This 'referral program', which gives the investment scheme a ponzi-like pyramid marketing structure, promises five per cent commission on every deposit by first-level referrals, three per cent for second-level referrals and one per cent for third-level referrals.
The lowest return of 1.9 per cent a day has been promised on 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