Square Yards — Promoting Fraudulent Investments Globally - ( India ) | |||||
Complaint Summary: An USA based commercial space company (http://www.barworks.nyc/) who is doubted to be run by Ranwick Haddow (An under trial Scammer in UK for running capital alternatives), Legal action against them are initiated in USA Click on below link for full detail: http://www.redd-monitor.org/2017/01/17/bar-works-the-return-of-renwick-haddow/#c...⇄ Fund raise being done globally through agents sharing high brokerage i.e. 20%. There is no communication for the last two months and return have been stopped. Agents also have now just raising their hands. Investor on the other side are helpless & under panic for losing their life saving, obviously it’s not bar works who came to investors, its agents who approached investors and advocated their product. So if Bar Works turned out be scam, Agents should held responsible equally. This complaint is mainly against agents like M/s Square Yards so that other UAE residents can be protected from this ongoing scam, and we can get the justice from UAE government. Charges against Square Yards Real Estate Agent (Located in UAE (Abu Dhabi, Dubai, Sharjah), India, Honkong, Singapore, USA, London, Qatar, Oman 1. Lack Of Due Diligence : Promoting a fraudulent investment in UAE and other overseas country without doing thorough diligence, which turned out to be a scam now Jonathan Black (Ex COO Bar Works), who in reality does not Exists, Square Yard has no clue of this man and they says that they have done due diligence before promoting Bar Works. (Annexure-I:REDD Monitor & US Announcements to prove that), So Square Yards took risk on investor money and now they since it turned out to be a scam, they must refund investor money as part of the penalty to their mistake. 2. Illegal Overseas Investment Promotion: Square Yards don’t have license to promote overseas business in UAE, but they did it. So it’s illegal. 3. Considerably Higher Brokerage: Considerably higher % of brokerage i.e. 20%, usual brokerage in real estate market is less than 5% (Annexure-II: I have an audio clip of sales manager from Square Yards to prove that). 4. Official Email with Guarantee & Safe Investment: Square Yards approached me promoting bar works San Francisco in August2016, and I have invested $60K over your assurance. (Annexure-III : Promotional email with assurance on Bar works return by Square Yards) 5. I have email showing sense o[censored]rgency for loan clearance from ADCB by Square Yards, Why it was done? When you are not promoting something, how can you advice your investor to invest in that? Is not this cheating/fraud/scam? (Annexure-IV : Email showing pressure from bar works is attached) 6. Intentional Crime: a. “Intention” of agent need to be define here, whether they did through diligence or simply went for higher cut of commission, and how much high it is? 5% is the standard rate, however if they have taken 20% or more than that how they justify BW return? which is: - 12-16% annual, for two years its 24-32% - 25% on exit after two years - 15-20% agent fee - BW sales fee - BW operational expense (Salary, Promotional expenses etc.) Note: We came to know above from REDD Monitor website, can be approached on [protected]@gmail.com b. Square Yards again approached me in March2017 for bar works Istanbul assuring its coming with higher return 15-16%, and this is done while Square Yards has their own convertible notes launched, but the focus was on Bar works. After all the assurance I invested $90K loan money, which I was planning to use to buy home. (Annexure-IV : Email showing pressure from bar works is attached) c. Investors On Risk: Tanuj Shori (CEO of Square Yards) told to Konrad (Real Deal Editor), that Square Yards is not promoting Bar Works since Jan2017, than why I have been put in trouble selling this in March2017? Editor can be approached on below :- Konrad Putzier | Reporter | O:[protected] | [protected]@therealdeal.com 7. I personally met Mr. Aaroon & Mr. Araj in SY Abu Dhabi Office, they knew the whole story, my future planning & all that. (Their contact detail is provide below) 8. Square yards is the one who approached me, and not bar works, they must be counted for promoting this fraudulent product even after they realized in Jan2017 the continued till March-April2017, They knowingly let the investor put their money i.e. which is intentional crime. 9. SY paid for your consultancy skills while proposing this to us, now they don’t have right on the brokerage as their investment turned out to be a scam, and there should be provision of penalty over them to recover investor money. 10. Breaching the trust of investors, as investor followed the advice from agents. Square yards cheating history http://www.SquareYards.com - Square Yards being charged in Singapore for similar fraud. Below is the link (Annexure-V): http://www.businesstimes.com.sg/real-estate/square-yards-slapped-with-fine-six-m...⇄ - Square Yards being charged in India for fraud in India, below is the link (Annexure-VI): http://www.thehindu.com/news/cities/Delhi/court-orders-fir-against-real-estate-f...⇄ - https://repdigger.com/reviews/squareyards (Annexure-VII) - https://www.complaintboard.in/complaints-reviews/squareyards-l612308.html (Annexure-IX) - http://economictimes.indiatimes.com/wealth/personal-finance-news/square-yards-partners-us-based-barworks-inc-invest...⇄ - http://www.thehindu.com/news/cities/Delhi/court-orders-fir-against-real-estate-f...⇄ (Annexure-XI) - http://www.ripoffreport.com/reports/square-yards/nationwide/ms-square-yards-tanu...⇄ - Square Yards is more than an agent for Bar Works :- http://economictimes.indiatimes.com/wealth/personal-finance-news/square-yards-partners-us-based-barworks-inc-invest...⇄ (Annexure-XIII) Was this information helpful? | |||||
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Comments
Dear Team, I am the most Victimized Customer of Square yards. I booked a flat in October-2015 in Panchsheel Hynish (Flat No.2003), Greater Noida West. I received a Credit Note of Rs.72000 out of which only 50% has been released to me. I have sent 100+ emails but I am not getting any revert from the team. Your team is mentioning GoldMine as another party involved who is not releasing this payment. NO BODY IN SquareYards is working on this case and taking a followup. I have been taking a follow-ups from Amar Srivastava, cphelpdesk, Gaurav kaushik, Keshav Kakkar, csakGupta, Ritika Shori, Pooja Rajpal, Shubhi Jain, Sarabjot Sarna, Suhail Malik and Sucheta Banik...
