Wednesday, March 4, 2015

Consumer Forum asks 2 companies to pay around Rs4.5L to 10 investors



Thursday, 17 April 2014 - 8:45am IST | Agency: DNA

The south Mumbai district consumer forum in its recent orders directed the directors of two finance companies -- City Realcom Ltd and City Limouzines Ltd, to pay back the invested amount to 10 investors, after the complainants had approached the consumer forum. The forum has ordered the two finance companies to pay approximately Rs4.5 lakh along with the compensation cost of Rs8,000 toward the delay and litigation cost of Rs2,000 to the investors.
The two finance companies were in news from 2009, when the firms had allegedly duped investors by floating Ponzi schemes. The Economic Offence Wing (EOW) arrested the two directors, Gita Rajaki and Masud Khan, in 2012 and both are behind bars.
In 2011, 10 investors from Mumbai and Nasik, had approached the consumer forum pleading them to direct the firms to pay back the promised amounts along with the compensation for the lapse. According to the complainants copy, the firms had promised the investors to pay huge amount of returns if the investors engage their money with the firm.
The consumer forum in its orders maintained, "According to the complainants, they had engaged their hard earned money and accordingly, had invested in the schemes, however, the company duped their money."
The forum after going through the complaint has issued a notice to the two directors and had asked them to file their replies, however, none of them responded to the notice. Hence, as the complaints were unchallenged, thus the forum ordered the two firms and their directors to pay an approximate amount of around Rs4.5 lakh to the complainants along with compensation of Rs8,000 towards the delay. The forum also directed the firms to pay an additional amount of Rs2,000 towards the complainant's litigation costs.

Investors duped by City Limo’s fraud schemes win damages

In 21 different orders, a district forum has provided relief to investors duped by fraudulent schemes of City Limouzines (India) Ltd. While each complainant will receive their invested amounts ranging from Rs 4 lakh to almost Rs 10 lakh, they will also receive compensation. 

The South Mumbai District Consumer Disputes Redressal Forum passed the orders ex parte after City Realcom Ltd and City Limousines (India) Ltd did not file their replies and the complainants' version remained unchallenged. 

According to the complainants, the firm promised attractive financial returns through different schemes. They said that they had invested huge amounts in five-year scheme. While the returns were to be in lakhs, the firm paid them only a fraction of the amount. 

They said that a number of investors had invested their hard money, but the opposite parties did not comply with their assurance. 

The forum said that the copy of the agreement executed by the opposite parties placed on record the chart of expected amount which was to be refunded. 

The forum said that this was in contradicted the amounts actually received by the complainants.

http://timesofindia.indiatimes.com/City/Mumbai/Investors-duped-by-City-Limos-fraud-schemes-win-damages/articleshow/33834437.cms

Enforcement Directorate attaches City Group’s Rs 133-crore assets in 4 years



C Unnikrishnan ,TNN | Apr 15, 2014, 12.00 AM IST

MUMBAI: The Enforcement Directorate (ED) has attached fly-by-night operator City Group's properties and cash totalling Rs 133.3 crore in the last four years, including Rs 6 crore in Switzerland banks. The latest attachment, both movable and immovable properties worth Rs 6.48 crore, was done recently, officials said.

City Group companies, City Limouzine and City Realcom, had duped thousands across the country of over Rs 1,000 crore by promising unrealistic returns on investments through various schemes. In one of the schemes, City Limouzine offered 48% returns on investments. City Realcom, in one such scheme, had promised Rs 7,775 every month for five years and Rs 50,000 on maturity on an investment of Rs 1.39 lakh.

The police across the country had registered FIRs against company chairman, Sayed Masood, and other directors for conspiracy and cheating in 2009. The ED arrested him in 2012 and he is in judicial custody. The ED had registered a case under the Prevention of Money Laundering Act as proceeds of crime were used for amassing wealth. The ED said the properties and money seized were proceeds of crime, a pre-requisite for attachment. ED is also pushing for amendments in the Act so that properties attached are auctioned and proceeds distributed among the investors. Currently, property attached under the Act becomes that of government.

