The Reserve Bank of India (RBI) has cautioned the public that some foreign entity (M/s Forex Achievements ) has been allegedly operating in India and doing NBFI business, including acceptance of deposits, without obtaining a certificate of Registration (CoR) from RBI. In a communiqué, RBI said that the company was misusing the name of RBI by displaying a fake CoR on its web site for collecting deposits from the public. The Bank said, M/s Forex Achievements is not a registered company under the Companies Act, 1956 which is a prerequisite for obtaining CoR from the Bank. Several cases in the north east involving blade companies promising fantastic returns on investments emanate from Guwahati which has become the centre for many institutions with dubious reputations. Several thousand customers in Nagaland have been severely hit after these blade companies folded up after failing to continue with payment of the high returns promised. The latest that has hit the north east is one company functioning under the registered name ‘UNI 2 Pay U’, registered in Malaysia and registered office in Bangalore. The company in Guwahati was run by one person identified simply as K.K.Sharma believed to be the agent for the north east. The agent allegedly had lured several moneyed people and believed to have conned them of a few hundred crore rupees. Incidentally, ‘UNI 2 Pay U’ has not paid depositors for the past several months of the promised high returns. It promised that anyone depositing Rs.One lakh would earn Rs.10,000 after a few days and after thirty days the total amount would multiply. The company has been banned in Bangladesh where thousands have been left high and dry. Further, it is learnt that the company among scores of similar companies have either closed down or under investigation by the Enforcement Directorate.
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