City Limouzine Investment finance fraud

The Bombay High Court on Wednesday pulled up the Economic Offences Wing (EOW) for its delay in investigating fraud cases.



The Bombay High Court on Wednesday pulled up the Economic Offences Wing (EOW) for its delay in investigating fraud cases. The HC observed that such offences should be investigated expeditiously so that quick relief could be provided to victims.
A division bench of Justices Ranjana Desai and Rajesh Ketkar has asked the EOW to file an affidavit explaining what preventive steps it proposes to take to tackle such cases. The court was hearing two different public interest litigations highlighting two scams, including the SpeakAsia fraud.
"In such cases there should be quick relief. A person approaches the police with a complaint but he is sent from one police station to another. Sometimes we see total inertia and inaction on the part of the police," Justice Desai said.
Taking the police to task, the court said the police have tendency to drive away people who come to lodge a complaint.
Public prosecutor Pandurang Pol informed the court that the EOW probes those cases where the fraud is above Rs50 lakh. Lesser amount fraud is investigated by the local police. The HC also inquired about the legal officers available with the EOW and number of cases pending with them. The court has directed the EOW to file a reply within two weeks. Speak Asia, a Singapore-based online survey company, is alleged to have cheated people of crores of rupees by promising them huge returns for investing in its surveys. The other fraud was by a company called Symbiosis

`100cr co-op society scam comes to fore

Dhanalaxmi society duped over 100 investors by promising hefty returns; chairman arrested


The Santa Cruz police on Wednesday arrested the promoter of a co-operative credit society for duping hundreds of investors of over Rs100 crore.
Radheshyam Gupta, chairman of the Dhanlaxmi Co-operative Credit Society, was arrested after 25 investors lodged a complaint against him with the Santa Cruz police. Similar offences were also registered against Gupta in other police stations, the police said.
According to the police, preliminary investigations have revealed that the accused had floated several financial schemes in the city. The accused was running these schemes for the past seven years. In this scheme, the credit society had reportedly offered 14% interest rate on the fixed deposits, which is much higher than any other banking institutions. The investors alleged that they were initially offered the returns, but the credit society later delayed payments.
Suresh Nath, an investor, said: "I had invested Rs4 lakh in the credit society. But I never got it back. It was my hard earned money and I had deposited it with the credit society on the basis of trust."
Suman Rao, a teacher who had invested Rs70,000 two years ago, said, "The credit society staffers kept on assuring me that I will get my money back , but the assurances were all false. I needed the money for my daughter's marriage, but I could not get it when, I needed it the most."
The police said whenever any investors threatened to go to the police or drag the credit society to the court, the accused would give false assurance.
The police said since a huge amount of money was involved in the scam, the case is likely to be transferred to the Economic Offence Wing (EOW) of the city police. The accused has been booked under various section of the Indian Penal Code for cheating and fraud. "Other accomplices of the accused will also be arrested in the case," said Deputy Commissioner of police (zone IX) P R Dighavkar.

ATM skimmers are here to empty your a/c

Horror of customers finding zero balance on the rise; experts say hackers using sophisticated devices


Jaslok hospital ward boy Santosh Patil was crestfallen. For, all his hard-earned savings of over several months vanished from his bank account without his knowledge.

The horror of automated teller machines (ATM) eating up a bank customer's money seems to have reached new heights: the phenomenon no longer seems to be limited to a particular bank or ATM.

While this problem was experienced earlier this month by an assistant inspector from Oshiwara police station at an AXIS bank ATM, several State Bank of India (SBI) customers have complained about their money disappearing in a similar manner.

Asistant inspector Sanjay More withdrew Rs10,000 but received an SMS alert saying Rs40,000 had been debited from his account.

However, some customers, including Patil, are more unfortunate than More as they could not get even a penny from their accounts.

