This is website of investors who are duped by Aishwarya / Presidency Group
BANGALORE : Prospective buyers of housing sites have alleged that a land developer has taken them for a ride.
According to G Lakshmikantha, one of the victims, many people have paid lakhs of rupees to Aishwarya Projects company which promised to form many layouts around the city. “They have collected Rs 3 lakh each from around 500 people who want to buy sites at the layouts that were never formed by the Aishwarya Projects,” he said.
People who have lost money say, it all started when Aishwarya Projects had announced formation of layouts around Bangalore City in 2006. Many people who were keen to cash on the real estate boom, invested their life savings to buy sites at the layouts proposed by the company. As Aishwarya Projects continued announcing projects from 2006 to 2008, people also continued to invest money to buy sites, he said.
“The problem started when Aishwarya Projects failed to form layouts even after three years and avoided the investors on one or the other pretext,” said one of the investors on the condition of anonymity.
With the failure of Aishwarya Projects in honouring its commitment, many of the investors lodged complaints with Mahalkashmipuram police.
Later, City Police Commissioner Shankar Bidari directed the City Crime Branch police to take up the case in September 2010. “However, the CCB police are yet to take action against Aishwarya Projects management,” said Lakshmikantha.
Meanwhile, the victims, through RTI Act, have requested the CCB to provide information on the number of complaints received against Aishwarya Projects but thy were in vain. “I received a reply from the Police Commissioner Office (No69/RTI/PRO/2010) stating that they could not provide information on the number of cases registered against Aishwarya Projects,” said Lakshmikantha.
“I have invested Rs 3.50 lakh to buy a site at New County Layout to be formed by Aishwarya Projects near Bidadi,” said K Padmanabhan of Mahalakshmipuram.
Many people invested money without informing their relatives. “I invested Rs 7.12 lakh to buy three sites,” said one investor from Manjunathnagar under the condition of anonymity.
Company to return money
Meanwhile, Aishwarya Projects had agreed to return the money to the investors.
They have entered into an agreement with the investors in the presence of Commissioner of Police Shankar Bidari and Joint Commissioner of Police (Crime) Alok Kumar promising to clear the dues before April. “They paid us only Rs 50,00 in two instalments. There was no one when I visited Aishwarya Projects office on Dr Modi Road,” said Padmanabhan.
However, Joint Commissioner of Police (Crime) Alok Kumar has assured to help the people who have invested money in Aishwarya Projects. “I will take action against Aishwarya Projects management as per law,” he said.
But the investors are not in a position to accept police’ version.
“I do not know what is preventing the police from taking timely and quick action against Aishwarya Projects, particularly under the Section 420 of IPC as adequately provided under the legislation,” Lakshmikantha said.
However, the promoters of Aishwarya Projects were not available for comment despite repeated efforts.
1. Mr. Shankar Bidri agreed Reddy brother’s have not kept their dates of 30 Mar.
2. He informed further their end dates were extended to 11-Mar but it was not honored by TR and BR.
3. On recommendation to liquidate their property / land which are owned in their name, Mr Shankar Bidari
asked if we could get customer to sell the land.
4. Mr. Shankar Bidri mentioned they is planning to file a case on TR and BR for mis-use of public money / property
5. He mentioned he is forming commeti with the Assistent Chief of Police for action against TR and BR
and asked to meet by month end.
Date: Sat, 9 Apr 2011 12:51:36 +0000
Dear Members,
After detailed presentation of Events and Efforts over the last 6 months by our group by the senior representative Mr.G.Lakshmikantha, the following STRATEGIC DECISSIONS were taken unanimously, for total implementation in the order they appear and SUBJECT TO FURTHER INSTRUCTIONS THROUGH MAIL by Lakshmikantha :
1) Ensure total pressure on CCB to implement Conclusive Action as requested in the Registered Letter dated 5.4.11 of Lakshmikantha to PC and JC(CCB). In this direction, as a first step, submit a Mass Petition signed by maximum number of our members addressed to both of them.
NOTE : MASS PETITION WITH 75 SIGNATURES BY THOSE WHO WERE PRESENT AT THE MEETING WAS SUBMITTED AT 1 PM AFTER THE MEETING, THROUGH MAHALAKSHMIPURAM POLICE STATION SUB-INSPECTOR, WHICH WOULD REACH THE PC AND JPC(CCB) SUNDAY MORNING. Thanks to each one of the members who participated at the meeting for this.
2) AUTHORISED SENIOR REPRESENTATIVE MR.LAKSHMIKANTHA to take the issue of conclusive action requested from CCB to LOKAYUKTHA when it becomes absolutely necessary in the interests of the group members, particularly when the response from CCB is not encouraging.
