Even as Green Ray International Limited (GRIL) has submitted a list of its depositors along with the quantum of investment in the Orissa High Court, an investigation revealed that the company has allegedly misled the Court and the Crime Branch by submitting the details of only one year’s transaction.
The company through an affidavit had informed the Court that it had collected Rs 225 crore from 1,25,350 credit customers across the State in 2011-12 and it was ready to repay them within six months.
The submission came in the wake of an instruction of the division bench of Justice P Mohanty and Justice Biswajeet Mohanty who had asked the company to furnish all details of the investors and depositors along with the quantum of investment, date of deposit and maturity value.
The Court on Monday instructed the company to submit the lists of depositors and deposited money branch wise and clarify whether the depositors would get the returns as promised to them at the time of deposit.
“The lists would be published publicly after the company submits them and the State asked to verify the list by inviting representations from depositors. The State would also verify if there are any left out depositors,” the Court observed.
A reliable source associated with the company told TNIE that the authorities of GRIL have prepared the list of depositors of 41 branches in the State whereas it has 67 more branches in 13 States of Maharashtra, Goa, Jharkhand, Chhattisgarh, Bihar, West Bengal, Andhra Pradesh, Delhi, Karnataka, Tamil Nadu, Haryana, Madhya Pradesh, Uttar Pradesh and Gujarat besides its international branch in Bar Dubai.
Of its 41 branches in the State, 13 branches have been sealed by the Crime Branch. The company has also tried to hoodwink the Court by not submitting the list of depositors who have deposited their money since 2005 when the company started its operation in the State.
“Not only this, the company has not disclosed names of its big investors who too do not wish to be named as they have invested black money,” the sources said.
It is learnt that the company recently opened its branch at Bharuch in Gujarat even while sealing of its branches in Odisha was going on.
Though the company, which allegedly mobilised Rs 700 crore (as per the estimation of CB) from the State, claimed to have been selling gold and silver, it is alleged that certificates were issued to lakhs of customers under various investment plans (as mentioned in its website) in contravention of the guidelines of the Registrar of Companies (RoC), RBI and SEBI.
A CB official asked if it was purely into trading, why were certificates issued and customers lured on the pretext of providing them interest at more than the prescribed rate of RBI.
“As per the Court direction, we are expecting a total list of depositors of the company which is in operation all over the country and outside,” he said.
Altogether 13 cases have been registered against the company authorities under various sections of IPC and Prize Chits and Money Circulation Schemes (Banning) Act 1978 in Balasore, Mayurbhanj, Ganjam, Sonepur and Khurda districts.
Sources said the company’s MD who is monitoring things from Dubai now was planning to shift his family and business there.
And if he succeeds in shifting his base, lakhs of Green Ray investors in the country will be left in the lurch.