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{{see also|Saradha Group financial scandal}} | |||
{{Infobox company | {{Infobox company | ||
| name = Anubhav Group | | name = Anubhav Group | ||
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'''Anubhav Plantations''' was an Indian [[Chennai]]-based [[plantation]] company founded in 1992.<ref name="indiatoday">{{cite news|last1=Aiyar|first1=VS|title=Now a Green Scam|publisher=India Today|date=2 November 1998}}</ref> It sold shares in [[teak]] [[Plantation teak|plantations]] on guaranteed interests and later diversified to other schemes through four principal companies: Anubhav Agrotech, Anubhav Green Farms & Resorts, Anubhav Plantations, and Anubhav Royal Orchards Exports.<ref name="fao">{{cite web|last1=Balooni|first1=Kulbhushan (IIM Kozhikode)|title=Teak investment programmes: an Indian perspective|url=http://www.fao.org/docrep/x4565e/x4565e05.htm|website=www.fao.org|publisher=FAO Forestry department|accessdate=26 October 2016}}</ref> | |||
'''Anubhav Plantations''' was an | |||
The company suddenly closed down in 1998 when it could no longer pay its depositors, leaving its thousands of investors in the lurch and unpaid. Its [[chairman]], C. Natesan, went underground and the other directors claimed ignorance and innocence.<ref name="icmrnew">{{cite web|title=Case Study - Anubhav scam (Teak plantations scam)|url=http://www.icmrindia.org/casestudies/catalogue/Finance/FINC009.htm|website=www.icmrindia.org|publisher=ICMR India|accessdate=26 October 2016}}</ref> The incident became a major financial scandal in India. The company was subsequently revealed to have been a [[scam]] based on [[fraud]], as teak, being an [[agriculture]]-based [[commodity]], could not promise sure returns. Anubhav was found to have defrauded its depositors of nearly {{INRConvert|400|c|lk=on|year=1998|to=USD EUR}} through [[Ponzi scheme]]s.<ref name="icmr">{{cite web|title=Case Study - Anubhav Plantations|url=http://www.icmrindia.org/casestudies/catalogue/Finance/FINC009.htm|website=www.icmrindia.org|publisher=ICMR India|accessdate=26 October 2016}}</ref> The Anubhav case is often termed by the Indian media as "The Great Plantation Scam of the 1990s".<ref>{{cite news|last1=Muthukrishnan|first1=Daya|title=Planting the dream - Anubhav plantations scam|url=https://wisewealthadvisors.com/2010/07/20/|accessdate=26 October 2016|publisher=More Wealth Advisors|date=20 July 2010|archive-url=https://web.archive.org/web/20161026164457/https://wisewealthadvisors.com/2010/07/20/|archive-date=26 October 2016|url-status=dead}}</ref> | The company suddenly closed down in 1998 when it could no longer pay its depositors, leaving its thousands of investors in the lurch and unpaid. Its [[chairman]], C. Natesan, went underground and the other directors claimed ignorance and innocence.<ref name="icmrnew">{{cite web|title=Case Study - Anubhav scam (Teak plantations scam)|url=http://www.icmrindia.org/casestudies/catalogue/Finance/FINC009.htm|website=www.icmrindia.org|publisher=ICMR India|accessdate=26 October 2016}}</ref> The incident became a major financial scandal in India. The company was subsequently revealed to have been a [[scam]] based on [[fraud]], as teak, being an [[agriculture]]-based [[commodity]], could not promise sure returns. Anubhav was found to have defrauded its depositors of nearly {{INRConvert|400|c|lk=on|year=1998|to=USD EUR}} through [[Ponzi scheme]]s.<ref name="icmr">{{cite web|title=Case Study - Anubhav Plantations|url=http://www.icmrindia.org/casestudies/catalogue/Finance/FINC009.htm|website=www.icmrindia.org|publisher=ICMR India|accessdate=26 October 2016}}</ref> The Anubhav case is often termed by the Indian media as "The Great Plantation Scam of the 1990s".<ref>{{cite news|last1=Muthukrishnan|first1=Daya|title=Planting the dream - Anubhav plantations scam|url=https://wisewealthadvisors.com/2010/07/20/|accessdate=26 October 2016|publisher=More Wealth Advisors|date=20 July 2010|archive-url=https://web.archive.org/web/20161026164457/https://wisewealthadvisors.com/2010/07/20/|archive-date=26 October 2016|url-status=dead}}</ref> | ||