Right to Recall
1148:
1095:
1073:
1072:Anti-corruption
1067:
1062:
1031:
1029:
1028:
1016:
1014:
1005:
1004:
996:
992:
985:
981:
971:
969:
962:
958:
948:
946:
941:
940:
929:
919:
917:
906:
902:
895:
891:
879:
877:
868:
867:
860:
859:
850:
840:
838:
829:
828:
821:
811:
809:
794:
790:
779:
775:
764:Indian Forester
760:
756:
749:
745:
735:
733:
724:
723:
714:
707:
703:
697:
696:
692:
681:
677:
667:
665:
654:
650:
640:
638:
629:
628:
617:
607:
605:
596:
595:
591:
581:
579:
568:
557:
550:
546:
541:
530:
529:
523:
522:
516:
515:
501:
500:
451:
399:
358:
357:
311:
310:
304:
303:
300:
280:
279:
260:
243:
230:
229:(equivalent to
219:
218:
168:
166:
164:
150:
134:
130:
120:
23:
17:
12:
11:
5:
2115:
2105:
2104:
2099:
2094:
2089:
2084:
2079:
2074:
2069:
2064:
2059:
2054:
2037:
2036:
2034:
2033:
2028:
2027:
2026:
2021:
2013:
2008:
2003:
1998:
1992:
1990:
1986:
1985:
1983:
1982:
1977:
1972:
1967:
1962:
1957:
1952:
1947:
1942:
1937:
1932:
1927:
1922:
1917:
1912:
1907:
1902:
1897:
1892:
1887:
1882:
1877:
1872:
1867:
1861:
1859:
1848:
1847:
1845:
1844:
1839:
1837:Voice phishing
1834:
1829:
1824:
1819:
1814:
1813:
1812:
1807:
1802:
1797:
1787:
1782:
1777:
1772:
1767:
1762:
1757:
1752:
1747:
1742:
1737:
1732:
1727:
1722:
1717:
1712:
1707:
1702:
1697:
1692:
1687:
1682:
1677:
1672:
1670:Pig Butchering
1667:
1661:
1659:
1654:Internet scams
1650:
1649:
1647:
1646:
1641:
1636:
1631:
1626:
1621:
1616:
1611:
1606:
1601:
1596:
1591:
1586:
1581:
1576:
1571:
1566:
1561:
1559:Sick baby hoax
1556:
1551:
1546:
1541:
1539:Reloading scam
1536:
1531:
1526:
1521:
1516:
1511:
1506:
1501:
1496:
1491:
1486:
1481:
1476:
1474:Locksmith scam
1471:
1466:
1461:
1456:
1451:
1446:
1441:
1436:
1431:
1426:
1421:
1416:
1411:
1406:
1401:
1396:
1391:
1386:
1381:
1376:
1371:
1366:
1361:
1356:
1351:
1346:
1341:
1336:
1331:
1326:
1321:
1316:
1310:
1308:
1302:
1301:
1299:
1298:
1293:
1288:
1283:
1278:
1272:
1270:
1266:
1265:
1260:
1259:
1252:
1245:
1237:
1228:
1227:
1225:
1224:
1219:
1214:
1209:
1203:
1201:
1197:
1196:
1193:
1192:
1190:
1189:
1183:
1177:
1175:
1171:
1170:
1168:
1167:
1162:
1156:
1154:
1150:
1149:
1147:
1146:
1141:
1136:
1131:
1126:
1121:
1116:
1110:
1108:
1101:
1097:
1096:
1094:
1093:
1088:
1083:
1077:
1075:
1069:
1068:
1061:
1060:
1053:
1046:
1038:
1027:
1026:
990:
979:
956:
927:
900:
889:
848:
819:
788:
773:
754:
743:
712:
701:
690:
675:
648:
615:
589:
555:
543:
542:
540:
537:
460:modus operandi
450:
447:
398:
395:
374:fixed deposits
299:
298:Modus operandi
296:
259:
256:
242:
239:
178:was an Indian
171:
170:
161:
155:
154:
151:
148:
145:
144:
141:
137:
136:
131:
128:
125:
124:
121:
118:
115:
114:
101:
97:
96:
87:
83:
82:
79:
75:
74:
71:
67:
66:
63:
59:
58:
55:
51:
50:
48:agrotechnology
40:
36:
35:
34:Publicly owned
32:
15:
9:
6:
4:
3:
2:
2114:
2103:
2102:1998 scandals
2100:
2098:
2095:
2093:
2090:
2088:
2085:
2083:
2080:
2078:
2075:
2073:
2070:
2068:
2065:
2063:
2060:
2058:
2055:
2053:
2050:
2049:
2047:
2032:
2031:Ponzi schemes
2029:
2025:
2022:
2020:
2017:
2016:
2015:In the media
2014:
2012:
2009:
2007:
2004:
2002:
1999:
1997:
1994:
1993:
1991:
1987:
1981:
1978:
1976:
1973:
1971:
1968:
1966:
1965:Secret Sister
1963:
1961:
1958:
1956:
1953:
1951:
1948:
1946:
1943:
1941:
1938:
1936:
1935:Matrix scheme
1933:
1931:
1928:
1926:
1923:
1921:
1918:
1916:
1913:
1911:
1908:
1906:
1903:
1901:
1898:
1896:
1893:
1891:
1888:
1886:
1883:
1881:
1878:
1876:
1873:
1871:
1868:
1866:
1863:
