"Hug of Death" cult leader Amma Amritanandamayi is swindling and damaging the poor through her AIMS Hospital and defrauding her gullible neglected devotees. Determined investigators are uncovering a massive fraud!
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The following post was just made to another discussion group. It confirms that Amma now has over US $300 million parked in foreign bank accounts. Possibly even more than the $342 million calculated, as these are the 2012 figures!!
"The 2011-12 foreign contribution report (from 4/1/2011 through
3/31/2012) for the Mata Amritanandamayi Math is up now on the FCRA
website:
http://fcraonline.nic.in/fc3_verify.aspx?RCN=052930183R&by=2011-2012
The amount of foreign contributions during this period was 1,191,596,739
Rs. Using the average exchange rate during this period of 48 Rs to 1
US$, this is $24.8 million. Around three-quarters of this was for
"Construction/Running of hospital/dispensary/clinic". After reading up
on the subject, my understanding is that the state of Kerala pays for
care given by Amma's district medical care facilities, while the
government of India pays for the small amount of care given to the poor
at AIMS. Therefore, most of these funds were likely used to purchase
expensive medical equipment or for the construction of more commercial
hospital buildings and infrastructure.
Toward the end of the institutional donor list, bank interest is once
again the largest item. It is 205,169,556 Rs, or $4.27 million for this
year! Bank interest for 2006-7 was $2.17 million (at 45 Rs to 1$ then).
So the amount of bank interest has almost doubled during this five year
period, and the amount on deposits in banks has more than doubled, given
that interest rates have fallen.
I researched the best annual interest rates being paid on bank deposits
these days. For U.S. dollar accounts, it is 1.05%. For euros, it is 1.2%
in Germany and 1.6% in the UK. Dividing the $4.27 million of foreign
interest income by a representative 1.25% rate of interest, gives an
amount on deposit in banks of $342 million!
Can anyone tell me why Amma, who is supposed to be providing so much
humanitarian aid and help to the poor, needs to keep over $300 million
in bank accounts?"
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1 comment:
OVER 62% OF AMMA'S WESTERNER DONATIONS SITTING IN FOREIGN BANKS. ONLY 9.2% GOING FOR HUMANITARIAN AID
The following report has been posted to the Ammachi Real Free Speech Zone group - http://groups.yahoo.com/group/Ammachi-Real-Free-Speech/message/150
And a spreadsheet attached to it in the Files section. This site is publicly accessible.
An extract from that report:
"As you can see, 62.6% of foreign contributions were not utilized. I think it is safe to assume that these contributions were added to the Math's bank accounts. This would be consistent with bank foreign interest income increasing 47.4% from 97550090 Rs in 2006-07 to 143814124 Rs in 2011-12, despite a drop in bank CD interest rates of more than 50% then.
The next largest category is hospitals/clinics, with 17.8% of contributions. These are profit generating. (The governments of India and Kerala pay for the small amount of care given to the poor.) Following this are schools/colleges and student housing with 10.5% of contributions. These are also profit- generating, rather than humanitarian enterprises.
Despite the heavy PR about Amma's relief efforts, natural calamity relief utilized only 3.6% of foreign contributions over these six years. This leaves 5.5% of foreign contributions for all of Amma's other "Embracing the World" projects.
I wonder how many devotees would be happy to learn that only 9.2% of their contributions went toward Amma's humanitarian work, 28.3% went toward investments in profit making enterprises, and 62.8% was diverted into foreign deposit bank accounts. "
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