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How Sahara Q Shop is duping investors
There is no end to fraudulent investment schemes in India.
In a case possibly not different from the Saradha case in West Bengal where both the central and state government are passing the buck to one another, the complaint filed against Sahara Q shop by social activists Amitabh Thakur and Nutan Thakur also continues to hang in limbo.
The Ministry of Consumer Affairs sent their complaint dated November 6, 2012 to Jawed Usmani, Chief Secretary, Uttar Pradesh on November 30 asking him to investigate the matter and take appropriate action.
The Ministry of Consumer Affairs also asked the Chief Secretary to send an action taken report in the matter.
Unfortunately, the Uttar Pradesh government has not initiated any action till date.
Source: As per a press release issued by Dr Nutan Thakur, a a social activist and freelance journalist.
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How Sahara Q Shop is duping investors
The investors allege that Sahara Q Shop, a retail venture from Sahara India Parivar is a hogwash to lure gullible people, hence suitable action under the provisions of law be initiated.
Amitabh and Nutan said that complaints were coming about Sahara India collecting money through the so-called Consumer products network, called the Sahara Q Shop so as to keep it away from the regulatory framework of SEBI.
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How Sahara Q Shop is duping investors
Sahara Q Shop claims to offer completely adulteration-free, 100% quality consumer merchandise products in 73 categories, at most competitive prices.
Cricketers Mahendra Singh Dhoni and Sachin Tendulkar have been part of a campaign to promote Q-shop as a fight against adulteration in a variety of products.
However, in October 2012, the Securities and Exchange Board of India (Sebi) had warned investors in optionally fully convertible debentures (OFCDs) of Sahara group not to yield to pressure by Sahara agents and shift investments to Sahara Q shop.
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How Sahara Q Shop is duping investors
In their complaint filed with Sebi last year, Amitabh Thakur and Nutan Thakur said, "Sahara India was collecting money through the so-called Consumer products network, called the Sahara Q Shop where it was making the investors believe through its large network of around 10 lakh agents, stationed in more than 2900 branch offices, all over the country that they would be getting a good return through their investment in Sahara Q shop."
"Apparently the Sahara Q shop was collecting "global advance" for bringing a person in the fold of consumers who would become a part of the consumer network and would get entitled to buy all kinds of products ranging into different fields but in reality it was nothing more than raising of public money in this new garb," they alleged.