1862:
1860:
1858:
1857:Ponzi schemes
1853:
1849:
1843:
1840:
1838:
1835:
1833:
1830:
1828:
1825:
1823:
1820:
1818:
1815:
1811:
1808:
1806:
1803:
1801:
1798:
1796:
1793:
1792:
1791:
1788:
1786:
1783:
1781:
1778:
1776:
1773:
1771:
1768:
1766:
1765:Ripoff Report
1763:
1761:
1758:
1756:
1753:
1751:
1748:
1746:
1743:
1741:
1738:
1736:
1733:
1731:
1728:
1726:
1723:
1721:
1718:
1716:
1713:
1711:
1708:
1706:
1703:
1701:
1698:
1696:
1693:
1691:
1688:
1686:
1683:
1681:
1678:
1676:
1673:
1671:
1668:
1666:
1663:
1662:
1660:
1655:
1651:
1645:
1642:
1640:
1637:
1635:
1632:
1630:
1627:
1625:
1622:
1620:
1617:
1615:
1612:
1610:
1607:
1605:
1602:
1600:
1597:
1595:
1592:
1590:
1587:
1585:
1582:
1580:
1577:
1575:
1572:
1570:
1567:
1565:
1564:SIM swap scam
1562:
1560:
1557:
1555:
1552:
1550:
1547:
1545:
1542:
1540:
1537:
1535:
1532:
1530:
1529:Pump and dump
1527:
1525:
1522:
1520:
1517:
1515:
1514:Pig in a poke
1512:
1510:
1507:
1505:
1502:
1500:
1497:
1495:
1492:
1490:
1487:
1485:
1482:
1480:
1477:
1475:
1472:
1470:
1467:
1465:
1462:
1460:
1457:
1455:
1452:
1450:
1447:
1445:
1442:
1440:
1437:
1435:
1432:
1430:
1427:
1425:
1422:
1420:
1417:
1415:
1412:
1410:
1407:
1405:
1402:
1400:
1397:
1395:
1392:
1390:
1387:
1385:
1382:
1380:
1377:
1375:
1372:
1370:
1369:Charity fraud
1367:
1365:
1362:
1360:
1357:
1355:
1352:
1350:
1349:Blessing scam
1347:
1345:
1342:
1340:
1337:
1335:
1332:
1330:
1327:
1325:
1322:
1320:
1317:
1315:
1312:
1311:
1309:
1303:
1297:
1294:
1292:
1289:
1287:
1284:
1282:
1281:Error account
1279:
1277:
1274:
1273:
1271:
1267:
1258:
1253:
1251:
1246:
1244:
1239:
1238:
1235:
1223:
1220:
1218:
1215:
1213:
1210:
1208:
1205:
1204:
1202:
1198:
1187:
1184:
1182:
1179:
1178:
1176:
1172:
1166:
1163:
1161:
1158:
1157:
1155:
1151:
1145:
1142:
1140:
1137:
1135:
1132:
1130:
1127:
1125:
1122:
1120:
1117:
1115:
1112:
1111:
1109:
1105:
1102:
1098:
1092:
1089:
1087:
1084:
1082:
1079:
1078:
1076:
1070:
1066:
1059:
1054:
1052:
1047:
1045:
1040:
1039:
1036:
1032:
1022:
1009:
1001:
994:
983:
967:
960:
944:
938:
936:
934:
932:
915:
911:
904:
893:
885:
872:
864:
857:
855:
853:
836:
832:
826:
824:
807:
803:
799:
792:
784:
777:
770:(6): 550–552.
769:
765:
758:
747:
731:
727:
721:
719:
717:
705:
694:
686:
679:
663:
659:
652:
636:
632:
626:
624:
622:
620:
603:
599:
593:
577:
573:
566:
564:
562:
560:
548:
544:
536:
526:1,004,464,461
519:1,071,233,696
512:
509:
504:
496:
494:
490:
486:
481:
476:
472:
469:
463:
461:
457:
446:
442:
440:
435:
433:
429:
425:
421:
417:
413:
409:
408:working-class
405:
394:
392:
388:
383:
377:
375:
369:
366:
361:
355:
351:
347:
346:Parasrampuria
343:
338:
335:and eight in
334:
329:
327:
323:
319:
295:
293:
288:
283:
276:
273:
269:
265:
255:
252:
248:
238:
236:
235:Ponzi schemes
227:
222:
216:
212:
208:
204:
200:
195:
192:
189:
185:
181:
177:
162:
160:
156:
152:
146:
142:
138:
132:
126:
122:
116:
113:
109:
105:
102:
98:
95:
92:
88:
84:
81:December 1998
80:
76:
72:
68:
64:
60:
56:
52:
49:
45:
41:
37:
33:
29:
26:Anubhav Group
22:
1955:Reed Slatkin
1920:Kubus scheme
1800:Jim Browning
1795:419eater.com
1790:Scam baiting
1775:Romance scam
1745:Lottery scam
1690:Clickjacking
1634:Wash trading
1629:Trojan horse
1544:Return fraud
1494:Mock auction
1389:Drop swindle
1354:Bogus escrow
1030:
999:
993:
982:
970:. Retrieved
959:
947:. Retrieved
918:. Retrieved
914:the original
903:
892:
862:
839:. Retrieved
834:
810:. Retrieved
806:the original
801:
796:Prasad, RR.
