Times of india, page no. 5,date :15th may

Big big fraud with Investors by cosmic india
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  • The cosmic cruise or Titanic? This news is a cause for deep worry for thousands who have invested in Cosmic projects. There is no construction progress in any of the projects. The cheques have also stopped coming.
    The promoters have moved to a five star office.
    CommentQuote
  • Bhai -- Construction Industry mein sab kuch common hai.
    Bina lafde ka koi builder nahi hai...


    That's why I couldn't become builder.
    CommentQuote
  • The matter seem bigger than it appears .

    I got copy of the high court order from High court site and is uploading for the purpose of all investors .

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=49481

    Mr Lamba (the complainant ) is brother of famous cricketer Raman Lamba and has been in Construction line from long . He says Cosmic Group used name of his projects and portrayed them to be delivered by them .
    Cosmic had been using the same on their websites and other promotional materials with out his permission.

    Cosmic has been imposed with fine of 20 lac along with immediate stop using name of Mr Lamba and his projects .

    This implies that Cosmic group has committed fraud by misrepresentation .
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  • Planner bhai

    It requires additional degree of kameenapanthi n jaalsaazi to become builder... Otherwise you cant survive.


    Originally Posted by planner
    Bhai -- Construction Industry mein sab kuch common hai.
    Bina lafde ka koi builder nahi hai...


    That's why I couldn't become builder.
    CommentQuote
  • Originally Posted by sameer0708
    The matter seem bigger than it appears .

    I got copy of the high court order from High court site and is uploading for the purpose of all investors .

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=49481

    Mr Lamba (the complainant ) is brother of famous cricketer Raman Lamba and has been in Construction line from long . He says Cosmic Group used name of his projects and portrayed them to be delivered by them .
    Cosmic had been using the same on their websites and other promotional materials with out his permission.

    Cosmic has been imposed with fine of 20 lac along with immediate stop using name of Mr Lamba and his projects .

    This implies that Cosmic group has committed fraud by misrepresentation .


    And Here is the actual complaint from complainant's mouth :

    My name is Rajesh Lamba, brother of, Famous Indian Cricketer Mr. Raman Lamba. I am having strong work experience of more than 25 years and have earned a name in real estate industry. I have worked in association with many prestigious infrastructure companies and have hardcore experience of delivering more than 40 successful projects nationwide and more than 50 Lac Sq Ft of residential & Commercial Space. I am having a recognized and respected name in the Infrastructure domain of India and was never associated with the Cosmic Structures Limited.

    Cosmic Group in order to cheat and dupe the investors and to show its experience in the market was using my name and projects developed by me in its brouchers, website, publicity material, advertisements claiming me as its Director. If my work experience is removed from the experience as mentioned by the Cosmic Group, then Cosmic Group is having no experience in real estate business, not even a single project been completed by them till date but they claim 25 years of experience and so many projects completed in their profile, all belonging to me. After repeated requests by me when my name was not removed by the Cosmic Group, I had filed a Civil Suit against M/s Cosmic Structures Ltd. before the Hon’ble High Court of Delhi for restraining the Cosmic Group, its promoters, directors, partners, family members, dealers, distributors, retailers, representatives, franchisees, employees, servants, agents, successors in title or any one acting for and on their behalf from using my or any of its project in any manner whatsoever.

    The said case is decreed in my favour by the Hon’ble High Court of Delhi whereby the Cosmic Group and its promoters, directors, partners, family members, dealers, distributors, retailers, representatives, franchisees, employees, servants, agents, successors in title or any one acting for and on their behalf is restrained from using my name or any of my project in any manner whatsoever and further restrained them from claiming me as a Director of the Cosmic Structures Limited or associated with it in any other capacity or manner.



    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=49539

    The fraud of the Cosmic Group is not only limited to this extent as the Cosmic Group has played fraud with various investors/ customers in the market and a copy of FIR lodged in Janak Puri Police station is also attached for your reference. This is filed by an investor who has accused Cosmic Group of committed offences U/S 420/406/467/468/471/120. The complaint is against Cosmic Structures Ltd. for cheating and making false promises to investors of selling property at Cosmic Corporate Park, Sector -154, Noida, without any ownership/ approval/ permission/ NOC from competent Authorities.



    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=49538

    Reports about Cosmic Structures Ltd.