I could come out of a SQY scam after paying advance of 2 lakhs for WTC Noida. After paying advance they sent me a mail which if I acknowledged, I was responsible for due diligence. Immediately I sent notice of cancellation. Initially they said advance cannot be returned. I had to intimidate them that I will report to authorities in Oman for cheating. Finally after several months I got back the money.
Not refunding money
I have purchased a villa in gaur yamuna city 2 years ago through squareyards broker. I visited squareyards’s office and they called their banker and after checking my bank statements and other documents they said your loan will get done by 7-8 days. You can pay your advance booking. I paid 3.33 lac as advance booking those are refundable if something went wrong. After that they gone sleep every day i called them they said send us these documents to bla person i sent then waited for 10-15 days again i called they said now bla person will look at your case send him all docs. I sent all docs to 4-5 persons and after 7-8 months they said your loan is not approving then i said refund my money back. Its 2 years gone and i am begging for my money. At one time gaursons clearly said me that refund is not our policy but after following up these guys 1 yrs regularly they saying that we will deduct 70k as interest (shocked i paid in advance and they are asking interest from me instead of giving interest to me) . Finally i agreed that deduct and refund my rest of balance now 7-8 months they always saying that you will get your money next month but no refund. They are not replying and not picking my call. I am thinking to commit sucide in their office.
Please help me or guide me legally.[protected]
Thanks!
I have purchased a villa in gaur yamuna city 2 years ago through squareyards broker. I visited squareyards’s office and they called their banker and after checking my bank statements and other documents they said your loan will get done by 7-8 days. You can pay your advance booking. I paid 3.33 lac as advance booking those are refundable if something went wrong. After that they gone sleep every day i called them they said send us these documents to bla person i sent then waited for 10-15 days again i called they said now bla person will look at your case send him all docs. I sent all docs to 4-5 persons and after 7-8 months they said your loan is not approving then i said refund my money back. Its 2 years gone and i am begging for my money. At one time gaursons clearly said me that refund is not our policy but after following up these guys 1 yrs regularly they saying that we will deduct 70k as interest (shocked i paid in advance and they are asking interest from me instead of giving interest to me) . Finally i agreed that deduct and refund my rest of balance now 7-8 months they always saying that you will get your money next month but no refund. They are not replying and not picking my call. I am thinking to commit sucide in their office.
Please help me or guide me legally.[protected]
Thanks!
Jay86's reply, Nov 16, 2021
Hi iam also approached by squareyard for bhutani properties, whether to invest or not, pl advice
They only sell to NRI customers, because they can sell at much higher prices for projects which are complete scams or will never be delivered, as we can't check the ground situation. They are not even registered as a real estate company, they are registered as an event management company or IT company so that they do not fall under the laws of real estate.
And after a point of time, they will say that projects are getting delayed or cancelled. Since they only hire contract staff, by that time the old team members have all moved to other companies and other countries.
The new team will say they have no idea about what was sold to us and why and instead they will try to request us to again invest in other projects which are safer investments. Do they really think they can fool the same people twice?
Obviously, the biggest scam (which they were hand-in-glove with) was the Barworks projects, which is now being investigated by the US government.
We lost in that too. Along with a Bangalore commercial property called Artha Emprasa.
Both projects were sold to us by Manasvi Mehrotra, who moved out of Singapore to PropTiger in India. Guess he's cheating people there now.