[Resolved] Shubhkamna Buildtech Pvt. Ltd. — Cheque Bouncing under Assured Return Scheme of 14% Per Annum | |||
I had purchased a Studio Apartment being built by the builder SHUBHKAMNA BUILDTECH PVT. LTD. in Sector-137, Noida in Nov 2011. I had made a full down payment of Rs 23 Lacs against my flat under a scheme of builder whereby i was supposed to get 14% per annum assured return till possession of the apartment which is scheduled by Dec 2013. I also received these monthly post dated cheques. Uptill now only 3 cheques got cleared (Dec 2011, Jan & Feb) and since last 3 months (March Apr n May) the cheques have started dishonouring due to insufficient funds in the account of the builder. On contacting the builder i am being told that there is some problem with their AXIS Bank account and i can exchange my Cheque with Cash. On declining not to accept cash i am being told to represent the cheques in another 15 days time. This has been happening for the last 3 months and now being fed up with their system i have applied for REFUND of my entire money 10 Days back. Neither my May assured return cheque has got cleared nor i have got a reply on the refund. Their GM has stopped taking my calls. The Directors of the company are never available in their office. WHAT TO DO. Again, To my surprise they are giving full page advertisements and launching more assured return projects. Advising everyone NOT TO BE RIPPED OFF BY THIS FRAUD COMPANY. I AM FILING A COMPLAINT AGAINST THEM IN THE ECONOMIC OFFENSES WING. Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 7 Comments | |||
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Fraud Builder
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Can someone tell me who are the people behind this shubhkamna group...heard they are raising debt from the market at a very high rate of interest...as high as 8% per month...infact for every 1 cr invested by investor in the company they claim to double it in 1 yr...what a miracle offer...i have been offered such a scheme from 3 of their brokers...Innovions, Investor Home n AS Builtestate...moreover non of their projects have registry in their name - LIVIA, SIGNINN, LEGEND...nor any maps approved...a word of CAUTION: RISKY BUILDER
Hi Mr Mohanty,
Were you able to resolve your issue amicably?I believe you'd invested in Loginn?
I was thinking of investing in their new project Signinn, but i'm confused now after looking at the above comments.
Regards,
Amit
Were you able to resolve your issue amicably?I believe you'd invested in Loginn?
I was thinking of investing in their new project Signinn, but i'm confused now after looking at the above comments.
Regards,
Amit
thanks for such update about such dirty builders i was thinking to invest but now i will never think of them. these people should be put behind bar who commit and then fail.
REAL ESTATE COMPANIES ON ASSURED RETURN BASIS IS AGAINST SEBI & RBI ACTS AS PER COURT ORDER DATED 29.08.2012
Division Bench, consisting of the Hon'ble Acting Chief Justice and Hon'ble Mr. Justice Rajiv Sahai Endlaw of the High Court of Delhi, on a public interest litigation WP(C) 5324/2012 filed by an investor, have issued directions to the Reserve Bank of India and Securities & Exchange Board of India to investigate against real estate companies who are inviting booking of property from the public with assured returns. The Hon'ble High has also further issued directions to take further remedial steps not only in restraining inviting booking on assured returns but also to take other action as permissible under law as well.
ORDER / 29.08.2012
1. This petition is filed in public interest. The petitioner has brought to the notice of this court that respondents no. 7 to 10, real estate development companies are inviting deposits from public with assured returns with buy back options. The submission is that the same amounts to banking activity within the meaning of Section 45-IA of the Reserve Bank of India Act, 1934 as applicable to non-banking financial corporations and is without the permission of the Reserve Bank of India as well as SEBI and cannot be undertaken by respondents no.7 to 10. It is further pleaded that not only are the said activity illegal but it is possible that small time investors having limited funds would be duped by such companies.
W.P.(C)5324/2012
2. We find that the petitioner had sent a representation to the Reserve Bank of India and SEBI only on 10.7.2012. Learned counsel for SEBI has appeared on advance notice and has submitted that on the representation of the petitioner, action has been initiated and the matter is under investigation. He has produced copies of letter dated 06.08.2012 addressed to respondents no.7 to 10 asking them to submit required documents to take further action.
3. Since the matter is already under examination by the concerned authorities, it is not necessary to entertain this stage except for directing the RBI and SEBI to conduct and conclude the probe at the earliest and if it is found that respondent no.7 to 10 are not eligible to undertake such activities, take further remedial steps not only in restraining these respondents but also to take other actions as permissible under law as well. Petitioner shall be intimated about the outcome of the proceedings of the SEBI. In case the petitioner remains aggrieved by the action taken by the concerned authorities, he would be at liberty to approach the Court.
With the aforesaid directions, the petition stands disposed of.
Division Bench, consisting of the Hon'ble Acting Chief Justice and Hon'ble Mr. Justice Rajiv Sahai Endlaw of the High Court of Delhi, on a public interest litigation WP(C) 5324/2012 filed by an investor, have issued directions to the Reserve Bank of India and Securities & Exchange Board of India to investigate against real estate companies who are inviting booking of property from the public with assured returns. The Hon'ble High has also further issued directions to take further remedial steps not only in restraining inviting booking on assured returns but also to take other action as permissible under law as well.
ORDER / 29.08.2012
1. This petition is filed in public interest. The petitioner has brought to the notice of this court that respondents no. 7 to 10, real estate development companies are inviting deposits from public with assured returns with buy back options. The submission is that the same amounts to banking activity within the meaning of Section 45-IA of the Reserve Bank of India Act, 1934 as applicable to non-banking financial corporations and is without the permission of the Reserve Bank of India as well as SEBI and cannot be undertaken by respondents no.7 to 10. It is further pleaded that not only are the said activity illegal but it is possible that small time investors having limited funds would be duped by such companies.
W.P.(C)5324/2012
2. We find that the petitioner had sent a representation to the Reserve Bank of India and SEBI only on 10.7.2012. Learned counsel for SEBI has appeared on advance notice and has submitted that on the representation of the petitioner, action has been initiated and the matter is under investigation. He has produced copies of letter dated 06.08.2012 addressed to respondents no.7 to 10 asking them to submit required documents to take further action.
3. Since the matter is already under examination by the concerned authorities, it is not necessary to entertain this stage except for directing the RBI and SEBI to conduct and conclude the probe at the earliest and if it is found that respondent no.7 to 10 are not eligible to undertake such activities, take further remedial steps not only in restraining these respondents but also to take other actions as permissible under law as well. Petitioner shall be intimated about the outcome of the proceedings of the SEBI. In case the petitioner remains aggrieved by the action taken by the concerned authorities, he would be at liberty to approach the Court.
With the aforesaid directions, the petition stands disposed of.
Lets all unite together and requesting all shubhkmna loginn owners to join in together and lets fight our case with the Builder. Please drop email Id's and will get in touch through email/ phone