    Various consumer groups and individuals have already raised complaints against ARN Infrastructure and Cosmic structures ltd. for selling a single residential/ commercial plot multiple times to various individuals, thus duping as many as hundreds of investors who had booked flats/commercial/Offices with the developer.

    According to the buyers, ARN Infrastructure started IT cum local shopping complex with serviced apartments in Plot No. 10, Tech Zone, Greater Noida at Yamuna Expressway which was group’s first project, under the name -Global Business Park. The park comprises of 7,00,000 sq.ft IT/ITes office space, 1, 50,000 sq.ft residential space and 1, 50,000 sq.ft of commercial space.

    From 2009, ARN started inviting buyers for their residential property and promised to give possession of the same by the last quarter of 2011.

    "Earlier at plot no 10 tech zone Noida was having a project named Globus Business Park and builder ARN Infrastructures sold this project by displaying their sample flat. For past five years construction was not going on and also now same project is being sold by Cosmic Structures Limited, under the name of Cosmic Corporate Park. How a builder can sell a property which is already sold by the name of Globus Business Park," says N.M Subram, a buyer who has already shelled out Rs 15,32,034/- (Rs Fifteen Lakh Thirty Two Thousand And Thirty Four Only) for 428 sq feet Area in 2010. Estimates are that investors have been duped with more than Rs. 600 Crores.

    He further added, “ The same project was renamed to Cosmic Corporate IT Park and we got shock of our life to read the news about IT Park Location Site Sealed for the misuse of Water. Although the company is managed by Sushant Muttreja and Vikas Raj Sharma as Directors having a very strong track record as shown in company’s website, but it is very clear that the company is fraud and is all set to dupe the investors once again. The fact for the company is till date they were unable to deliver any project and the project mentioned was their first project started back in 2011 and was scheduled to be delivered in 2013/14. Although at the construction front the project is almost at a sleeping phase with just a few photographs showing elementary digging work going on till date.

    Mr. Abdul Zabbar, has booked a space of 456 sq. feet area with ARN’s Global Business Park. He had already made a payment of Rs 17,70,921/- and has now applied for a refund from the developer where he has been running from pillar to post as ARN says that Cosmic will make the payment and vice versa.

    The Noida Authority has confirmed an infinite stay on the construction of Cosmic IT Park, which has increased tension among the investors. Hundreds of Investors of Cosmic Group are now asking for refund of their investments from the developer.

    I Request you to please kindly support me and investors of our country to be saved from this kind of fraud builder who use somebody else`s background and goodwill to dupe as many as Thousands of investors who had booked flats / commercial / Offices with Cosmic Structure Ltd.

    Source : Fraud by Cosmic Group - rajkl Blog - MouthShut.com
    CommentQuote
  • Look at these shameless people . They are having party among this scandal .





    Eating on Investors Money ......
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  • Press coverage - Cosmic Group

    Today there is a news in TOI about the above story and it seems that same is going around in Press .

    https://api.indianrealestateforum.com/api//v0/attachments/fetch-attachment?node_id=49724

    Here is the link :
    http://epaperbeta.timesofindia.com/Article.aspx?eid=31808&articlexml=Realtor-booked-for-using-other-firms-name-26052014006033

    Also here is a link from Business Standard about same story

    Realty firm dupes buyer | Business Standard


    It seems to be a BIG SCAM .

    Remember , MD of Cosmic has been employee of SAHARA Group .
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  • Let me explain the whole modus operandi being used by so called developers like Cosmic.

    A number of IT/ITES projects were allotted by NOIDA and GNOIDA in 2006-07 however immediately after that we saw recession and these investors who had bought the plots of sizes ranging from 4000 meters to 25 acres got stuck in the mess and couldn't construct on these plots in absence of demand or couldn't sell again due to lack of demand of office space. Thus majority of such plots went into cancellation/default. Authorities revived these plots but no promising signals were coming from market till about 2011-12 when norms were revised and these IT/ITES plots got permission to convert some part into retail and residential depending on the size of the plot. Here these so called new developers came in picture and entered in the market through JVs wherein a small token amount was paid to land owner (something like 1-2 crores) and marketing rights were taken. All payments were accepted under JV and public face were people like mutnejas or tarun sin....They launched the project, collected the money from gullible buyers under assured return plans, paid some part to land owners and used balance to lock in some more land parcels for such projects. All of them used similar modus operandi i.e. spending huge amount on promotion and brand building but doing nothing on site because unless entire land amount is paid, the land owner wouldnt allow maps approval or construction but by the time land owner realised the entire game, he had already been trapped because any liabilities of customer advances were of land owner because land hadn't been transferred to JV yet. Using Lambas or any other as reference was an effort to create brand image without any past performance.