The ED has issued 21 provisional attachment orders attaching proceeds of crime. The market value of the assets may be Rs 250 crore, officials said. The ED has filed three complaints, equivalent to chargesheet, in the special court.

Source

City Realcom limited - City Limouzine

City Realcom limited has been directed to pay approximately Rs. 4
lakhs as compensation for inability to provide promised services and
some additional amount as compensation for the cost of case.

BEFORE THE SOUTH MUMBAI DISTRICT CONSUMER DISPUTES REDRESSAL FORUM,
Puravatha Bhavan, 1st Floor, General Nagesh Marg, Near Mahatma Gandhi
Hospital, Opposite M.D. College, Parel, Mumbai – 400 012.

Complaint No.SMF/MUM/09/2012



Date of filing : 18/01/2012
Date of Order : 22/04/2014

Chhaya V. Mhapsekar,
R/o. – E/401, Nutan Arjun Nagar,
Cross Road No.4, Liberty Garden,
Malad (W), Mumbai.                                 ....Complainant.

V/s.

1. City Realcom Ltd.
Through it’s Proprietor & Director,
Gita Rajaki,
Director, City Realcom Ltd.
96-B Wing, 9th Floor, Mittal Tower,
Nariman Point, Mumbai.

2. Masud Khan, Director,
City Realcom Ltd.,
96-B Wing, 9th Floor, Mittal Tower,
Nariman Point, Mumbai.                              … Opposite Parties No.1 & 2.


Coram :
Shri.S.M. Ratnakar : Hon’ble President
Shri.G.H. Rathod : Hon’ble Member

Appearance : Shri. Mohsin Khan, Ld.Advocate for the Complainant.
None for the Opposite Parties (ex-parte).

O R D E R

PER SHRI. S.M. RATNAKAR – HON’BLE PRESIDENT

1) The Complainant has prayed that the Opposite Parties be directed to
pay Rs.3,99,875/- to the Complainant and to pass any other equitable
reliefs and cost of this complaint.

2) According to the Complainant, the Opposite Parties No.1 & 2 used to
promise attractive financial returns through their different schemes
and various attractive schemes and booklet were published by them
which are marked at Exh.‘A’ colly. The Complainant had invested huge
amount of Rs.1,27,000/- on 12/04/2008 in five years schemes as down
payments as financial option car and entered in an agreements with the
schemes alongwith the Opposite Party No.1 & 2. The copies of receipts
of investment alongwith agreement are marked as Exh.‘B’. It is
submitted that the Opposite Party No.2 is the Director of Opposite
Party No.1. According to the Complainant, the Opposite Parties ought
to have return Rs.5,16,500/- in view of the investment dtd.12/04/08.
It is submitted that the Opposite Party did pay an amount of
Rs.1,16,625/- to the Complainant. It is alleged that thereafter the
Opposite Parties have not paid any amount as per agreement and an
amount of Rs.3,99,875/- is remained to be paid to the Complainant. It
is alleged that the Opposite Parties are legally bound to pay the
aforesaid amount. It is alleged that the number of investors including
the present Complainant had invested their hard money, but the
Opposite Parties did not comply their assurance. It is submitted that
the Opposite Parties as per the reports in the news paper came to be
arrested by the Police Authorities but they are shirking their
responsibilities for providing service as promised. It is thus,
submitted that the prayer made in para 1 of this order may be allowed
against the Opposite Parties.

