Nacof review: Fraudulently taking our money, not returning

We met Suresh Babu who claimed to represent NACOF, an organization founded by Ram Iqbal Singh, a veteran of cooperative movement in north india.

Suresh Babu also claimed to represent NACOF as a government organisation which it is not but was portrayed as one.

He claimed he had acquired a large solar project from Maharashtra and found a foreign financier

He also claimed that he had signed an MoU with REC, the Rural Electrification Corpiration, a public sector body of the Govt of India

He wanted us to give him an EMD of Rs 10 Lakhs per MW of EPC awarded.

He had used a vast network of touts across the country to lure all sorts of EPC contractors and lured them, saying the cost of the project including the GST will not exceed Rs 4 crores per MW but he will pay us Rs 5.20 crs per MW and we could quickly make Rs 1 crs per MW in 6 months..

There was a long line of people waiting to bite the pitch Suresh Babu lured us with.

We paid him Rs 7.5 crs that he insisted must be wired or paid by DD.

He had created an account in the name of NACOF in some cooperative bank in Maharashtra and later NACOF organisation in Delhi issued a public notice that it had no account in the name of NACOF.

However, suresh babu of NACOF had created that account at a coop bank because of low KYC bar.

It turns out he had no solar project on the date, there was no foreign financier he had touted and there was no MoU with REC as he claimed and the bank account did not belong to NACOF either.

It’s a classic case of well conceived plan to cheat unsuspecting business people who got lured by potentially government backing a legitimate opportunity and used every fraudulent means or tricks he knew to take our money and defrauded us of several crores of rupees.

We can’t even file a police complaint since that will bring us into the social media and may hurt our business interests.

How I wish @CBI or @ED May probe the whole case and stop Nacof’s Ram Iqbal Singh and Suresh Babu’s fraudulent activities!