    This whole game is bound to trap lacks of gullible buyers who are primarily from upcountry and some from NCR also because projects are not going to be built or delivered. One see some positives also like Unnati, Krasa and to some extent Airwil who at least have no JV or have paid the land cost etc.

    Be very careful while investing in such real estate projects. Educate yourself, see papers, take written commitments and understand before giving cheque.
    CommentQuote
  • Originally Posted by alokAmex
    Times a


    Originally Posted by sharmarsv


    Originally Posted by sameer0708
    The m .


    Originally Posted by mitraa
    .


    https://en-maktoob.news.yahoo.com/iran-billionaire-executed-over-2-6b-bank-fraud-104949782.html

    This should happen in India too,

    Iran billionaire executed over $2.6B bank fraud
    Associated PressAssociated Press – Sat, May 24, 2014
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    Share15
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    In this picture Feb. 18, 2012 photo, released by the Iranian Students News Agency, ISNA, Mahafarid Amir Khosravi speaks at his trial in a court in Tehran, Iran. Khosravi, a billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported. Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran's Supreme Court upheld his death sentence. (AP Photo/ISNA, Hamid Foroutan)
    View Photo
    Associated Press/ISNA, Hamid Foroutan - In this picture Feb. 18, 2012 photo, released by the Iranian Students News Agency, ISNA, Mahafarid Amir Khosravi speaks at his trial in a court in Tehran, Iran. Khosravi, …more
    RELATED CONTENT
    In this picture Feb. 18, 2012 photo, released by the Iranian Students News Agency, ISNA, Mahafarid Amir Khosravi speaks at his trial in a court in Tehran, Iran. Khosravi, a billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported. Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran's Supreme Court upheld his death sentence. Banners in Persian quote Iranian leaders about the importance of the fight against financial corruption. (AP Photo/ISNA, Hamid Foroutan)View Photo
    In this picture Feb. 18, 2012 photo, released by the Iranian Students News Agency, …
    TEHRAN, Iran (AP) — A billionaire businessman at the heart of a $2.6 billion state bank scam in Iran, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported.
    Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the TV reported. The report said the execution came after Iran's Supreme Court upheld his death sentence.
    Khosravi's lawyer, Gholam Ali Riahi, was quoted by news website khabaronline.ir as saying that the death sentence was carried out without him being given any notice. Death sentences in Iran are usually carried out by hanging.
    "I had not been informed about the execution of my client," Riahi said. "All the assets of my client are at the disposal of the prosecutor's office."
    State officials did not immediately comment on Riahi's claim.
    The fraud involved using forged documents to get credit at one of Iran's top financial institutions, Bank Saderat, to purchase assets including state-owned companies like major steel producer Khuzestan Steel Co.
    Khosravi's business empire included more than 35 companies from mineral water production to a football club and meat imports from Brazil. According to Iranian media reports, the bank fraud began in 2007.
    A total of 39 defendants were convicted in the case. Four received death sentences, two got life sentences and the rest received sentences of up to 25 years in prison.
    The trials raised questions about corruption at senior levels in Iran's tightly controlled economy during the administration of former President Mahmoud Ahmadinejad.
    Mahmoud Reza Khavari, a former head of Bank Melli, another major Iranian bank, escaped to Canada in 2011 after he resigned over the case. He faces charges over the case in Iran and remains on the Islamic Republic's wanted list. Khavari previously admitted that his bank partially was involved in the fraud, but has maintained his innocence.

