Amit Dangi: A Rising Star Illuminating the Business World
India is full of scams. There is no end to them. And favouritism in India has no limits either. We’ve all seen how scammers try to take advantage of regular people by making false claims and using shady methods. The Dangi family is made up of con artists who have been taking money from people for decades.
SEBI has already banned Sanjay Dangi, who was the main person behind the scheme. Now, his cousin Amit Dangi and his wife, Alpana Sanjay Dangi, run a business company.
The name of the business is Authum. From what we know about them, it’s clear that Authum is just another scam. To protect the owners, the government needs to look into what Authum and Amit Dangi are doing.
Who is Amit Dangi Authum
Amit Dangi is a Chartered Accountant and an investor. He is in charge of Authum Investment & Infrastructure Ltd right now.
Before that, from 2015 to 2018, he was the Executive Director of Mentor Capital. He had worked for EY and PwC before that.
If you look at his work, there’s no way you’d think he’s a con artist or part of a group of con artists. Most scams get you to do this.
They try to make you believe that they are some kind of perfect authority, but in fact, they are nothing like that. Amit Dangi Authum is a great example of why you shouldn’t judge a book by its cover.
Look at Amit’s company, Authum, to get a better idea of his scam. You would be able to see why he is so scary.
Authum Investment & Infrastructure Pvt. Ltd: The Family Business
Non-Banking Financial Company (NBFC) Authum Investment & Infrastructure Ltd. was founded in 1982. Their address is 707, Raheja Centre, Free Press Journal Marg, Nariman Point, Mumbai 400021. They are based in Mumbai.
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.
Authum Investment & Infrastructure Pvt. Ltd is mostly made up of the following people:
- Navin Kumar Jain
- Amit Dangi
- Alpana Sanjay Dangi is an Amit Dangi family member.
- Ashokan Achutan
- Sanjiv Swarup
- Vimal Ajmera
- Bhavika Jain
- Hisesh Vora
Amit Dangi and Alpana Sanjay Dangi stand out from the rest of these people. Why? Because they are connected to a con man named Sanjay Dangi who has been caught and punished.
Sanjay Dangi has been a part of schemes to get people to lose money. He has made a lot of money from it. Even though he isn’t allowed to trade anymore, he is still running scams with the help of his family members, Amit Dangi and Alpana Sanjay Dangi.
Because the Dangi Family is involved, Authum is a very suspicious group. If you don’t know, NBFCs already have a bad name in India for taking people for a ride.
For example, a fraud worth INR 251 crores was found to have been done by an NBFC in Odisha in 2020. If a small company that isn’t a bank can pull off such a big scam, you can guess how big Authum’s scam would be.
The Dangi Family: History of Swindling Masses
Sanjay Dangi, a notorious stockbroker who can’t work longer, is related to both Amit Dangi and Alpana Sanjay Dangi.
Sanjay Dangi works at Mentor Capital Limited as a director. Yes, Amit Dangi says he worked for the company between 2015 and 2018.
Sanjay also says that he is a businessman, just like Amit Dangi. Even though his license to operate has been taken away, he says he has been running a non-banking financial business since 2006 and has mostly invested in loans, real estate, stocks, and other securities.
We’ve already talked about Amit Dangi and how he is the face of the NBFC scam Authum. But now we’ll look at why I think Sanjay Dangi is a con artist by looking at his past and how he has been regulated:
Sanjay Dangi: A Long List of Scams
Remember how the market crashed in 2008? During that time of economic trouble, millions of people lost their jobs. Sensex kept falling like there was no end. All of the countries that were hurt worked hard to help their own countries get better.
When the world was in such trouble, Sanjay Dangi was planning a scheme to steal money from investors. When the Sensex kept going down, he bet on the future of Ackruti City, a Mumbai-based real estate construction company.
The price of Ackruti City stock went up from INR 650 to INR 2300 in 52 days. Many foreign institutional investors, or FIIs, who had short positions in Ackruti got caught because of this.
A short trade is a bet that the stock of a certain company will go down. So, when the price of Ackruti’s stock kept going up, it put a lot of FIIs at risk of losing a lot of money. These buyers went to SEBI, which is India’s financial regulator, to ask about this.
More About Sanjay Dangi Market Operator Scam
When SEBI stepped in, it helped the FIIs cut down on their costs. In fact, they made Dangi lose sums of money. But after that, Nagpur’s Income Tax Department found that Sanjay Dangi was doing the same thing with Murli Industries, a company that makes food oils.
IB, which is also a well-known Indian research agency, looked into Sanjay Dangi and a few other market operators in 2010. They thought that Sanjay Dangi might be manipulating the market, which is illegal.
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.
Take Action Against These Swindlers
Now you know why this piece was so important. Amit Dangi is trying to pull a scam like the one his cousin, Sanjay Dangi, pulled.
Both of them helped run Mentor Capital, and now Amit Dangi has tried to hide the fact that he worked with the other person so he can look more reliable. But if a man was part of a scam that cost INR 10,000 crores, you can see how big of a con artist he was.
Amit Dangi Authum is not something to take easily. It would be best if the people in charge of money looked into what Authum and Amit Dangi are doing right now.
Share this piece with your friends and family, especially those who are interested in investing, to warn them about these con artists. You have no idea how many people will find this information useful.
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