3) In spite of publication of notice in Daily Newspaper ‘Punnanagari’
dtd.30/04/2012, the Opposite Parties No.1 & 2 did not appear before
this Forum hence, the complaint is proceeded ex-parte against them.
The Complainant has filed her affidavit of evidence. The Complainant
has also filed written argument. The Complainant has filed documents
showing the schemes floated by Opposite Party No.1 & 2 and the payment
agreed by them to be a refunded or paid to the Complainant in future.
The Complainant has also placed on record. The copy of the agreement
executed by the Opposite Parties No.1 & 2 in her favour and placed on
record the chart of expected amount which was to be refunded by the
Opposite Parties No.1 & 2. she has also placed on record the documents
of payment she has received from the Opposite Parties on the said
documents and the chart placed on record by the Complainant it appears
that the Complainant is entitle for Rs.3,99,875/- from the Opposite
Parties No.1 & 2. The case made out by the Complainant against the
Opposite Parties goes unchallenged. We are therefore of the view that
the Complainant is entitled for the said amount for not providing the
services as agreed by them and compensation of Rs.4,500/- and cost of
Rs.1,200/-. In the result the following order is passed -

O R D E R

i. Complaint No.09/2012 is partly allowed against the Opposite Parties.

ii. The Opposite Parties are directed to pay an amount of
Rs.3,99,875/- (Rs. Three Lacs Ninety Nine Thousand Eight Hundred
Seventy Five Only) for not providing the services to the Complainant
as agreed by the Opposite Parties and Rs.4,500/- (Rs. Four Thousand
Five Hundred Only) towards the compensation and Rs.1,200/- (Rs.One
Thousand Two Hundred Only) towards the cost to the Complainant.

iii. The Opposite Parties shall comply with the aforesaid order within
one month from the date of service of this order.

iv. Certified copies of this order be furnished to the parties.

Sd/-                                         Sd/-
(Shri. G.H. Rathod)                   (Shri.S.M. Ratnakar)
Hon’ble Member                        Hon’ble President


can anyone clarify on this...
Anand.K
09941806090

City Limouzine cases

Black money: probe hit by non-disclosure of information



Investigations into several major financial crimes have hit a roadblock
with law enforcement authorities in the United Arab Emirates and Singapore
reluctant to share information with India, prompting some members of the
Special Investigation Team (SIT) on black money to suggest that a
high-level delegation visit these countries.

The suggestion follows the positive response on other important black-money
cases that External Affairs Minister Sushma Swaraj received earlier this
month from the Mauritius Government that conveyed its readiness to assist
the SIT.

Revenue Secretary Shaktikanta Das and the then Central Board of Direct
Taxes Chairman K.V. Chowdary received the same response when they visited
Switzerland on a similar mission last month.

Indian enforcement agencies have, in the past, raised the issue of
non/partial execution of letters rogatory (LRs) -- judicial requests
seeking information from foreign law enforcement agencies in particular
cases -- but to no avail. This, the CBI has submitted to the SIT, has
hampered efforts to bring back illegal money stashed abroad and prosecute
defaulters.

Currently, there are nearly three dozen LRs pending with the enforcement
agencies in the UAE and Singapore.

Investigations in important cases – including Hasan Ali, Madhu Koda, 2G,
Satyam, Indian Premier League and City Limouzine cases --- where the money
trail has led the agencies to the UAE – have, therefore, seen little
progress. In the last two years, even personal interventions by Indian
Ambassadors to get information from the UAE failed to cut ice. In
Singapore, too, where 20-odd LRs including those pertaining to 2G Spectrum
and the Tatra truck deal cases are pending, the CBI has again sought the
Indian High Commission’s intervention. The pending LR issue was also raised
at a meeting between Union Home Minister Rajnath Singh and Singapore’s
Deputy Prime Minister Teo Chee Hean on the sidelines of the Interpol
Ministerial Conference in Monaco earlier this month.

“Although they have been giving assurances of full cooperation, there still
appears to be some reluctance in Singapore on sharing details in major
cases,” said an official, pointing out that the money trail in the VVIP
chopper deal case also leads to some accounts in Singapore.