"While my salary account is in a separate bank, I used to do my savings in this account. However, when I tried thrice for an ATM withdrawal at Opera House, my transactions were declined and the mini statement said that I had withdrawn Rs15,300," said a helpless Patil who failed to understand the technicalities involved.

Patil is not an isolated case in his hospital. Several others from it have met with the same fate and some of them are customers at the same branch of the bank at Pedder Road.

"We have received 10-15 similar complaints and we have got in touch with the other banks whose ATMs were used by our account holders," said Sunita, cash officer of the bank.

"While we are concerned with our customers' plight, they will have to seek the police's help to find out the reasons. We have contacted the cyber cell of the police from our end," said branch manager Dinesh Doke.

While investigations in the current cases are under way, the incidents that had occurred before has led the police to believe that the alleged hackers used ATM skimmers.

According to cyber experts, while hacking via these skimmers is rampant in Eastern Europe and America, it is just a matter of time before they raise their heads here in our country.

"It is a very sophisticated racket and there are different versions of the skimmers," said Sahir Hidayatullah, a cyber security consultant.

Explaining the modus operandi, Hidayatullah added: "Skimmers can be tiny, little pieces almost invisible to your eyes. Once you swipe your card, it reads all the data from the magnetic strip. There can also be a fake keypad over the normal keypad which stores the PIN in the skimming machine to be used later. While some machines have cameras, some are attached with a phone for all the details to be transmitted immediately."

Reqyest you to provide me an update on citylimouzine scheme, I had given 5000 to a person from bangalore as he said he will file a case in mumbai and would update us however we have not heard any news from his side and now he has changed his number. so please let me know if i can come to mumbai and claim my money...i am need of it..i had taken loan and given. i have been paying my monthly income to this..now i cannot do that as i am running out of cash.. please reply ...

Answer: Sorry for jumping in late & un-invited here. The person who took that money from you got richer by 5000 without any effort, thanks to your desperation. The sooner you accept this the better for you. There is no remote chance for that person to even think about contacting you and many others from whom he may have swindled money. May be he was a City investor himself and has already recovered his investment through innocent people like you.

Manohar has been pretty upfront right from day 1 dissuading any person of the forum to pay money to such touts. Heeding to his advice is each individual's discretion.

As a concluding advice just follow the updates on the group posted by Manohar and file your claim at the right time with the official liquidator.

I could not write about the hearing of City  Realcom Itd,I was buisy
with my personal works.Realcom Cases came before Justice Kathawala on
28/7/2011 and now posted to 08/9/2011.

1. One thing I want to say about Liquidation, File your Claims of City
Limouzines Company only. you are filing claims as per your investment
or as per your agreement confirm it from official liquidator. If you
are filing as per your agreement than you can write it as investment.
in your claim affidavit.
2. Investors who have left 1 , 2 ,3 or 4 installment also in regard of
receiving payment,and all investors of Sep 2004 onwards are authorize
to claim their investment amount and their Preference shares money
value. Some Investors asked this question so I am writing.
3. Do not forget to submit your claims to official liquidator, It is
your money ,you have to do it.

=================

You have written with less knowledge. Realcom Company is a subsidiary
company but every company have its own identity and ID Number.
So winding procedure Investors have to file case and contest. One
Investor have file case for City Realcom for recovery of Rs. 52,000/-
only One Case filed by sun shott advertising company. By combing also
you investors can not file case for winding up. Associations are
alsohave not filed cases for winding up, You think Government will
file case for you for winding up.
It is Indian Mentality people are ready to forget their invested
amount but but they are not ready to spend little amount for
contesting case.
I do not want to write this but it is real fact. Nobody comes for
support where expenditure involve, just people writes mails and
forward mails and gives their positive remarks or abusive remarks.
Do not hope others it is your money , till you will not think nothing
will happen. Otherwise the same fate will happen. Which has already
happened to so many earlier cases like this . example of Golden forest
is before you.
I am following closely all the city case very closely. I reached to
conclusion, nothing is possible in this case. You standing behind Anna
Hazare. Have you ever observed same Prasant Bhusan (Senior Advocate)
stand against you all investors in Supreme Court to save Masood of
City limouzines after this More than Rs. 3,000/- Crore fraud. Here
money is everything some utilise other or others are utilised by
someone.

