Investors in soup as Agro bonds flop

MUMBAI, March 29: The Agro bonds scheme, touted as lucrative not too long ago, has become a nightmare for thousands of Thane residents who have invested in the bonds, following the company8217;s declaration that it wouldn8217;t be able to pay their dividends and the investment amounts.The affected investors approached the BJP8217;s Thane unit general secretary Sanjay Kelkar, who took them to Thane police commissioner O P Bali. The investors stand to lose Rs 80 crore. The matter is being investigated by Thane8217;s assistant police commissioner crime, Lalit Godbole. Arrow Global Agrotech started its office in Thane and begun accepting deposits. Presenting several schemes to investors, the firm declared high interest rates.

Nearly 25,000 Thane residents who invested their money in Agrotech8217;s schemes were given post-dated cheques by the firm in advance. But, in the first week of March, many investors who had gone to the bank to encash the cheques received a rude shock when the bank refused to honour thecheques.

Investigations revealed that the SEBI had in its letter to Arrow asked it not to mobilise any money from the public unless the instruments of the schemes were rated as per the SEBI provisions.

Taking shelter under this letter, the firm asked investors not to deposit any of the cheques issued by it. However, though other companies in the same business issued similar notices, they didn8217;t give stop payment orders. Reports said most of the investors belong to the salaried class and have invested their earnings. The complainants have asked the police to act fast, fearing that the key persons in the company, including R R Badlani, Uday Goel Managing Director, and Bipin Balsara, might abscond.