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Scan of the century

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A SUNDARARAMAN

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It was a meticuloously planned scam. The target, unfortunately, was senior brahmin citizens who were duped of their life savings in a meticulously planned operation over the years by the master swindler R Subramanian. Right from the year 2000 onwards R. Subramanian, MD of Viswapriya Financials and Securities Ltd specifically targetted brahmin elders, who are docile and naive enough to trust anyone. He appealed to them through various investment companies to invest their lifetime savings as debentures and deposits for a just nominal increase of 1% interest more than the market rate. From 2000 to 2012 he gained their confidence and finally filtered the investors only to form a group of senior citizens over the age of 65 and above and one fine day just closed the Company without returning even one paise of their investment, leave alone any interest. when the hapless senior citizens realised to their dismay in 2013 that they are not going to get their money back they just didnt know what to do. That is what precisely R Subramanian expected. To delay the investors from doing anything he devised a dubious scheme with the assistance of Court (one of the directors of Viswapriya was a retired Judge himself) and got it passed - that is returning the investment over a period of six years in instalments after 2016. Investors were repeatedly asked about their various investment deatils again and again just to confuse them and delay the process further without any further remedial action from the investors. Having successfully delayed any action from the investors he transferred all the investments to other companies (Registrar of Chennai was very generous enough to permit him open some 49 Companies solely for this purpose); and transferred all the good properties of the Company to his own relatives. And cunningly applied to the Court for bankruptcy after completing the successful swindling operation. For name's sake the EOW arrested him and released him. For hundreds of crores of cheating the High Court was very kind enough to let him on a simple bail of Rs. 1Lakh. Now the Investors, all of them senior citizens and brahmins, realized their folly and formed an association, Viswapriya Invenstors Welfare Association and through their donations arranged some lawyers to fight their case, belatedly. Now the Court found that Viswapriya has only few useless properties that also under litigation; EOW, Chennai claimed no complaints from investors stating that whatever complaints it received were all washed away in Chennai floods in December 2015. What a concerted effort by all the savious of Law to save the fraudster. Now even after 3 years the case is going on, few of investors have died penniless, being ridiculed by their children for having invested in Viswapriya and left high and dry in the terminal stage. No political party worth the name came to the help the investors because they received handsome donation for the election from Viswapriya Company.

India, particularly Tamilnadu has never been duped so meticulously in such an organized way with the utmost cooperation of Police and the Court who are supposed to protect the public, that too, senior citizens in particular.

The surviving investors hopelessly fighting a long drawn battle against the monster scamsters and keep praying that a miracle will happen someday before they die..............

A. Sundararaman
 
Dear Sri
A. Sundararaman.

I can understand the agony of some of the TB senior citizens who are reportedly cheated by M/s Viswapriya Financials and Securities Ltd. With all my experience as a Senior Manager of a reputed Bank, I want to share a few words to the people who are exploring the avenue for investments for higher returns.

No company could pay higher interest unless and otherwise they continuously, has a source to earn legally 3 to 4 % extra than what they pay to depositor. This point we omit or fail to see before investing.

The bite attached to the hook is 2 or 3% extra interest over and above the Bank / Postal deposit rates. The people are continuously allured and cheated by the financial companies for decades by showing some retired officials of high repute, in their board of directors. In your case a retired Judge is one of the director’s oF the company.

In eary 1990s when banks were paying 12 to 13 % interest, one Finance company announced to give 18% interest. Field Marshal Sam Manekshaw, a retired top military officer, was one of the directors. They collected deposits to the tune of several Crores, conducted the the Company for 3 or 4 years and vanished. No action could be taken by police or court as it was said that the “Udan PiRavaa sister” was one of the relatives to he MD of that company and had cleared all the actions.
This board of directors may not know the real intention of the cheating companies; they do not have any legal obligation to the depositors.
Now, the rate of interest payable by the authorized Finanial Companies are all come under the ceiling and scrutiny by RBI.
Finally we could blame our own innocence / ignorance.
 
Viswapriya was offering 11% cumulative interest in 2012 when it closed down. The important point in this case is at least ten judges have been transferred or voluntarily retired from hearing this case; this indirectly benefited a lot to the fraudster Company and its directors. Why the judges have been transferred or voluntarily retired?? Recently the Judge who was hearing this case and took some important decision has been transferred to Andhra High Court. EOW Chennai initially refused to give registration number to the complaints and later one Mr Ashok Natarajan and another lady inspector were transferred from EOW in this regard. And EOW came out with the announcement that only very few investors bothered to lodge complaint. All along the EOW, High Court and the Government helped and sometimes went out of the way to help the scamsters against the interests of the hapless Investors - just because the investors happened to be brahmins and senior citizens. What is rumoured now is most of the properties have been disposed off among the staff members of concerned authorities who are supposed to prosecute the offender................
 
