VCS Brahma Investors Allege Fraud Aggrieved investors urge the public to remain cautious
VCS Brahma Investors Allege Fraud Aggrieved investors urge the public to remain cautious: Investors have accused Zirakpur-based VCS Investors and Developers of allegedly defrauding them of crores of rupees. During a press conference held at the Mohali Press Club today, Harkirat Singh of Dera Bassi and Arvinder Singh of Zirakpur stated that Suniljit Singh Jolly, the director of the project, and his wife, who is also a director, had secured investments worth crores of rupees from around 80 investors. However, the investors are now allegedly neither being allotted land in the project nor getting their money refunded.
They alleged that even the company’s RERA registration number was fake and said they had lodged a complaint with the Real Estate Regulatory Authority (RERA) in this regard.
The bank cheques issued to the investors have also reportedly bounced, following which a case under Section 138 has been filed against the concerned parties. The investors alleged that they had been promised a luxurious, multi-storey commercial project that would be among the finest in North India. However, despite more than two years having passed, the land remains vacant and undeveloped.
Responding to questions from journalists, the investors said that they had initially only been shown the land. The builder had organized a recitation of Sukhmani Sahib at the site. Since the project was located in a prominent area of the city, people had shown interest in investing in it.
However, they alleged that no construction work had begun at the site for some time and that the staff had also disappeared from the office. This led the investors to suspect that a major fraud might have taken place in connection with the project.
They further stated that the builder was now reportedly preparing to launch another major project in the New Chandigarh area. When they looked into the matter, they claimed to have found irregularities in the Change of Land Use (CLU) documents and other paperwork.
The investors appealed to the general public not to invest in the project, alleging that it was a fraudulent venture. The aggrieved investors urged the administration to register a case against the developer under the relevant provisions relating to fraud and other offences, ensure the return of the hard-earned money invested by the public, and provide appropriate compensation for the mental distress and financial losses they had suffered.
Investors Karan Sarvesh of Gurugram, Deepak Sharma of Mohali, and others were also present on the occasion. What Does Director Suniljit Singh Jolly Have to Say?
During the proceedings, project director Suniljit Singh Jolly was contacted by phone. He stated that the cheques issued to the investors had been given as security and that the investors concerned had deposited them with banks, resulting in the cheques being dishonoured.
Jolly said that the investors would receive their money back by December, as promised. He also stated that he had been regularly paying interest on the principal amount to the investors and remained willing to return their money.