There is no limit to scams in India. And there’s no limit to nepotism in India either. We have all seen how different scammers try to take advantage of common people through their false promises and fishy strategies. The Dangi family is a group of scammers who have been scamming investors since decades.
Sanjay Dangi, the main person behind the operation, has already been barred by SEBI. Now, Amit Dangi, his family member is running an investment company with his wife, Alpana Sanjay Dangi.
The investment company is called Authum. And seeing their history, it’s clear that Authum is another scam. It’s necessary that the authorities look into the operations of Authum and Amit Dangi to safeguard the investors.
Who is Amit Dangi Authum
Amit Dangi is an investor and Chartered Accountant. Currently, he is the director of Authum Investment & Infrastructure Ltd.
Prior to that he was the Executive Director of Mentor Capital from 2015 to 2018. And before that, he was working in EY and PwC.
Looking at his career, there’s no way you’d think he’s a scamster or he’s a member of fraudsters. This is how most scams trick you.
They make you think they are some sort of a pristine and flawless authority while in reality, they are nothing compared to that. Amit Dangi Authum is a prime example of why you should never judge a book by its cover.
To understand Amit’s scam properly, you should look at his company, Authum. It would help you understand why he is so dangerous.
Authum Investment & Infrastructure Pvt. Ltd: The Family Business
Authum Investment & Infrastructure Ltd is an NBFC (Non-Banking Financial Company) and was incorporated in 1982. They are based in Mumbai and their address is 707, Raheja Centre, Free Press Journal Marg, Nariman Point, Mumbai 400021.
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Just like Amit Dangi Authum’s profile seems like any normal company’s profile at first. But then you look at the people behind the company and realise it’s a totally different story.
The main people involved in Authum Investment & Infrastructure Pvt. Ltd are:
- Navin Kumar Jain
- Amit Dangi
- Alpana Sanjay Dangi (a relative of Amit Dangi)
- Ashokan Achutan
- Sanjiv Swarup
- Vimal Ajmera
- Bhavika Jain
- Hitesh Vora
Out of all these people, the two who stand out are Amit Dangi and Alpana Sanjay Dangi. Why? Because they are related to a sanctioned swindler called Sanjay Dangi.
Sanjay Dangi was involved in investment scams in the past. And he’s made a fortune off of it. Even though he is no longer allowed to take part in the investment sector, he is now using his family members, Amit Dangi and Alpana Sanjay Dangi to run his scams.
The involvement of the Dangi Family makes Authum a highly suspicious organization. If you aren’t familiar, NBFCs already have a terrible reputation in India for scamming people.
For example, recently in 2020, an NBFC was found committing an INR 251 crores fraud in Odisha. If one small non-banking financial company can pull off such a huge scam, you can predict how big of a scam Authum would pull off.
The Dangi Family: History of Swindling Masses
Both Amit Dangi and Alpana Sanjay Dangi are related to Sanjay Dangi, a notorious stockbroker who isn’t allowed to operate anymore.
Sanjay Dangi is currently a director at Mentor Capital Limited. Yes, the company Amit Dangi claims to work at, between 2015 and 2018.
Similar to Amit Dangi, Sanjay claims to be an investor. Even though his license to operate has been revoked, he claims that he has been running a non-banking financial company since 2006 and invests mainly in loans, real estate, equity, and other securities.
We have already talked about Amit Dangi and how he is currently the face of the NBFC scam Authum. But now we’ll look at the evidence why I suspect he is a scammer by looking into Sanjay Dangi’s past and his regulatory history:
Sanjay Dangi: A Long List of Scams
Remember the 2008 market crash? Millions of people had lost their jobs during that financial crisis. Sensex kept falling like there was no end. All affected countries battled hard to help their country recover.
When the world was facing such a crisis, Sanjay Dangi was plotting an investment scam. He was betting on the futures of Ackruti City, a Mumbai-based real estate development firm when Sensex was falling steadily.
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In 52 trading days, the stock Ackruti City rose from INR 650 to INR 2300. This caused many foreign institutional investors, FIIs in short, to get trapped because they had put short positions in Ackruti.
A short position is basically a bet that the particular company’s stock will fall. So, when Ackruti’s stock kept rising, it put several FIIs at the risk of humongous losses. Those investors went to SEBI, the financial regulatory authority in India, to look into this matter.
More About Sanjay Dangi Market Operator Scam
SEBI’s intervention helped the FIIs mitigate their losses. In fact, they put Dangi in losses worth crores. But after that, The Income Tax Department of Nagpur found that Sanjay Dangi was dealing with Murli Industries, an edible oil manufacturer in a similar fashion.
IB, another prominent investigation authority in India, looked into Sanjay Dangi and several other market operators during 2010. They were suspicious that Sanjay Dangi was involved in market manipulation, an illegal activity.
The authorities were right. Sanjay was colluding with the promotion of Ackruti, Murli Industries, Welspun Group, and Brushman India. After finding the necessary evidence, SEBI barred Sanjay with 24 other group entities and individuals. This order also barred his wife and brother from the stock market.
SEBI has barred Sanjay Dangi, a relative of Amit Dangi, from operating in the stock market.
The man was involved in shady investments since he arrived on the scene in 2002.
Now Sanjay Dangi is trying to run another scam through his family members, Amit Dangi and Alpana Sanjay Dangi. I guess a scammer can’t stay satisfied without defrauding others. Authum is their latest scam to loot people like you and me.
Take Action Against These Swindlers
Now you can understand why this article was necessary. Amit Dangi is trying to run a scam similar to his family member, Sanjay Dangi.
Both were involved in running Mentor Capital and now Amit Dangi has tried to hide his affiliation with the guy so he can appear trustworthy. But if a guy was involved in a scam worth INR 10,000 crores, you can understand how big of a scammer he was.
Amit Dangi Authum shouldn’t be taken lightly. It would be best if the financial regulators looked into the operations of Authum and Amit Dangi right now.
If you want to spread awareness against these scammers, share this article with your friends and relatives, especially someone who’s interested in investing. You don’t know how many people will benefit from this information.
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This is so sad that till date SEBI is letting Mr. Sanjay be a part of all this. He was recently appointed as a director in Authum Investments.