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Jayant Mundhra
•
Dexter Capital Advisors • 2d
Kudos to Jaggi brothers - for having successfully executed one more fraud! This time, Rs 176 / 166 / 124 crore big - depending on how you see this. They have literally scammed off yet again, while much of the media except The Ken is silent on this. Details below. .. You see, in January 2024, Blusmart’s charging infra unit raised Rs 124cr in loans (NCDs) from a Swiss impact fund called Responsability. And after infusing some of their own money into it, they distributed all the sum into 33 different FDs at a Ahmedabad branch. But, that money was obviously to be used for expanding the charing infra. But, by now, we obviously know, those brothers would not have used the sum for that. So what did they do? .. You see, Jaggi brothers had a ayurveda and herbals business called Param Care. - They borrowed big sums from ICICI Bank for this business, by pledging the Rs 176cr in the FDs from Blusmart! - And they never informed Responsibility that they had decided to use money raised for expanding charging infra as a pledge for another loan to a privately owned Ayurveda business of theirs .. Outcome? After the Blusmart-Gensol scam’s saga broke out, on 15 April, the privately owned Param Care defaulted on its loans. And the brothers did the obvious thing. They asked ICICI Bank to square off the loan liabilities against the money in the Blusmart FDs. And with that, money that was loaned by Responsability’s is now whose? ICICI Bank’s. And money that was loaned by ICICI Bank is now whose? Jaggi Brothers. And who lost the money? Swiss investor - Responsibility. .. This is a direct fraud with one of the most well known and respected impact investors globally. And this will surely dent Responsibility from investing in Indian opportunities in times to come. And it will also scare other such investors from coming here. All for what? Two brothers who did a scam, after another, after another. .. The country loves going about telling critics of the ruling that they are anti-nationals. Maybe it’s time they get buys calling out the real anti-nationals - The ones, who make India come out bad, and makes people turn away from the country. The ones, who eat way a slice of India’s prospects. Thoughts?
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