    Iran billionaire executed over $2.6B bank fraud
    Associated PressAssociated Press – Sat, May 24, 2014
    Email
    Share15
    Print
    In this picture Feb. 18, 2012 photo, released by the Iranian Students News Agency, ISNA, Mahafarid Amir Khosravi speaks at his trial in a court in Tehran, Iran. Khosravi, a billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported. Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran's Supreme Court upheld his death sentence. (AP Photo/ISNA, Hamid Foroutan)
    View Photo
    Associated Press/ISNA, Hamid Foroutan - In this picture Feb. 18, 2012 photo, released by the Iranian Students News Agency, ISNA, Mahafarid Amir Khosravi speaks at his trial in a court in Tehran, Iran. Khosravi, …more
    RELATED CONTENT
    In this picture Feb. 18, 2012 photo, released by the Iranian Students News Agency, ISNA, Mahafarid Amir Khosravi speaks at his trial in a court in Tehran, Iran. Khosravi, a billionaire businessman at the heart of a $2.6 billion state bank scam, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported. Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the station reported. The report said the execution came after Iran's Supreme Court upheld his death sentence. Banners in Persian quote Iranian leaders about the importance of the fight against financial corruption. (AP Photo/ISNA, Hamid Foroutan)View Photo
    In this picture Feb. 18, 2012 photo, released by the Iranian Students News Agency, …
    TEHRAN, Iran (AP) — A billionaire businessman at the heart of a $2.6 billion state bank scam in Iran, the largest fraud case since the country's 1979 Islamic Revolution, was executed Saturday, state television reported.
    Authorities put Mahafarid Amir Khosravi, also known as Amir Mansour Aria, to death at Evin prison, just north of the capital, Tehran, the TV reported. The report said the execution came after Iran's Supreme Court upheld his death sentence.
    Khosravi's lawyer, Gholam Ali Riahi, was quoted by news website khabaronline.ir as saying that the death sentence was carried out without him being given any notice. Death sentences in Iran are usually carried out by hanging.
    "I had not been informed about the execution of my client," Riahi said. "All the assets of my client are at the disposal of the prosecutor's office."
    State officials did not immediately comment on Riahi's claim.
    The fraud involved using forged documents to get credit at one of Iran's top financial institutions, Bank Saderat, to purchase assets including state-owned companies like major steel producer Khuzestan Steel Co.
    Khosravi's business empire included more than 35 companies from mineral water production to a football club and meat imports from Brazil. According to Iranian media reports, the bank fraud began in 2007.
    A total of 39 defendants were convicted in the case. Four received death sentences, two got life sentences and the rest received sentences of up to 25 years in prison.
    The trials raised questions about corruption at senior levels in Iran's tightly controlled economy during the administration of former President Mahmoud Ahmadinejad.
    Mahmoud Reza Khavari, a former head of Bank Melli, another major Iranian bank, escaped to Canada in 2011 after he resigned over the case. He faces charges over the case in Iran and remains on the Islamic Republic's wanted list. Khavari previously admitted that his bank partially was involved in the fraud, but has maintained his innocence.
    CommentQuote
  • Originally Posted by rajaji
    Let me explain the whole modus operandi being used by so called developers like Cosmic.

    A number of IT/ITES projects were allotted by NOIDA and GNOIDA in 2006-07 however immediately after that we saw recession and these investors who had bought the plots of sizes ranging from 4000 meters to 25 acres got stuck in the mess and couldn't construct on these plots in absence of demand or couldn't sell again due to lack of demand of office space. Thus majority of such plots went into cancellation/default. Authorities revived these plots but no promising signals were coming from market till about 2011-12 when norms were revised and these IT/ITES plots got permission to convert some part into retail and residential depending on the size of the plot. Here these so called new developers came in picture and entered in the market through JVs wherein a small token amount was paid to land owner (something like 1-2 crores) and marketing rights were taken. All payments were accepted under JV and public face were people like mutnejas or tarun sin....They launched the project, collected the money from gullible buyers under assured return plans, paid some part to land owners and used balance to lock in some more land parcels for such projects. All of them used similar modus operandi i.e. spending huge amount on promotion and brand building but doing nothing on site because unless entire land amount is paid, the land owner wouldnt allow maps approval or construction but by the time land owner realised the entire game, he had already been trapped because any liabilities of customer advances were of land owner because land hadn't been transferred to JV yet. Using Lambas or any other as reference was an effort to create brand image without any past performance.

    This whole game is bound to trap lacks of gullible buyers who are primarily from upcountry and some from NCR also because projects are not going to be built or delivered. One see some positives also like Unnati, Krasa and to some extent Airwil who at least have no JV or have paid the land cost etc.

    Be very careful while investing in such real estate projects. Educate yourself, see papers, take written commitments and understand before giving cheque.


    Wah Wah Rajaji ,

    Kya Naam liye aapne acche projects main . Saare ek jaise hi hain .

    Airwil - doesnot have possession of whole plot . And who says payment is complete.

    Unnati - Already being sold by a PCP , not by Aranya Team .

