Jagmohan Garg: Is He a Scammer? The Truth Exposed (2023)
What are the latest accusations against Jagmohan Garg? Find out below:
Who is Jagmohan Garg?
Owner of the Jagmohan Garg Mera Baba Group, Jagmohan Garg, has a strong grasp of the acquisition processes under state and municipal legislation regarding the construction of townships as well as a keen understanding of product marketing.
In addition to real estate, public schools, healthcare, retail malls, hotels, township projects, and construction, Jagmohan Garg has launched a variety of businesses.
He emphasizes the significance of producing high-level strategy, planning, and methodology research for economic, environmental, technical, and community insights. Mohan India, situated in Delhi, and its affiliated business Tavishi Enterprises owe Rs. 952 crores to NSEL for trade in sugar contracts. In contrast to Tavishi, who has not made any payments and has instead filed a lawsuit to dispute the debt of Rs. 347 crores, Mohan India has so far made a single installment of Rs. 25 crores against its debt of Rs. 605 crores.
Mohan India is the same business that allegedly provided Rs. 18 lakhs to Mukherjee and Bonhi Mukherjee between February 11 and March 22, 2013, according to former NSEL MD and CEO Anjani Sinhas’ initial affidavit.
In a meeting on September 7, 2013, in New Delhi, Sinha said Mohan India director Jai Shrivastava also provided Mukherjee Rs. 35 crores in cash and checks.
The money was invested in numerous endeavors and transferred to both linked and unrelated organizations, according to the bank statements and transaction records of Mohan India and Brinda Commodity (which got money from NSEL without delivering sugar). Genius Promoters received 124 crore rupees and Shrivastava received 48 crore rupees of the total 172 crore rupees.
613 crore rupees were moved to unrelated entries. According to investigators, pay orders totaling Rs. 161.68 crores were issued, and they were used to purchase land in Delhi’s Najafgarh.
Six businesses, including Anuj Traders and Neki Ram, received a total of Rs. 373 crores. Sandeep Kumar and Vijay Kumar Shree Raghav Trading, Vishnu Traders, Vijay Shree Enterprises, and Anuj Kumar. According to reports, these businesses facilitate the input of cash rather than checks and appear to be entry operators. It is unknown what actions have been taken against them.
Alarmingly, much of the money returned from connected organizations where it had been stored and subsequently transferred to unrelated ones to avoid asset seizures.
Jagmohan Garg: Follower of Brahma Kumaris
BK Jagmohan Garg, a Brahma Kumari follower and one of their “business experts,” is listed as the proprietor of Brahma Kumari’s Om Shanti Studio and the creator of the BKs’ “Peace of Mind channel.” He has been connected to a significant NSEL fraud case known as the “NSEL crisis,” which made headlines in media all over the world last year.
How exactly does a Ponzi scheme operate?
An investment fraud known as a Ponzi scheme draws investors with claims of great returns and no risk but fails to invest the money as stated. Instead, it pays off earlier investors with money from future investors while maybe keeping a portion of the profits. These schemes typically fail when recruiting investors becomes challenging or when multiple investors attempt to cash out. They depend on a steady flow of new buyers to operate. They are called after Charles Ponzi, who ran a similar scam using postal stamps in the 1920s.
The scandal included the “National Spot Exchange” of India or NSEL, and it was valued at around $1 billion (roughly Rs. 5600 crores). It was discovered when the NSEL neglected to pay its investors. The majority of the underlying goods were found to be nonexistent, and transactions for commodities including steel, paddy, sugar, and ferrochrome were only made on paper. In basic terms, a Ponzi scheme.
In conjunction with its investigation into the NSEL scam, the Enforcement Directorate (ED) attached shares of businessman Jagmohan Garg in the Hotel Radisson Blu worth Rs 201 crore.
The Mohan India Group’s assets were frozen by a special anti-money laundering court in Dehli when it was determined that BK Jagmohan Garg of Mohan India had defrauded investors into investing in NSEL sugar by using phony warehouses and warehouse receipts.
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Mohan India, with an initial debt of Rs 950 crore (about USD 152,000,000), is one of the scam’s major defaulters. The funds allegedly came from an insolvent Delhi-based corporation, and he was used to bribe income tax and other government officials to avoid paying taxes.
How did Mohan India Use funds originating from NSEL investors?
Mohan India is situated in Delhi, and its sister firm Tavishi Enterprises is run by Jagmohan Garg and J.S. Srivastava, who serve as the company’s directors. A powerful corporate family from Delhi’s northwest promotes the group companies.
