9. Platinum Firm’s Scam

In mid 1990s, many firms were subjected to no guidelines. Hence the then budding companies easily got away with profit protrusions. One such companies was Anubhav group’s teak plantation firm. The Anubhav Group has duped investors of over 400 crores. During this period, many such plantation companies cam into picture and tricked thousands of investors. As per CRISIL data, more than 4500 plantation companies raised over 25,000 crore from the public during the 1990s. An investor of Anubhav Group said, “Why do people invest in these kinds of firms? Because people want to make more money, fast. What do we get from the nationalized banks as interest? A mere 5-7 percent, whereas Anubhav was paying 21-24 percent interest”, as quoted by Wisewealthadvisors.com.