[Resolved]  Gold Souk - Chennai — Cheating on the commitment

Address: Chennai, Tamil Nadu

Gold Souk, Chennai mall construction started in 2007 and they sold the mall space to Investors at the premium price stating that the investors will be given guaranteed return of 11% per year even during the construction phase. Construction progressing in a snail phase (even govt projects are executed faster than this one) and stopped paying the ROI. See their website has the following promotions. (http://www.agsgroup.in/index.php?option=com_content&view=article&id=34&...⇄ Assured rental returns of 11% or more Annual property appreciation of 30% to 40% Zero investment risk They paid the committed return for few months after collecting the investment from the investors. Then they stopped paying the monthly return. Most of the investors has pending payment of more than 3 years. Now they are asking the investor's take up additional space for the pending ROI amount that too till December 2013. If the investor's agrees, then they will manipulate and redo the MOU omitting the monthly ROI part. God only knows when the mall will be opened. As per wikipedia (http://en.wikipedia.org/wiki/Gold_Souk_Grande_Mall_Chennai), "... will be operational by first quarter of 2025. This is creating a record for itself by becoming the longest project in gestation period and construction period. Promoters have done all from their side to apply for guiness book of world records for the title of most delayed project." It's not that they don't have fund. They get fund using one project, launch an another project and keep going like a ponzi scheme. I would suggest, some of the investors should come together and sue this company. These kind of company should be removed from the system.