Dhanolty Developers,promoters told not to collect public funds

In a crackdown on an unauthorised money pooling scheme promising high returns, market regulator Sebi has barred Dhanolty Developers and its promoters from raising funds from public and from launching any new investment plans.
"Activity of fund mobilisation by Dhanolty Developers with a resultant promise of returns...Is nothing but a collective investment scheme (CIS)...Under the guise of sale and rearing of bee colony and sale/purchase development of land/plot," the Securities and Exchange Board of India (Sebi) said in its yesterday's order.
Delhi-based Dhanolty Developers was found to have collected money from investors by asking them to purchase bee colony and the company would rear this colony from the pooled amount received from them. Investors were entitled to receive only the profit as per the plan.

Through its sale or purchase of development of land, the company was selling plot worth Rs 2 lakh (paid in 10 monthly instalments of Rs 10,000 each) by offering return of Rs 4 lakh after 72 months and Rs 5.6 lakh after 100 months.
The regulator found that the company was running a CIS without obtaining a certificate of registration from Sebi.
Consequently, Sebi directed the company and its promoters or directors-- Sanjay Walia, Siddharth Walia, Anita Mallik, Raksha Kumari, Pratap Singh, Shefali Walia and Pankaj Bakshi-- "not to collect any fresh money from investors under its existing scheme and "not to launch any new schemes or plans or float any new companies to raise fresh money".

The entities have also been ordered to immediately submit the full inventory of the assets owned by the company out of the amounts collected from the investors.

Besides, the company and its promoters or directors have been asked not to dispose of any of the properties or alienate the assets of the existing scheme as well as not to divert any funds mobilised from the public.
They would have to furnish all the information sought by Sebi with regard to scheme-wise list of investors along with the details of amount mobilised.
The directions would take effect immediately and would be in force until further orders in this regard.

Sebi, received an RTI application in December 2012, where the applicant sought information regarding some companies including Dhanolty Developers which were raising money from investors as advances for purchase of properties in Bihar.