A British Virgin Islands entity has been found to be fraudulently using Tata brand name to lure investors to online investment plans promising huge monthly returns of up to 100 per cent for payments made in bitcoins and some other virtual currencies.
Claiming to be a subsidiary of $97-billion Indian conglomerate Tata Group, the company, ‘Tata Agro Holding Ltd’, was soliciting investments on various online platforms including through its website.
Terming the claims made by this entity as “absolutely false, misleading and intended to defraud innocent and unwary members of the public”, Tatas have denied any association with them and have initiated “appropriate action” in this matter.
While the website of this company no more appears to be functional, its investment plans continue to find a place on a number of internet forums for such online schemes.
About “misuse of Tata name”, the group’s main promoter entity Tata Sons said in a ‘caution notice’ that it “is initiating appropriate action in the matter”. “Neither Tata Sons nor any other Tata company has any connection whatsoever with the aforesaid Tata Agro Holding,” it added.