The Anubhav Plantations Scam
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"You are giving deposits because you trust me. Leave it at that."
- C. Natesan, Chairman, Anubhav Group, in 1998.
The Doomed Depositors
On 2nd December 1998, thousands of people from places like Shimla, Trichy, Sangli and several other Indian cities and towns converged at the New Woodlands Hotel in Chennai.
Many depositors, who went to the group's offices to collect their deposit amount after maturity, found the doors locked and lodged complaints with the police.
1] In a plantation scheme, a company invited people to invest money in 'teak-units,' and assured them a specified quantum of teak (or cash) as returns after a specified lock-in period, which was usually very long. Typically, an investment of Rs 1275 in a teak tree fetched Rs 62,000 or 37.5 cubic feet of teak at the expiry of 20 years. There were slight variations in the offers made by different teak plantation companies. Some companies offered interim returns also, usually after a 5-6 year gap.
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