=============

I have been 2 liquidators office and got d form but they told me they will not accept realcom claim as of now .

===

List of Black Money Holders from Wiki Leaks-03-08-2011
It's official now -- Indians hold about $2.5 billion (over Rs 11,000 crore) in Swiss banks, but this figure of Switzerland's central bank may be a gross understatement of the total wealth directly and indirectly held there by entities from India. The ever-growing judicial scrutiny and political outcry over alleged stashing of black money in Swiss banks also seems to be forcing Indian entities to move their monies to other safe havens like the Middle East, Singapore and Mauritius.


Some half a billion dollars have been moved out in the last three years, according to the central bank's figures.

In the first-ever disclosure of money held in various Swiss banks by Indians, Swiss National Bank (SNB) has said the quantum of such deposits stood at 1.945 billion Swiss francs (about $2.5 billion) at the end of 2010.

Giving a break-up of this amount, Walter Meier, the spokesperson for the SNB President, said this included about $2.1 billion dollars in the form of savings and deposits by Indian individuals, financial institutions and corporates.

The remaining about $400 million is of fiduciaries largely operating for private individuals from India.

Meier, however, said the bank had no further information when asked about the identity of these funds.

He further said that two of the largest Swiss banks, UBS and Credit Suisse, account for a vast majority of the deposits of entities from India.

Out of the 1.66 billion Swiss francs ($2.1 billion) held by Indian individuals and institutions at the end of 2010, the two banks accounted for 1.02 Swiss francs ($1.5 billion) and the remaining 636 Swiss francs ($775 million) are held in Swiss cantonal banks and private banks, he added.

Experts say that the fiduciaries are essentially wealth fund managers who hold the money of Indian private holders and families in the so-called numbered accounts.

A private banker, on condition of anonymity, said that the actual deposits by Indians could be as high as $15-20 billion, but also rubbished the figure of $1.5 trillion that has been reported from time to time.

"I would argue that both the Swiss central bank's estimate of $2.5 billion as deposits of Indians, as well as the Indian media stories of $1.5 trillion of Indian private deposits, are incorrect and somewhat outrageous," he said.

"From my involvement with banks, I would place the Indian deposits anywhere between $15-20 billion," the banker said.

He also said there was a "perceptible flight of funds" of Indian holders from Swiss banks to banks in Singapore and Dubai, which are now the two main centres for Indian funds from undeclared sources.

With the Singapore-based online survey company Speak Asia getting embroiled in a controversy and undergoing investigations, other such websites, too, have come under the police scanner. The Mumbai Police crime branch is conducting cyber surveillance on all such websites, which offer lucrative returns on investment and are dubious in nature.
The police said that Speak Asia created a huge network of people who joined it through internet after paying Rs11,000. The company assured all the investors Rs52,000 annually in exchange for conducting online surveys for the website.
"This could be a multi-crore fraud wherein unsuspecting investors were offered lucrative returns and were duped by the company. The whole operation seems to be dubious and it's important to keep checks on such companies," said an economic offences wing (EOW) officer.
Police sources said that the crime branch has directed the cyber crime cell to keep tab on other such websites and prepare a report accordingly. The idea is to identify such companies and see how their operations can be investigated. The crime branch has already come across a few such dubious companies, sources said.
"We have asked the cyber crime cell to monitor websites of companies that function like Speak Asia. Once we identify the companies, we will get details of their investors and contact them. If it is found that the companies have been using fraudulent means to make money, we can take action against them and any potential scam can be nipped in the bud," said joint commissioner of police, crime, Himanshu Roy.
Last Friday, the EOW arrested five people, including the chief operating officer of Speak Asia, on charges of cheating and criminal conspiracy.