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Tatas say fraudsters using brand name for online ponzi scheme, IndiaToday

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A British Cherry Islands-based entity has bot found to be fraudulently using Tata brand name to lure investors to online investment plans promising giant monthly comes back for payments made te bitcoins and some other virtual currencies, spil vanaf caution notices issued by Tata group entities.

Claiming to be a subsidiary of $97-billion Indian conglomerate Tata Group, the company – Tata Agro Holding Ltd – wasgoed soliciting investments on various online platforms including through its webstek.

Terming the claims made by this entity spil “absolutely false, misleading and intended to defraud guiltless and unwary members of the public”, the Tatas have denied any association with them and have initiated “suitable act” ter this matter.

While the webstek of this company no more emerges to be functional, its investment plans proceed to find a place on a number of internet forums for such online schemes.

About “misuse of Tata name”, the group’s main promoter entity Tata Sons said ter a ‘caution notice’ that it “is initiating adequate act te the matter”.

“Neither Tata Sons strafgevangenis any other Tata company has any connection whatsoever with the aforesaid Tata Agro Holding,” it added.

Besides being a promoter entity ter a host of its group entities, Tata Sons is the holder of the Tata business name and trademarks.

Internet is utter of hundreds of such fraudulent investment schemes and thousands of such fraudulent activities are said to be ter business outside the internet also, despite continued crackdown by various regulators and government departments, including market watchdog Securities and Exchange Houtvezelplaat of India (Sebi) and the Corporate Affairs Ministry.

Among those having come to light, this could be the very first case where name of a major corporate house has bot misused for such frauds.

Tata Sons said that the BVI-based company wasgoed promoting on its webstek, Tataagro.com, a broad range of investment plans with a monthly profitability of up to 100 vanaf cent, while claiming to be a Tata group company.

The investors have bot asked to invest amounts ranging from spil low spil $Five to a maximum of $Ten,000 for daily comebacks of 1.9-3.1 vanaf cent, while there is also a “profitable referral program that lets you earn more and work side by side with your family and friends”.

This ‘referral program’, which gives the investment scheme a ponzi-like pyramid marketing structure, promises Five vanaf cent commission on every deposit by first-level referrals, Trio vanaf cent for second-level referrals and 1 vanaf cent for third-level referrals.

The lowest terugwedstrijd of 1.9 vanaf cent a day has bot promised on 15-day investments of $5-100, while comebacks get higher for fatter investments with larger durations.

Another group rock hard Tata Investment Corporation has also issued a separate ‘caution notice’, telling that “they (Tata Agro Holding) are illegally using the Tata logo and are wrongly and fraudulently signifying that Amit N Dalal, (Executive Director of Tata Investment Corporation Ltd) spil the Voorzitter and CEO of Tata Agro Holding Ltd”.

“Neither Tata Sons Ltd, the proprietor of ‘Tata’ business name and trademark, strafgevangenis any other Tata company strafgevangenis Amit N Dalal, Executive Director Tata Investment Corporation Ltd have any connection whatsoever with the aforesaid Tata Agro Holding Ltd,” it said.

“The contents on the webstek are fraudulent representations and therefore neither any Tata company strafgevangenis Amit Dalal are responsible for deeds taken ter response to the claims of Tata Agro Holding Ltd. Tata Sons is initiating suitable act te the matter.”

Ter messages posted on various online investment platforms, this entity had claimed that Tata Agro is an agricultural investment company established by Amit Dayal te 2012 te British Cherry Islands.

“Wij are a subsidiary of transcontinental conglomerate Tata Group that has bot established te India back ter 1868 and now boasts the combined market capitalisation of $96 billion,” it said.

“Wij have retained only the best things from a rich and long practice of our ancestor: the unique corporate culture, client-oriented and customised treatment, and understanding of the market through retrospective analysis. Our fundamental aim is to help you grow your capital,” it added.

Claiming to be working te businesses like “barley, soya, soya oil and meat, corn, wheat, and livestock and operating on global exchanges like CME Group, TOCOM, and MGEX, the BVI entity has suggested four investment plans with the “daily ROI (Terugwedstrijd on Investment) of 1.9 vanaf cent to Three.1 vanaf cent and investment terms of 15 to 120 days”.

Te one of the investment proposals, the company claimed it has bot dealing te sales of different agricultural commodities for more than Ten years, beginning from 2001.

“Nowadays our main business activities consist of assets management through wheat and corn futures trading on stock exchanges: CME Group, The Minneapolis Grain Exchange and Tokyo Commodity Exchange,” it said.

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