After Tatas, Bharti name used to defraud public over internet

After Tatas, it is the turn of Bharti group whose brand name is being misused by fraudsters to dupe gullible public into illicit financial transactions.
Using internet servers from the US, the fraudsters have set up a website in the name of 'Bharti Finance Limited', while presenting it as part of billionaire industrialist Sunil Mittal-led Bharti Group, and were enticing gullible borrowers with promise of different types of loans with 'huge subsidy'.
This follows another fraudulent activity undertaken last year by mis-using the Tata brand name to sell an illicit investment scheme with promise of huge returns.
The perpetrators of that fraud -- mostly operated through internet -- had to shut shop after it came to the notice of Tatas, Bharti group has now come across the fraudulent activity being undertaken in the name of 'Bharti Finance Limited' through its website.

The group, which is present in businesses ranging from telecom to retail, has issued a public notice distancing itself from the claims made by 'Bharti Finance Ltd', following which this fictitious entity has closed down its website.
Earlier, it was claiming to be "one of India's most reputed" Non-Banking Financial Company (NBFC)" registered with RBI and set up in 1997 by Sunil Bharti Mittal, while it also claimed to offer "customized solutions" in areas of capital market, corporate finance and real estate among others.

According to details available with the RBI, no such entity is registered with the central bank. Besides, RBI has rejected grant of certificate of registration as an NBFC to an entity named 'Bharti Telecom Finance Ltd'. It could not be ascertained whether the two entities are linked.

Terming the entity as operating with an intention of "cheating, deceiving and defrauding the public,", Bharti Group said it has no association with it and also warned of initiating "appropriate legal action" in this matter.
About the claims of being set up by Mittal in 1997 and misuse of identical marks, logos and addresses, the Bharti Group said in its 'caution notice' that "the said fictitious company M/s Bharti Finance Ltd or any person associated with it is no manner associated with Bharti Group".
On its website, which has now become non-functional, 'Bharti Finance Ltd' was also claiming to be operating as a leading broker, investment bank and capital markets adviser.

The website also contained 'testimonials' by certain clients 'Bharti Finance Ltd' claimed to have served.
This is the latest case of the brand name of a well-known Indian group being misused by fraudsters in their attempts to dupe investors and general public over the internet.
Last year, a British Virgin Islands entity was 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 USD 97-billion Indian conglomerate Tata Group, the company, 'Tata Agro Holding Ltd', was soliciting investments on various online platforms including through its website. Tatas came out strongly against this firm and warned the general public of this ponzi operators.