A big scam has come to light where an organization masquerading as a multi-state cooperative society is cynically engaged in collecting money from simple farmers from across half a dozen states in the country in the name of ponzi scheme.
The Pearl’s Group’s Lotus Agriculture and Marketing Cooperative Society with offices in New Delhi and Chandigarh is the outfit that has committed the crime of defrauding small investors to the tune of Rs. 47,000 crore so far.
The whole fraud has been organized using euphemistic phrases such as self-help and mutual aid. The society has been pretending to help farmers with farming, marketing , technological innovations and industrialized farming.
The lure of very high returns on the amount farmers pay is what has attracted them to the ponzy scheme, said a farmer in Chandigarh who was at the receiving of the society’s avarice. The group also ran a TV Channel till recently.