Viswapriya was offering 11% cumulative interest in 2012 when it closed down. The important point in this case is at least ten judges have been transferred or voluntarily retired from hearing this case; this indirectly benefited a lot to the fraudster Company and its directors. Why the judges have been transferred or voluntarily retired?? Recently the Judge who was hearing this case and took some important decision has been transferred to Andhra High Court. EOW Chennai initially refused to give registration number to the complaints and later one Mr Ashok Natarajan and another lady inspector were transferred from EOW in this regard. And EOW came out with the announcement that only very few investors bothered to lodge complaint. All along the EOW, High Court and the Government helped and sometimes went out of the way to help the scamsters against the interests of the hapless Investors - just because the investors happened to be brahmins and senior citizens. What is rumoured now is most of the properties have been disposed off among the staff members of concerned authorities who are supposed to prosecute the offender................

Viswapriya was offering 11%.... ok. What was the Bank interest at that time ? I presume it was 9%( 10% for senior citizens); then Why this mad love for Viswapriya just for 1%?
Had they offered 2 to 3 % cash incentive at the time of investment as bite. It is not made known here.I don't think that the transfer of Judges and inspector have any connection with this case as transfers may have some other reasons or mere coincidence; the affected minds may attribute reasons.

In case Brahmins get cheated, usually they are shy of disclosing the fact even to friends and relatives.Moreover they may not prefer any further litigation as further expenditure...... amounts to throwing good money after bad money.

Innocent / ignorant people got cheated. No doubt in it. Digging the grave and doing
Postmortem would not get any solace to the affected.

 
"In case Brahmins get cheated, usually they are shy of disclosing the fact even to friends and relatives........." Exactly. This is the weak point Mr. Subramanian MD of Viswapriya found out through his research over a period of 10 years, targeted them, lured them with whatever interest rate, or 'bite' or whatever you call it. Having accumulated a sizeable amount of some 200 plus crores he just closed the business. In the history of Madras High Court there were not these many transfers or voluntary retirement of judges hearing a particular case.

It is not mad love - it was a trust unfortunately formed by repeat investment over five six years. Viswapriya for few years had Crisil Rating of A+++. And unfortunately our trust misled us to doom.
We are the affected party - I dont know whether we qualify to be 'brahmins' as per your stipulations. we were cheated by a planned robber with the help of all those in power. We want to spread this message so that tomorrow no other person will fall into the trap again. I know people only blame or ridicule us because we are the losers. we just want to caution the 'smart' people that let them also do not fall into the trap of R. Subramanian or his type of ilk. And for your info, he is also a Brahmin, and B Tech and MBA from an IIM. These highly educated brahmin chose to trap only brahmins and send them to their death penniless in their last days...........

A.Sundararaman
 
"In case Brahmins get cheated, usually they are shy of disclosing the fact even to friends and relatives........." Exactly. This is the weak point Mr. Subramanian MD of Viswapriya found out through his research over a period of 10 years, targeted them, lured them with whatever interest rate, or 'bite' or whatever you call it. Having accumulated a sizeable amount of some 200 plus crores he just closed the business. In the history of Madras High Court there were not these many transfers or voluntary retirement of judges hearing a particular case.

It is not mad love - it was a trust unfortunately formed by repeat investment over five six years. Viswapriya for few years had Crisil Rating of A+++. And unfortunately our trust misled us to doom.
We are the affected party - I dont know whether we qualify to be 'brahmins' as per your stipulations. we were cheated by a planned robber with the help of all those in power. We want to spread this message so that tomorrow no other person will fall into the trap again. I know people only blame or ridicule us because we are the losers. we just want to caution the 'smart' people that let them also do not fall into the trap of R. Subramanian or his type of ilk. And for your info, he is also a Brahmin, and B Tech and MBA from an IIM. These highly educated brahmin chose to trap only brahmins and send them to their death penniless in their last days...........

A.Sundararaman

hi

whether he is a brahmin or not......the trustworthy is different.....but the govt investments/banks are more reliable....but always

its a risk.....finally we the ppl are losers.....its our hard earned money....we should be careful ...i know we want more interest


as much as and as early as possible....all risks to be calculative....
 
hi

there is brahmin proverb in tamil.....ஆற்றிலே போட்டாலும் அளந்து போடணும்.....பேராசை பெரு நஷ்டம் .......பேராசை

முதலுக்கே நஷ்டம்....
 
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My 2 cents are do not trust NBFC unless there is a reliable brand associated with it such as Tata or TVS...Better go with public sector Bank deposits! Otherwise investing in such dubious companies is equivalent to stock market gamble! Please do not believe anyone including close relatives...Do your own research before investing!
 
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True.

One of my friends argued with me that the debentures of NFBC are good investment as debentures have a charge over the plant and machinery,land & building of NFBC.

I told him that we may not know the quality of these assets; many of the NFBCs show a rosy picture in the balance sheets where as the truth may be otherwise. Charted Accountants are also a party to that.

Senior citizens should be cautious and learn not to succumb to the fancy rate of return; but look for tension free secured investments in Banks / post office.
 
Not only in Vishwapriya, Bs have invested in so many Nidhi companies like RPF, RPS, Alwarpet, Madras Motor Cuarantee which went into liquidation, were run by NBs.

Generally,there is no common understanding among Bs while taking investment decision.

Collective decision is a must in financial matters.
 
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