Sri Mahakali Group aka SM Trade aka Shree Mahakali Trade had agents in Goa, Karnataka, MP, Gujarat and UP

THANE: According to our latest research and investigation into the SM Trade chit fund and investment scam, the companies which were known by different names like Sri Mahakali Group, SM Trade, Shree Mahakali Trade, Kreaz Life and many other names, had several active agents in Goa, Karnataka, Madhya Pradesh, Gujarat and Uttar Pradesh. ALSO READ: Investors cheated by Sri Mahakali Group, SM Trade aka Shree Mahakali Trade aka Kreaz Life 

These outstation agents were paid a higher commission on the investors they roped in and were given about 15-20 per cent of the amount collected, compared to the 10-15 per cent paid to the agents in the Mumbai Metropolitan Region (MMR), including Thane, Ambernath, Kalyan, Navi Mumbai, Bhayandar, Vasai and Virar. ALSO READ: Hundreds of Goans in Mumbai, Thane, Vashi and Pune could have lost their “investment” as cops register FIRs against fake firm Sri Mahakali Group

Our investigation into the fraudulent activities of the group shows that the company had at least 5 to 7 agents in each state, the activities of which were co-ordinated by a state co-ordinator or state in-charge. Larger states like Uttar Pradesh had 12 to 15 dedicated agents who were kept happy with gifts and giveaways like household appliances, pressure cookers, wall clocks and even washing machines and Tv sets. The role of the agents was to organise seminars and ‘meets’ for prospective investors and they were even paid separately for the expenses spent on organizing the meetings. ALSO READ: Cops register FIR against Sri Mahakali Group for illegal crypto-currency schemes

Each agent was instructed to appoint at least 5 sub-agents below him to reach out to the masses. Training was first provided to the agents in Mumbai and at the Thane office and the state in-charge along with the agents would in turn provide training to the sub-agents.

They were given training in financial matters like shares, Futures & Options, cryptocurrency, Block-chain and other similar topics, including information about investments in various instruments and products. In addition, they were groomed in public speaking, making sales pitches, convincing customers and other sales training.

SM Trade promoter Ritesh Panchal aka Ritesh Sikligar and his team had created comparison charts and infographics to show prospective investors the difference in returns while investing in SM Trade and other financial products like mutual funds, fixed deposits and equity markets. ALSO READ: SM Trade aka Sri Mahakali Group scam could exceed Rs 100 crore

The glib, smooth-talking agents were trained how to use financial terms in their conversations with potential investors to create an impression that the agent was a thoroughly trained investment and market advisor.

Agents were awarded certificates of completing various company in-house courses or training camps as well as on achieving various business targets. The agents used all these certificates, infographics and other marketing material to impress and hoodwink investors who felt they were dealing with a professional investment company. (Read More Here)

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