Surat : A BJP councillor from the Daman Municipal Council (DMC) in the union territory of Daman and Diu has written a letter to Prime Minister Narendra Modi alleging that the Daman-based company, Radha Madhav Corporation Limited (RMCL) has committed fraud to the tune of Rs 20,000 crore through their ponji chit fund scheme across the country.
Mukesh Patel, BJP councillor in DMC from ward number 10, who is also the former president of DMC alleged that RMCL run by the father-son duo—Anil Agarwal and Mitesh Agarwal—has defrauded more than 50 lakh gullible investors in the online ponji chit fund scheme across the country worth Rs 20,000 crore in the last few years.
The National Company Law Tribunal (NCLT), Ahmedabad has initiated auction procedure against Daman-based RMCL. The RMCL’s movable and immovable assets are valued at about Rs 250 crore, but it is learnt that the NCLT has not maintained transparency in the matter of auction notice, alleged Patel.
According to Patel, the auction notice was only published in one national and vernacular newspaper and that the NCLT failed to widely publicize the notice through the online application system. About eight tenderers had applied for auction, out of which four tenders had been rejected due to technical errors and the rest were accepted.
Mukesh Patel, councillor of DMC told TBT, “I have learnt that the tender applications of four individuals have been accepted by the NCLT and that they seems to be RMCL’s dummies. The actual value of the properties owned by RMCL could fetch Rs 300 crore, however the NCLT and RMCL are trying to undervalue and sell the properties for Rs 25 crore.”
Patel has requested PM Modi to intervene and ensure that fresh tender is issued and the entire auction process should be done online.
A couple of days ago, the goods and service tax (GST) department of Daman had issued demand notice against RMCL to recover tax amount to the tune of Rs 9.30 crore. The notice was issued by the deputy commissioner of UTGST after RMCL, which owns a plastic manufacturing company in Daman, was found involved in fraudulently claiming input tax credit (ITC) on the goods supplied by a fake company.
Patel further stated that the RMCL has operational creditors who have admitted amount to the tune of Rs 37 crore not paid to them.