Bhubaneswar: A scam as big as the chit fund fraud in West Bengal has been exposed, but this time it is in Odisha. A CNN-IBN exclusive shows how fraudulent investment companies are duping investors in the state. Investors have been swindled off nearly Rs 20,000 crore by 40 finance companies in Odisha.
Seashore Group, one of the companies being probed by Odisha police, has duped over 80,000 investors and collected over Rs 600 crore. The company offered investors 24 per cent interest per annum. Seashore Chairman Prasant Dash did not respond to CNN-IBN's request for a reaction.
When he retired at 60 in 2012, school teacher Basudev Mohapatra invested most of his retirement benefits of Rs 7 lakh with the Seashore Group that promised him a whopping 24 per cent interest annually for 6 years before returning his money. After a few months the interest payments stopped. The company even refused to return the invested amount. Basudev realised he had been duped.
"The company and its agent convinced us that if you keep your money in banks you will get only 8 per cent interest, but if you deposit in Seashore you will get 24 per cent. Since the company was running for past several years in our area, we thought the government must have given it all due permission to operate," Mohapatra said....
more
06:38 PM, May 01, 2013
Mumbai/New Delhi: ICICI Prudential Mutual Fund has entered into a strategic partnership with Syndicate Bank, one of India's most trusted and progressive PSU Banks for distribution of its mutual fund schemes to further strengthen its distribution reach. Syndicate Bank will now be distributing ICICI Prudential Mutual Fund products to its customers across India through its large network of 2709 Branches. Speaking on the alliance Shri M. Anjaneya Prasad, Executive Director,...
12:12 PM, Oct 03, 2012
He has worked in the Indian mutual fund industry for more than 15 years. He picks tomorrows blue-chip stocks from todays numerous mid-cap companies. Investment philosophy: He hitched his fund wagon to the theme of consumption and food inflation more than two years ago and his top picks too have remained the same over that period. Other interests: Stays in Mumbai and is slightly partial to Totos, that classic of...
01:09 PM, Jan 17, 2012
After a lacklustre performance in the last three years in the equity category, HSBC Mutual Fund is gearing up for some serious changes. Tushar Pradhan, the chief investment officer (CIO) of HSBC Mutual Fund, has been given the responsibility to manage the HSBC Equity Fund along with three other equity funds. His task is to make HSBC Equity one of the best performing funds in the country. In 2003, HSBC...
02:12 PM, Nov 01, 2011
Mumbai: Corporate giant Reliance Industries' Chief Mukesh Ambani on Friday announced that the company would become debt-free in the current financial year. Announcing a bullish stance on the company's financial position, the Chairman and MD said that RIL would become debt-free on a net basis in the current 2011-12 fiscal. RIL had outstanding debt of Rs 67,397 crore ($ 15.1 billion) as of March 31, 2011, as against Rs 62,495...
12:00 PM, Jun 03, 2011
The floodgates might just have opened for the Indian mutual fund industry. Indian markets have always been considered to be very attractive for investors in developed markets, but mutual funds in India were never allowed to tap retail investors from abroad. Hence, mutual funds used the Mauritius route to attract international investors into their portfolio management schemes (PMS) or offshore funds. This has often been considered cumbersome and the target...
02:41 PM, Mar 19, 2011
Mumbai: Anil Ambani group firm Reliance Mutual Fund today launched a new Gold Savings Fund, a first-of-its-kind investment scheme focused on gold, to tap a market that it expects to become bigger than even equity mutual funds. The new fund, which is different from gold ETFs (Exchange Traded Funds) that require subscribers to have a demat account, will also offer investors the option to invest as little as Rs 100...
04:22 PM, Feb 09, 2011
Mutual fund managers will scratch their heads when they look at the graphic on this page. The retail investor confused them in 2010. Fund managers used to view retail investors as simplistic individuals who would follow the herd. When the market would rise, the net inflow of funds would rise. When the market fell, the result would be a net outflow. But, since January 2010, net inflows were negative when...
03:11 PM, Jan 28, 2011
Mutual funds are a safe investment, but what fund to pick? ...
08:58 PM, May 08, 2010
This week on 'All About The Money', we focus on Mutual Funds investments. If you have any questions post them here. How can investors get the best return by investing in mutual funds? What are the steps/pointers to select the best mutual funds? Find out the five key pointers when planning for a secured future? Which are the five best mutual funds in differemt categories? Our experts will field your queries on CNN-IBN.
06:04 PM, Apr 13, 2010
SEBI on Saturday banned the sale of unit linked insurance plans by 14 major life insurance companies. ...
09:44 AM, Apr 11, 2010
Just how much is too much when it comes to investing in portfolios? ...
01:10 PM, Dec 03, 2009
SEBI's ruling on mutual funds will change industry, make it stronger. ...
01:49 PM, Jul 21, 2009
The Indian mutual fund industry is set to change forever. ...
06:01 PM, Jun 11, 2009
Experts say investors would be disappointed with the performance of mutual funds. ...
02:58 PM, May 19, 2009
This was the first opening trade ever since election results were out on Saturday. ...
12:57 AM, May 19, 2009
Sector funds work only if the sector is promising enough in the long term. ...
03:09 PM, May 13, 2009
You can invest in mutual funds with a sum as low as Rs 500 per month. ...
02:58 PM, May 11, 2009
Buying gold on the day of Akshaya Tritiya is considered auspicious. ...
01:58 PM, Apr 27, 2009
Never trust an extra attractive financial scheme. ...
11:41 AM, Apr 22, 2009