    Krasa - finding it very hard to sell , so thinking agn to go ahead .

    Sir ji , sab ek hi thaili ke chatte batte hain . Farak sirf itna hai ki kuch chote bacche hain aur kuch sab ke baap .
    CommentQuote
  • Originally Posted by raja4545
    Wah Wah Rajaji ,

    Kya Naam liye aapne acche projects main . Saare ek jaise hi hain .

    Airwil - doesnot have possession of whole plot . And who says payment is complete.

    Unnati - Already being sold by a PCP , not by Aranya Team .

    Krasa - finding it very hard to sell , so thinking agn to go ahead .

    Sir ji , sab ek hi thaili ke chatte batte hain . Farak sirf itna hai ki kuch chote bacche hain aur kuch sab ke baap .


    I agree with you Raja4545 .

    All are same but Baap of all fraud is Cosmic aka Earth .

    I hope all know about Cosmic connection with Earth or not , but will refresh the Big Scheme as known to many old brokers affliated with these companies .

    As all know earth has very bad name in Real estate for false commitments, non delivery , over selling of inventory and every thing wrong , It was finding difficult to sell the project started in another name . ( Since some of the directors were common )

    A new company was floated in the name of an Employee and the project was sold to that company . Project was relaunched and was sold again .

    Company launched was cosmic and Employee heading it is Sushant Mutreja , who was an Earth ex- employee and Project is ARN's Globus Business Park .
    Ever seen a builder helping his subordinate to start a new company and even falicitate a deal for him ?

    Well as the grapevine says Cosmic is just another front for Earth and still Eath holds stake in this company .

    Owners of Earth Mr Gupta and Mr Goel are known to be very close to Mr Mutraja , and thier affection can be seen on their respective FB pages .

    Also a notable thing , Mr Mutreja has been Ex employee of Sahara's Real estate firm .

    There are many other points , which i will be bringing up for discussion in this forum .

    Gud Nite .
    CommentQuote
  • Originally Posted by sameer0708
    I agree with you Raja4545 .

    All are same but Baap of all fraud is Cosmic aka Earth .

    I hope all know about Cosmic connection with Earth or not , but will refresh the Big Scheme as known to many old brokers affliated with these companies .

    As all know earth has very bad name in Real estate for false commitments, non delivery , over selling of inventory and every thing wrong , It was finding difficult to sell the project started in another name . ( Since some of the directors were common )

    A new company was floated in the name of an Employee and the project was sold to that company . Project was relaunched and was sold again .

    Company launched was cosmic and Employee heading it is Sushant Mutreja , who was an Earth ex- employee and Project is ARN's Globus Business Park .
    Ever seen a builder helping his subordinate to start a new company and even falicitate a deal for him ?

    Well as the grapevine says Cosmic is just another front for Earth and still Eath holds stake in this company .

    Owners of Earth Mr Gupta and Mr Goel are known to be very close to Mr Mutraja , and thier affection can be seen on their respective FB pages .

    Also a notable thing , Mr Mutreja has been Ex employee of Sahara's Real estate firm .

    There are many other points , which i will be bringing up for discussion in this forum .

    Gud Nite .


    Kya baat hai Sameer Bhai ,

    Aap to bahut pahunche hue lagte ho .

    Agar aap ki baat main dum hai ( Jo ki lagta hai thoda thoda ;) ) to Sabka Baap Earth hi hai.

    Waise bhi unka koi mukabla nahi kar sakta kisi bhi negative cheez main .

    Gud nite Bro ......... Keep posting and enlightening us . :bab (45):
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  • Sm thing sensational coming up , it seems ....
    CommentQuote
  • Well if Earth is baap of all this then from where this Lamba came into picture. Now the big question is will they deliver or not considering they don't have any real estate/construction experience at all...
    P.S. Still in FM I hear cosmic ads :bab (59):
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  • How ever market is full of stories about rift in Cosmic management and a division among Directors . As per some dealers associated closely with Cosmic very soon Sushant , His brother and Vikas Raj Sharma will announce spliting of assets and projects among themselves and there will be three different companies .

    Think of a scenerio where investors will be running from one office to another of these three companies and nothing will happen .

    Also every day , Office of cosmic is flooded with customers seeking refunds and creating chaos . If any one wants to check , please note NO More POHA is served now only staring eyes will be there . :bab (59):
    CommentQuote