One of the defaulters in the NSEL Exchange was the organization. According to media sources, the business purchased 2,16,324 tonnes of sugar for Rs 605.2 crore in the period between 2011 and 2012. Around Rs. 2,044 crores was the entire profit realized.
Mohan India Group was the largest defaulter of the current NSEL crisis. Out of the Rs. 852 crore that they received, close to Rs. 600 crores went to various unconnected organizations, while close to Rs. 200 crore went to linked businesses.
More shockingly, Jagmohan Garg misused investor funds for several projects, including the five-star Radisson hotel, Mera Baba Reality projects in Pitampura and Rohini, and many more.
These funds were transferred from these allegedly connected organizations to unconnected entities by Jagmohan Garg. According to media accounts, it is also claimed that when the money was cleaned up, it was skimmed off. What resulted from that was that all of the funding was given to the political figures who supported them.
In October 2013, Mohan India agreed to pay Rs.771 crore as a final settlement out of its total commitment, with the contract secured by asset mortgages and penalty terms for late payment requirements.
Currently, Mr. Jagmohan Garg and Jai Shankar Srivastava have not fulfilled their obligations, making Mohan India one of the biggest NSEL defaulters.
These regular defaulters are utilizing their influence to protect their illegally obtained assets from money laundering through the Exchange. However, the law is quickly catching up to such financial offenders, and judgment should be served shortly.
Jagmohan Garg: Mohan India’s fake morals
Self-proclaimed demigods have seized control of millions of defenseless people, ready to be preyed on for the financial advantage of the former. Many people have been charged with crimes such as land invasion, molestation, and other horrible crimes in the past. Either Netagiri is their flaming goal, or they have thrived on the title of political giants. Perhaps the more the number of criminal accusations they face, the greater their inheritance and authority in Babagiri.
Recently, several criminals who have declared themselves Babas have battalions of armed troops and guards, defying law enforcement agencies when approached to be detained for unlawful and misbehaving crimes. The essence is unaltered; just the bluster is placed on top. They are classic hoodwinkers who dupe people into ascending the dominion of riches, even if it is the hard-earned fortune of others.
One of the main defaulters in the NSEL issue, Mohan India Group has sought out every covert means to avoid paying back money that was wrongfully acquired by declining trading customers of NSEL and NSEL itself. Jagmohan Garg, the promoter of the Mohan India group, has accumulated a fortune and betrayed the confidence of several investors and NSEL by owning an abundance of properties, the majority of which were purchased with the money made there.
Jagmohan Garg has been Prajapati Brahmakumari’s dedicated devotee. His shrouding disposition, which many people might not be aware of, has been a flimsy façade teaching principles and morals. What a conundrum; perhaps this strategy was used as a cover to squander other people’s income and assets.
Jagmohan Garg has been Prajapati Brahmakumari’s dedicated devotee. His shrouding disposition, which many people might not be aware of, has been a fake disguise to fool people into making them believe that he wants to teach principles and morals. What a conundrum; perhaps this strategy was used as a cover to squander other people’s income and assets.
His assets include several lucrative businesses in the hotel and entertainment industries as well as money-making real estate. D-Mall in Pritampura and Rohini in New Delhi are just a couple of the many initiatives His Mera Baba Reality is working on.
He is a founder member of the channel “Peace of Mind” and the owner of the Om Shanti studio, which produces content for the channel to broadcast Brahmakumari’s teachings.
He also owns the five-star Radisson Hotel and the S P Goenka School in Delhi, among other assets. The EOW of the Mumbai Police attached all of those.
Two separate instances of Mohan India diverting investor funds to buy real estate
Even skilled con artists would struggle to comprehend the scope of the fraud committed by the Mohan India Group, which didn’t give a damn about the stakes and investments of the public. Since so much has been said and published about them in prior blogs and on several other platforms throughout the media, people are now at a loss for words and emotions when describing the group’s synchronized betraying behavior.
The proprietors of the Mohan India group had a burning ambition to continue acquiring properties at an exponential rate.
Overall, we observed Jagmohan Garg’s deceitful divinity and how he presented himself dishonestly for financial gain while donning the illusory guise of spiritual teachings and constructing ways for all of that. He produced real estate assets, studios, and other things with the money that NSEL’s investors pumped in.
One of the main debtors from NSEL was the Mohan India company, which purchased 216,324 tonnes of sugar. Out of the Rs. 852 crore they received, over Rs. 600 crore went to other unconnected organizations, while nearly Rs. 200 crore went to affiliated organizations.
By EOW, Crime Branch, CID, and Mumbai Police, properties have been secured for attachment.
