Aug 19, 2009 04:18 AM
26623 Views
(Updated Aug 28, 2009 02:37 AM)
A group of friends got together and invested 1.4 crores in City Realcom last August. They were given approx 1200 post dated cheques (100 per month) starting September 2008. They total of 100 cheques was approx 8 lakh rupees. I
just met them yesterday and they told me that cheques worth 8 lakh were cleared every month, upto and including August 2009. They have heard from some people that the cheques issued after August 12th, drawn on ABN bank are boucing so they are now very concerned.
Approx 70% of their principal has been recovered. They have 50 cheques from ABN dated Sep 1 and 50 cheques from DBS dated Sep 11th, 2009. They have not received cheques for the next 12 months after Sep. On speaking to City Realcom, they were told not to deposit the Sep 1 cheques till Sep 7th and the next set of cheques will arrive in the last week of September.
The reason given was there is some sort of a govt audit taking place. I have also heard some stories about CBI or IT authorities freezing their bank accounts due to a raid conducted by them. Will know more tomorrow when these guys visit the head office in Mittal Towers, Mumbai tomorrow. If any of you have more info on this matter, please leave feedback.
Regards,
Manohar Lohia
