Shareholders of City Limouzine speak to an official from the EOW on Monday
12th March 2010.
I am Nikhil Kajrolkar, Parel Mumbai, working in Pune, visits on weekend at parents residence at parel, I have invested Rs- 85, 000/- in June-2009 through Dadar branch office manager Ms. Pooja Kambli receipt no. 022(118) dt 04/06/2009 and we made agreement for 3years company promised me to give Rs 6, 055/- per month as an installment of the amount for regular 3 years, they gave me 12 PDCs of HDFC bank initially. I got the payment for 4 months regular by cheque & 5th cheque got bounced. Against that again they issued one cheque of New India Schedule bank which got cleared. After that they have taken remaining PDC’s return with promise that they will pay in cash as their bank accounts are freeze by auditors (in matter of City Limouzines). As soon as their accounts will operated again they’ll issue new PDCs. But for jan-2010 they not paid installment by cheque or cash, Ms Zeba asked to collect 6 PDCs (for feb-10 to june-10 & including jan payment dtd april-10) on 22/01/10, but on 22/01/10 Mrs. Shruti Parab asked to collect same thing between 25/01/10 to 05/02/10. Again on 05/02/10 she asked to collect cash within 15 days & when I asked for refund my principle amount she informed that they will deduct 10% cancellation charges & balance amount will be paid. That time I loose my temper coz I was suffered from November 2009 for payment. After that their staff started misbehaving with me. After few days when I went in Dadar BO with cool mind to ask refund procedure she informed that they are going to refund all customers principle amount without deduction of cancellation charges within. 45 days as per order of court sothat she asked to apply for refund. I went there to submit a refund letter on 20/02/10, but that office seen sealed by owner of premise due to non payment of rent from last 6 months & same as me some customers were waiting outside office.
People should understand that companies with same profile can not
operate now. Since such investments are against RBI norms. Hence Metro
Cruise is making settlements for the principle amount of the investors
& Om Sai Nath is also closed for the same reasons.
dont invest carefull
===================================
EOW takes Aim at one more car rental company
Aim Limouzines - like City Limouzine - had started a car-rental investment scheme, but allegedly defaulted on payments to investors. EOW suspects fraud to the tune of Rs 20-crore.
Close on the heels of the alleged City Limouzine fraud, another multi-crore investment racket by a car-rental firm has come to light. And the similarities are striking: to begin with, the new company’s name is Aim Limouzines India Pvt Ltd.
According to a case lodged with the Economic Offences Wing (EOW) of the Mumbai Police, like City Limouzines, Aim Limouzines, too, had floated a car-rental investment scheme in which investors were asked to invest anywhere between Rs 85,000 and Rs 3.2 lakh.
The company, promoted by a certain Pramod Raut, told its investors that the money would be used to buy cars that would be transferred to them after a few years. During this period, it promised monthly returns between the range of Rs 6,000 to 12,000.
Recently though, the company - which commenced operations in 2007 - stopped payments to some investors. The EOW learnt of the fraud through its intelligence network and lodged a complaint against the company, following which several investors came forward to record their statements.
According to the EOW, the Thane-based Aim Limouzines has branches across India, including Andhra Pradesh, Karnataka and Gujarat, and has over 2,000 investors in Mumbai alone.
Additional CP (EOW) Sanjay Saxena said, “We suspect the fraud to be over Rs 20 crore, but we are waiting for more investors to record their statements.”
However, the EOW is fighting a losing battle to get more investors to register complaints.
“Despite telling them that they could be cheated in the long run as this business model is unsustainable, many investors are saying, ‘Why should we give statements? We are still getting our cheques’. They are not ready to accept that there could be a fraud,” said an officer.
Protesting City Limouzine investors approach EOW
Around 60 shareholders of City Limouzine - who protested in front of the company’s Nariman Point office on Monday - approached the EOW on Tuesday to lodge a complaint against the company.
They said they suspected the company’s promoter, Sayed Masood, was going to leave the country and wanted the EOW to stop him. The agency has, however, already opposed Masood’s application for permission to travel abroad in a local court.
Interestingly, when the EOW first registered its case against City Limouzine, many of these same investors had approached the court saying the EOW was unnecessarily harassing the company.
=====================
viva properties kal hi chalu hui hai
Posted: 2010-01-27
Fraud Business I am Tushar Chaudhary from Delhi, I have invested Rs- 85,000/- in 19/09/09 and the company promised me to give Rs 6,055/- per month as an installment of the amount for regular 3 years, I got the payment for 3 months and for the month of jan the cheque got bounce and the manager Mr Ranjeev Malhotra told me to directly visit their office and give that bounced cheque and collect the cash from them but immidiately they closed their offices and told me that EOW is sitting on their head due to the non sufficient funds in their accounts. He also said they will come back with in a week. No come back yet, this company is totally fraud same as CITY LIMOUZINES. Please help, if someone gets any information about this company, kindly let me know.
Aim Limouzines is a completely fraud company. I invested Rs. 310000 in month of August in Innova scheme. They gave me assurance that they will get the vehicle in 45 days. After 5 months also they were unable to get the vehicle. All they give is false commitments and false promise. When asked about vehicle. Their directors Sajid and proprietor Pramod Raut don't know how to speak with customers. They were completely rude. If you say you will go to Police their answer is you can go and we have our people over there. They gave me some cheques which got bounced later. Not only this they are also threatening on calls if we try to take any legal actions.