How Money Laundering Empires Are Facilitated by Indian Religious Trust Laws
One of the most frequent tasks that godmen carry out in the shadowy economy is the exchange of “black money” (off-the-books, unaccounted funds, frequently obtained from illegal sources) for “white money” (i.e., commodities or services), in return for a large charge. Godmen can get away with this because of unpleasant aspects of India’s religious trust rules, which are murky, full of flaws, and mostly uncontrolled and unmanaged.
Imagine you’re a dishonest politician who wants to conceal a lot of black money that you’ve obtained through bribery, theft, or unlawful campaign contributions. You might benefit from a godman and his religious trust. You start by giving the trust an anonymous monetary gift. Religious trusts are permitted to accept substantial monetary gifts without disclosing the name of the donor to record the payment in their records. For them, this makes the money “white” even though it may have been black for you. The money is then returned to you after the trust deducts a hefty fee.
Imagine for a moment that you are a corrupt CEO of a major Indian business rather than a corrupt politician. According to India’s 2013 Companies Act, businesses must invest at least 2% of their average annual profits over the previous three years in corporate social responsibility (CSR) activities. Contributions to religious trusts may be considered CSR expenses. Therefore, you can instruct your business to send a check to the religious trust of your selected godman; the godman will take his portion and then covertly return the funds in cash.
The legislation in India does not properly control donations made anonymously to religious trusts. A way that the trustees don’t know who the donor is, there is no method to ensure that a contribution is truly anonymous. The trustees of conventional trusts would have a strong incentive not to classify a gift from a known donor as anonymous since, unlike anonymous donations, which are taxed at a significantly higher rate of 30%, trust income received as donations from known sources are subject to a low tax rate (in certain cases nil). However, religious trusts are expressly exempt from this law. So, a donor can give money to a religious trust anonymously, and the trust can take the money tax-free.
Due to these flaws, religious trusts serve as profitable money-laundering operations for the scammers who control them. Sadly, there is another difficulty that makes solving this issue more difficult, The most powerful godmen in India have vast numbers of devoted followers who vote as a group and may even threaten violence if their leader is disobeyed. This offers the godmen and those who profit from this corrupt system a substantial political edge.
Finally, we’ll just suggest being cautious about who you follow. Not everyone who describes oneself as a saint truly is one. Stop falling for scammers that use your emotions and religious beliefs to enjoy a life of luxury. Jagmohan Garg is the proprietor of Brahma Kumari’s Om Shanti Studio and the inventor of the BKs’ “Peace of Mind channel,” a Brahma Kumari follower and one of their “business experts,” is mentioned as the proprietor of Brahma Kumari’s Om Shanti Studio and the founder of the BKs’ “Peace of Mind channel.” He has been linked to the “NSEL crisis,” a huge NSEL fraud case that made news throughout the world last year.
The “National Spot Exchange” of India, or NSEL, was involved in the fraud and was valued at over $1 billion (around Rs. 5600 crores). It was uncovered when the NSEL failed to pay its shareholders. The majority of the underlying items were discovered to be nonexistent, and transactions for commodities such as steel, rice, sugar, and ferrochrome were conducted only on paper. In layman’s terms, a Ponzi scam.
He is a big scammer fooling innocent people and making massive amounts of money out of it and is also playing with innocent people’s emotions as well. The Enforcement Directorate (ED) attached shares of entrepreneur Jagmohan Garg in the Hotel Radisson Blu worth Rs 201 crore as part of its inquiry into the NSEL fraud.
When it was discovered that BK Jagmohan Garg of Mohan India had misled investors into investing in NSEL sugar by utilizing false warehouses and warehouse receipts, the assets of the Mohan India Group were blocked by a special anti-money laundering court in Dehli.
One of the main defaulters in the scandal is Mohan India, with an initial debt of Rs 950 crore (about USD 152,000,000). The money was reportedly used to bribe income tax and other government officials to avoid paying taxes, and it came from an insolvent Delhi-based firm.
Millions of helpless individuals have been taken over by self-styled demigods and are now at their mercy, ready to be used for the former’s financial gain. In the past, a lot of people have been accused of terrible crimes including land invasion, molestation, and other things. Either Netagiri is their burning desire, or they have benefited greatly from their reputation as political titans. They may have more inheritance and power in Babagiri the more criminal allegations they are up against.
Recently, numerous criminals who have proclaimed themselves to be Babas have armed guards and battalions at their disposal, opposing law enforcement when they are approached to be jailed for breaking the law and acting inappropriately. Just the bluster is added on top; the essence is left alone.