A Kerala-based plantation company that attracted huge investments in the early 90’s from investors, including several NRIs, by promising lucrative returns has almost vanished leaving investors high and dry. According to the Dubai published Khaleej Times, Haritha Plantations has closed its operations in Cochin after transferring most of its properties to a buyer.
The company Haritha Plantations had come up about a decade ago with an aim to grow teaks and mangium in barren lands he bought at Palghat and Thenmala in Kerala and Kuttalam and Pattakurichi in Tamil Nadu. The company sold trees in units with three trees consisting of one unit costing Rs2, 5000. The return promised at the end of Ten years per unit was Rs300, 000.
The company despite realizing that its projections were unrealistic, was till recently putting up a brave front. However with the company closing its office in Cochin, and with letters addressed to the company being re-directed to a shop at Agali in Palghat district, it does appear that the investors were taken for an expensive ride.
- nriol.com report
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