On Monday morning a motley crowd gathered outside the city sessions court awaiting the outcome of an anticipatory bail application. The man who
sought bail was the promoter of a company that had attracted investments from a multitude across the country by promising fancy returns. The crowd outside the courtroom was anxious to find out what happened next.
After the judge granted the promoter a week-long bail — an interim protection — the investors, some of whom had come from distant cities, hired a cab to meet a senior official of the Mumbai police. “We don’t know how to recover our investments... we hope the police does something,” said a lady who was part of the crowd. Driven by police complaints, the media glare and a separate set of allegations related to alleged violation of foreign currency rules, the company will soon hold meetings with investors, some of whom have given up hope.
It’s a re-run of the ‘get rich quick’ schemes floated by dubious investment companies in the 1990s, promising fantastic returns in a short period to gullible investors, only to leave them high and dry later. Amazingly, such schemes still continue to find takers even today.
More than 12 years after the Reserve Bank of India (RBI) tightened norms for non-banking finance companies (NBFCs) in the wake of the scam involving the high-profile CRB Group, many ‘investment firms’ continue to run Ponzi schemes with impunity, taking care to ensure that they do not fall under the purview of any regulatory body. Ponzi schemes, named after American swindler Charles Ponzi, give returns to investors from money taken from other investors. At some point, the chain snaps when fresh money stops coming in, and the scam is exposed.
At least three dozen such firms are said to be operational in Mumbai alone. The schemes, known as growth, investment, or non-working plans, use the multi-level marketing (MLM) route to fly below the radar of regulatory bodies. For instance, since these firms do not technically collect deposits, they are not regulated by RBI. For instance, with Shree Om Sainath you can place an order for a brand new Tata Indica for just Rs 1.25 lakh. You will get your car only after five years, but till then the company will pay you Rs 3,435 per month. So, the payment of Rs 1.25 lakh is not a deposit, but an investment.
For a deposit of Rs 1.39 lakh, City Group, which has a dozen or so businesses, City Limouzines, City Realcom and City Hospitalities, and so on, will give you Rs 8,800 every month for the next five years. Metro Cruise’s retail plan promises an even higher return: Invest Rs 1.05 lakh and collect Rs 12,517 every month for five years. Then there is the ‘pay-per-click’ scam, where an investor has to pay Rs 1,500-2,500 for enrolling with an online firm. The firm will send links of around 10 advertisements to the investor everyday, promising him Rs 5-7 for clicking on each of those links.
But some of these firms have run into trouble, and chances are that before long others will too, as investors rush to redeem their deposits. One such company, City Limouzines, defaulted on its payments to depositors last month, and the Mumbai-based Economic Offences Wing (EOW) is learnt to be looking into a few companies operating on similar lines. “EOW is coordinating with other bodies like RBI to seek their help on the matter. We are keeping a close watch on new schemes that are launched,” says Sanjay Saxena, additional commissioner of police, EOW.
sought bail was the promoter of a company that had attracted investments from a multitude across the country by promising fancy returns. The crowd outside the courtroom was anxious to find out what happened next.
After the judge granted the promoter a week-long bail — an interim protection — the investors, some of whom had come from distant cities, hired a cab to meet a senior official of the Mumbai police. “We don’t know how to recover our investments... we hope the police does something,” said a lady who was part of the crowd. Driven by police complaints, the media glare and a separate set of allegations related to alleged violation of foreign currency rules, the company will soon hold meetings with investors, some of whom have given up hope.
It’s a re-run of the ‘get rich quick’ schemes floated by dubious investment companies in the 1990s, promising fantastic returns in a short period to gullible investors, only to leave them high and dry later. Amazingly, such schemes still continue to find takers even today.
More than 12 years after the Reserve Bank of India (RBI) tightened norms for non-banking finance companies (NBFCs) in the wake of the scam involving the high-profile CRB Group, many ‘investment firms’ continue to run Ponzi schemes with impunity, taking care to ensure that they do not fall under the purview of any regulatory body. Ponzi schemes, named after American swindler Charles Ponzi, give returns to investors from money taken from other investors. At some point, the chain snaps when fresh money stops coming in, and the scam is exposed.
At least three dozen such firms are said to be operational in Mumbai alone. The schemes, known as growth, investment, or non-working plans, use the multi-level marketing (MLM) route to fly below the radar of regulatory bodies. For instance, since these firms do not technically collect deposits, they are not regulated by RBI. For instance, with Shree Om Sainath you can place an order for a brand new Tata Indica for just Rs 1.25 lakh. You will get your car only after five years, but till then the company will pay you Rs 3,435 per month. So, the payment of Rs 1.25 lakh is not a deposit, but an investment.
For a deposit of Rs 1.39 lakh, City Group, which has a dozen or so businesses, City Limouzines, City Realcom and City Hospitalities, and so on, will give you Rs 8,800 every month for the next five years. Metro Cruise’s retail plan promises an even higher return: Invest Rs 1.05 lakh and collect Rs 12,517 every month for five years. Then there is the ‘pay-per-click’ scam, where an investor has to pay Rs 1,500-2,500 for enrolling with an online firm. The firm will send links of around 10 advertisements to the investor everyday, promising him Rs 5-7 for clicking on each of those links.
But some of these firms have run into trouble, and chances are that before long others will too, as investors rush to redeem their deposits. One such company, City Limouzines, defaulted on its payments to depositors last month, and the Mumbai-based Economic Offences Wing (EOW) is learnt to be looking into a few companies operating on similar lines. “EOW is coordinating with other bodies like RBI to seek their help on the matter. We are keeping a close watch on new schemes that are launched,” says Sanjay Saxena, additional commissioner of police, EOW.
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