791:
782:
776:
767:
763:
757:
746:
734:. Retrieved
729:
704:
693:
684:
678:
666:. Retrieved
662:the original
651:
639:. Retrieved
637:. ICMR India
634:
606:. Retrieved
604:. ICMR India
601:
592:
580:. Retrieved
575:
547:
513:
497:
477:
473:
464:
458:, Natesan's
456:Ponzi scheme
452:
443:
436:
400:
397:Scam of 1998
378:
370:
330:
301:
277:
261:
244:
196:
175:
174:
100:Headquarters
94:Ponzi scheme
31:Company type
1996:Con artists
1880:Dona Branca
1822:Spoofed URL
1730:Email fraud
1710:CyberThrill
1685:Click fraud
1599:Tarmac scam
1524:Pork barrel
1519:Pigeon drop
1509:Patent safe
1499:Moving scam
1409:Fiddle game
1359:Boiler room
1334:Badger game
1296:Sucker list
1269:Terminology
1100:Legislation
1000:Slide Share
730:www.xaam.in
576:www.fao.org
326:fertilisers
211:agriculture
191:plantations
119:Area served
2046:Categories
2024:Literature
1885:Earl Jones
1817:ShadowCrew
1770:Rock Phish
1715:DarkMarket
1705:Cybercrime
1680:Catfishing
1554:Shell game
1489:Mismarking
1414:Fine print
1374:Clip joint
1364:Bride scam
1017:|url=
972:26 October
949:26 October
920:26 October
880:|url=
841:26 October
812:26 October
736:26 October
668:26 October
641:26 October
608:26 October
582:26 October
539:References
471:₹6 crore.
439:bankruptcy
432:Royapettah
387:Royapettah
322:de-weeding
184:plantation
129:Key people
108:Tamil Nadu
91:fraudulent
73:C. Natesan
19:See also:
2092:Deception
2067:Cover-ups
2011:Impostors
1665:Avalanche
1479:Long firm
1399:Exit scam
489:Gujaratis
449:Aftermath
342:Hyderabad
337:Bangalore
292:timeshare
258:Formation
215:commodity
205:based on
159:Divisions
44:timeshare
1785:SaferNet
1755:Phishing
1695:Cramming
1584:SSC Scam
1449:Hustling
1434:Gem scam
1153:Proposed
1107:Existing
1074:activism
1008:cite web
871:cite web
199:chairman
140:Services
39:Industry
1875:Caritas
1852:Pyramid
1805:Kitboga
1675:Carding
1549:Salting
1291:Shyster
533:7 crore
506:49,100
406:Indian
404:retired
241:History
213:-based
182:-based
180:Chennai
104:Chennai
78:Defunct
70:Founder
62:Founded
1890:Ezubao
1750:PayPai
1188:(NOTA)
428:Sangli
424:Trichy
420:Shimla
412:Mumbai
354:CRISIL
350:Cochin
333:Madras
318:NABARD
314:50,000
249:and a
153:1,800+
1989:Lists
1286:Shill
1200:Other
508:crore
485:Delhi
307:1,000
287:crore
226:crore
207:fraud
123:India
112:India
54:Genre
1276:Scam
1021:help
974:2016
951:2016
922:2016
884:help
843:2016
814:2016
738:2016
670:2016
643:2016
610:2016
584:2016
426:and
416:Pune
382:SEBI
365:lakh
324:and
285:250
224:400
203:scam
188:teak
86:Fate
65:1992
1940:MMM
1854:and
1656:and
768:121
363:35
2048::
1012::
1010:}}
1006:{{
930:^
875::
873:}}
869:{{
851:^
833:.
822:^
800:.
766:.
728:.
715:^
633:.
618:^
600:.
574:.
558:^
422:,
418:,
110:,
106:,
46:,
1256:e
1249:t
1242:v
1057:e
1050:t
1043:v
1023:)
1019:(
1002:.
976:.
953:.
924:.
886:)
882:(
845:.
816:.
740:.
672:.
645:.
612:.
586:.
531:₹
524:₹
517:₹
503:₹
360:₹
312:₹
305:₹
282:₹
231:₹
221:₹
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.