Mantri Developers — Fraud by Mantri Developers

Sunnyshubh

from Bengaluru, Karnataka

Dec 19, 2016

Address: Bangalore, Karnataka, 560006

Website: mantri

Mantri Developers had launched "Double your investment and preEMI till possession" scheme in 2013 and continued the scheme for many forthcoming years. Many customers like us went for the scheme as it was Mantri Developers and PnB association.

* We had our buyback ended in Aug, 2016 and there has been no promised return from Mantri.
* Also there is 4 months of preEMI lag right now, which is huge for us.
* There has been no proper communication from Mantri Management.
* Mantri family is on vacation abroad and management is not answering/ returning promised returns along with discrepancies in preEMIs.

We are financially and mentally stressed due the ignorant and unprofessional behavior of Mantri Management.

This is a clear fraud and illegal.

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Comments

MantriDevelopersPvtLTD

from Gurgaon, Haryana

Dec 28, 2016

Dear Sir,

Greetings from Mantri Developers! It was communicated to all the customers during the meeting for the extension until Dec'16 for the closure. However, due to current market challenges, it is expected to be further delayed. We will be streamlining the payouts within next 2 months. However, closure of buyback will be by Aug'17. Regret inconvenience caused.

Thanks & Regards
Mantri Developers

Sunnyshubh's [Complaint's author] reply, Dec 30, 2016

MPDL,

1. Nobody contacted us on their own from Mantri regarding the buyback. Many of us came together and kept requesting management to give a clear picture on buyback. After taking a lot of time, finally meeting happened on 3 September where Mrs. Mantri promised to honor buyback and return money and close Loan.

2. As per Buyback MOU, It has specific month mentioned for buyback against the unit - Aug 2016. You can not just conveniently say that due to market challenges, things will be further delayed without giving any clear picture.

3. This reply perfectly depicts Mantri's culture and it's responsibility towards the customer -
a. Customers still have no clue about the delay while on public forum, we are being informed in plain words - " closure of buyback will be by Aug'17. Regret inconvenience caused.".
b. Mantri has not just gone against the MOU and delayed the buyback by 1 year (as we are being informed just now) - There is no mention of preEMIs. What about the preEMIs? Who will pay them till Aug 2017?
c. We do not agree to such delays, like Mantri affected by current market situation we are also affected and severely affected.

We need our money back and clearance of preemis with loan closure. This is as per the paper signed.
MPDL can not just go against the MOU and delay the buyback without giving any clarity to customers about preemis, compensation against delay (if they agree) and buyback closure - if they don't agree.