Tata Group: Fraudsters using its name for online ponzi scheme

Feb 16 2014, 16:19 IST
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SummaryA British Virgin Islands entity has been found to be fraudulently using Tata brand name to lure investors to online investment plans promising huge monthly returns of up to 100 per cent for payments made in bitcoins and some other virtual currencies.

15-day investments of USD 5-100, while returns get higher for bigger investments with larger durations.

Another group firm Tata Investment Corporation has also issued a separate 'caution notice', saying that "they (Tata Agro Holding) are illegally using the Tata logo and are wrongly and fraudulently representing that Amit N Dalal, (Executive Director of Tata Investment Corporation Ltd) as the President and CEO of Tata Agro Holding Ltd."

"Neither Tata Sons Ltd, the owner of 'Tata' business name and trademark, nor any other Tata company nor Amit N Dalal, Executive Director Tata Investment Corporation Ltd have any connection whatsoever with the aforesaid Tata Agro Holding Ltd.

"The contents on the website are fraudulent representations and therefore neither any Tata company nor Amit Dalal are responsible for actions taken in response to the claims of Tata Agro Holding Ltd. Tata Sons is initiating appropriate action in the matter," it added.

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

"We are a subsidiary of transcontinental conglomerate Tata Group that has been established in India back in 1868 and now boasts the combined market capitalisation of USD 96 billion," it adds.

"We have retained only the best things from a rich and long experience of our ancestor: the unique corporate culture, client-oriented and customised approach, and understanding of the market through retrospective analysis. Our fundamental aim is to help you grow your capital," it says further.

Claiming to be working in 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 offered four investment plans with the "daily ROI (Return on Investment) of 1.9 per cent to 3.1 per cent and investment terms of 15 to 120 days".

In one of the investment proposals, the company claims it has been dealing in sales of different agricultural commodities for more than 10 years, starting 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 says.

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