Against this backdrop, some SIT members have proposed that high-level
delegations, perhaps headed by Union Ministers, could visit the UAE and
Singapore to facilitate the investigations.

Enforcement officials also added that the matter can be taken up at
international forums such as the Financial Action Task Force and the Egmont
Group of Financial Intelligence Units. “FATF, which sets standards and
promotes measures against financial crimes, has a specific provision making
international cooperation mandatory for member countries. Non-adherence can
lead to adverse consequences. The Egmont Group also has an
information-sharing mechanism,” an official said.


Source
<http://www.thehindu.com/news/national/black-money-probe-into-high-profile-scams-hit-by-nondisclosure-of-information/article6599711.ece?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication>

Mriduhari Trade and Industries Limited populary known as MTIL fraud co.

Mriduhari Trade and Industries Limited populary known as MTIL is a fraud finance company which came in to existence somewhere in the month of August and till now they have frauded upon many dealers around mumbai.who are in to Electronics, 2 wheelers, 4 wheelers and etc. Beware guys they are a big fraud and especially the Director Dinesh Balwant Sakpal who is again the director for another fraud company in Pune which Himbjs Holidays Private Limited I have been jacked badly by this company so please beware of it and if anyone can help me in giving their details

@Hira Sales - Sunil 8879032661 / 9987701613 - Please find the comments from the customers who have been fraud by the MTIL Director's another chit fund company named HIMBJS ...we have got together and trying to unite against this guys who form companies with different names and use MTIL ( Mriduhari Trade &amp; Industries Ltd ) so that the guys / customers have faith in them when they see MTIL as Public Limited company.

I am not sure why EOW guys have not yet contacted me since Dinesh Sakpal the director of MTIL has already told me that he wants me to remove above comment made by me. so that they can clear their enquiry at EOW.


Also other directors involved are

1. Arif Merchant
2. Mohan Patil 

Monday, March 2, 2015

Comfort for cheating investors MPID act shivaji estate live stocks and farms p ltd




Goat and sheep production from thousands of investors, many times phasavilya relief decision is manifestly Returns bait important stage of the national consumer protection. Maharashtra Investor Protection Act (emapiayadi) to get compensation for the damage, although existing investors, customers get the right to process the complaint mancakade civil war after the court has given the National Customer Manch vacuum to be the longest uninterrupted. While also invested Rs 41 crore in the matter phasavilya from 373 investors gave them the order to damage national Manch more than Rs pavanetina million. So now is the right to seek compensation for investors received thousands of different schemes and those who sat bump fraud.Nagpur Shivaji estate live stock and phamrsa Pvt. Ltd. The Managing Director and the Director of the apostle and his son Anil bharate bharate has earned crores of rupees to show compliance with the state thousands of investors, investment bait goat and sheep. Majesty, Dhanashri, such vanasri 15 years and has a long-term plan to invest in a variety of ways that benefit may be the return of invested Rs 74 thousand to three thousand rupees, the bait was obtained. For the sake of money invested huge pretext bhuluna guntavanudaranni thousands since 1997. Some of the schemes in the rate of premature and had plans to close the Options karanyacahi was going to come back in four years. She is getting money from investors to invest in the beginning of 2003, but then did not return the money periodic and plan out padanaryanna started messing denied. Some buyers have reported economic crime department of the police in Mumbai and Mumbai client Panchayat Executive Adv. Shirish Deshpande yancyakadehi been the case. Adv. Shirish Deshpande selimendhi invested Rs 41 crore in the following case about a talent adelakara with 373 investors on behalf of the National Consumer Protection mancapudhe had filed a complaint in 2007. The entire investment returns, interest, claim compensation was mancakade.* 9 per cent on the investment from the complaint filed, the original amount and the amount of compensation that they are 10 per cent of the company to order every investor.* This amount is the house worth around Rs pavanetina is brought to heel over the region of the Economic Crime Department.* So now investors can get the amount of compensation, thus Adv. Deshpande said.



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