The company amassed a substantial amount of funds through an illicit collective investment scheme (CIS).
GCA Marketing Properties Refund News: GCA Marketing Private Limited is a chit-fund company that previously solicited funds from investors in the form of single, monthly, and annual plans and leased out plants with a guaranteed buyback. In accordance with the Punjab Agricultural Produce Markets Act, the corporation was registered in the agricultural, farming, and product sales industries. The Securities and Exchange Board of India (SEBI) was subsequently notified that the company had solicited deposits without permission or registration. The company amassed a substantial amount of funds through an illicit collective investment scheme (CIS).
In December 2014, SEBI instructed GCA Marketing and its directors (Amardeep Singh Cheema and Gurdeep Singh) not to collect any additional investor deposits and to refund Rs. 428 crores to investors, along with the promised interest. In addition, SEBI requested that they provide all relevant information, including active schemes, an inventory of investors, their names, addresses, phone numbers, etc.
Due to their failure to comply with refund directives, the Securities and Exchange Board of India (SEBI) banned the company and its two directors from the securities market until further notice in February 2016.
According to available information, the capital markets regulator SEBI has ordered the attachment of properties belonging to GCA Marketing and two of its directors in connection with an illegal fundraising case to pay Rs. 428 crore plus interest to investors.
The situation is still being investigated. Those who have invested money in the company can anticipate receiving information regarding a refund following the conclusion of the investigation. Visit the official website of Justice S.P. Talukdar Committee at https://justicesptalukdarcommittee.com/ for more information regarding the current status of the case or refund procedure. Online refund requests can also be submitted by investors/depositors of the MPS group of companies.
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It is alleged that Sai Prasad Corporation Ltd. (SPCL) raised Rs. 615 crores from over 20 lakh investors through collective investment schemes (CIS) without permission from the capital market regulator. SPCL is a chit fund company based in Pune that defrauded investors by promising them high returns (18% annual returns on investments) in a variety of schemes. Thus, the corporation was said to be operating a Ponzi scheme in which liabilities were covered by deposits. The company was subsequently found to have been involved in a 4000 billion rupee investment fraud.
In light of the violation of SEBI regulations, the regulator imposed a four-year ban on the company and its directors (Balasaheb K Bhapkar, Vandana B Bhapkar, and Shashank B Bhapkar). SEBI also restricted their access to the selling firm’s assets, with the exception of refunding depositors.
In January 2019, SEBI ordered Sai Prasad Corp to refund Rs 615.47 crores to its investors within three months, in addition to the promised returns. However, the company did not adhere to the refund instructions.
According to available information, the special MPID court presiding over the case has authorised SEBI to auction 200 properties belonging to the Sai Prasad Group of Companies. In December of 2019, the Securities and Exchange Board of India (SEBI) auctioned off the assets of Sai Prasad Corporation, a Rs. 4000 crore Ponzi scheme. Currently, the sale of company assets, as well as ornaments, jewellery, and other valuable items, is taking place.
The issue is still being investigated by the one-person committee. No details regarding the refund procedure have been disclosed as of yet. Investors/depositors who have invested in schemes offered by SPCL can find additional information at https://justicesptalukdarcommittee.com/. Depositors may also request a refund online.
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