The company deceived the gullible public, particularly in rural and semi-urban areas, with the promise of enormous returns and the option to rescind the land's delivery.
Incorporated in 2002, KBCL India Limited is a non-governmental organisation affiliated with the Kalpataru group. It is primarily engaged in agriculture and related activities.
KBCL India operated an illegal investment scheme under the guise of real estate operations. Depositors are offered a variety of options, including fixed deposits, monthly investment schemes, single investment schemes, recurring deposits, etc., under the guise of advances for unidentified real estate projects. Through these investments, the KBCL received over Rs 118.69 billion from investors for the purchase and development of land plots. The company deceived the gullible public, particularly in rural and semi-urban areas, with the promise of enormous returns and the option to rescind the land’s delivery.
SEBI, the capital market regulator, observed that KBCL’s scheme bears no resemblance to the real estate industry. After further investigation, SEBI determined that the company was operating an illegal collective investment scheme (CIS) without obligatory registration with the regulatory authority or approvals. The Securities and Exchange Board of India prohibits the company from raising any new capital or conducting any CIS transactions.
The Securities and Exchange Board of India demanded that KBCL refund investor funds within three months, along with the promised returns, on 26 May 2014. The capital market regulator also barred KBCL India and its directors (Rakesh Kumar, Sashi Kant Mishra, and Vishvnath Pratap Singh) from the securities market until all funds raised through CIS have been returned to investors.
SEBI also requested that KBCL and its directors refrain from selling properties and assets and from diverting funds raised from CIS. In addition, the SEBI prohibited KBCL from introducing any new schemes.
Even after a court ordered KBCL and its directors/promoters to refund investor funds, the company failed to pay its debts or respond to notices of demand. As a result, on November 10, 2016, recovery proceedings were initiated against KBCL India Ltd. and its directors for failing to pay investors the promised returns.
According to the prohibitory order in the matter of KBCL India Ltd. issued on August 8, 2018, the company is not permitted to transfer, dispose of, or charge its immovable properties. The KBCL is also required to provide all pertinent information regarding its movable and immovable assets, as certified by the Board of Directors.
SEBI has not yet auctioned KBCL properties in order to initiate recovery procedures and reimburse investors.
Social Security offices may still help visitors without appointments in 2026, especially those facing emergencies,…
Veterans using the Chapter 30 GI Bill may qualify for extra education support through Buy-Up…
Arlington National Cemetery will limit access to its Veterans Day wreath-laying ceremony in 2026. The…
Social Security beneficiaries born between the 1st and 10th will receive their November payment on…
Powerball returns on November 7 with a $20 million jackpot after a New Jersey ticket…
Social Security's taxable earnings limit will rise to $192,300 in 2027. Higher earners will pay…