3) AUTHORISED SENIOR REPRESENTATIVE MR.LAKSHMIKANTHA to go ahead and fix an Advocate on behalf of all the group members, fees to be paid, terms of payment etc. so that each member could file a case before the Consumer Forum individually through one point , on a date to be determined by him in due course depending on the events in the coming days and the absolute necessity of a consumer forum case as a last resort from civil suit angle. The underlying essence being that we as a group with different types of individual case details will file the cases en masse so that we could influence the mind of the Forum for a quick and favourable and uniform Orders and Execution thereof.
4) ALL COMPROMISE BASED ALTERNATE OFFERS BY AISHWARYA PROJECTS, INCLUDING ALTERNATE SITES IN THIRD PARTY LAYOUTS, REGISTRATION OF BULK PROJECT LAND (INCLUDING AGRICULTURE/CONVERTED) IN THE NAME OF GROUP OF OUR MEMBERS WITH PROMISE BY AISHWARYA THAT THEY WILL ATTEND TO ALL WORKS PERTAINING TO THE FORMATION OF APPROVED LAYOUT ETC OVER A PERIOD, etc., WERE UNANIMOUSLY REJECTED FOR THE REASON OF TRUST DEFICIT IN THE FIRM WHICH HAS BEEN AMPLY DISPLAYED BY THEM OVER THE LAST ONE YEAR OR SO. IT WAS ALSO DECIDED TO INCORPORATE THIS DECISION IN THE MASS REPRESENTATION CONTEMPLATED UNDER STRATEGY ONE ABOVE.
5) It was decided that all mail instructions emanating from our senior representative Mr.Lakshmikantha on the above strategic decisions’ implementation shall be implemented by each one of the group members without any exception in the total interests of the group and the suffering general public investors of Aishwarya Projects.
LET EACH MEMBER FIRMLY STAND FOR ALL AND ALL FOR EACH. GOOD LUCK.
Presently criminal court issued arrest warrant on V.Bhaskar reddy and T.R reddy of Aiswarya projects and presidency group. …
http://www.indianrealestateforum.com › … › Hot Cities › Bangalore – Cached
I have booked a site in Aerozona, Aiswarya projects, Presidency group by … However, they have made sure, if there is a non bailable warrant from the court …
www.consumercourt.in/…/9413-presidency-group.html – Cached – Similar
There are now non bailable arrest warrant issued by courts on V.Bhaskar …
www.consumercourt.in/…/19087-complaint-against-v-bhaskar-reddy-presidency-group.html –Cached – Similar
Just discovered a Google Group of 80 investors, who are fooled by Aishwarya / Presidency Group. You can reach the group at <http://groups.google.com/group/aishwarya-project>
The group members have filed various FIRS/ Consumer Cases / Non Bailable warrents / CCB complains. Join the group to fight collectively.
Go to http://www.google.com
Seach for “T.R. Reddy” and “V. Bhaskar Reddy”
You will be surprised to see the list of complains and cases pending against Aishwarya Group / Presidency Group.
– 8:30am
– 29 Mar
Please write to CM about the fruad by V.Bhaskar reddy and T.R reddy. There are now non bailable arrest warrant issued by courts on V.Bhaskar …
http://www.consumercourt.in/…/19087-complaint-against-v-bhaskar-reddy-presidency-group.html –Cached – Similar
– 29 Mar
V.Bhaskar reddy and T.R Reddy to avoid court cases and to get away from the …
http://www.consumercourt.in/…/12565-aishwarya-builder-bangalore-2.html – Cached
V.Bhaskar reddy and T.R Reddy., except for handlling over the case to CCB …
http://www.consumercourt.in/…/9413-presidency-group.html – Cached – Similar
V.Bhaskar reddy and T.R Reddy managing directors of Aiswarya projects issues …
http://www.consumercourt.in/…/12565-aishwarya-builder-bangalore.html – Cached – Similar
– 29 Mar
– 29 Mar
There are now several consumer and criminal cases pending on V.Bhaskar reddy and T.R. Reddy of Aiswarya projects and presidency group. …
http://www.indianrealestateforum.com › … › Hot Cities › Bangalore – Cached
against the Bhaskar Reddy and TR Reddy (Presidency Group) for not … Modi hospital road and closed it as V.Bhaskar reddy and tr Reddy are …
http://www.complaintsblog.com/presidensy-group-complaint-78984.html – Cached
– 29 Mar
– 29 Mar
– 29 Mar
Aiswarya projects/presidency group V.Bhaskar reddy and T.R Reddy cheated hundreds of customers in Bangalore collected crores of rupees. we …
http://www.thaindian.com/…/yeddyurappa-should-be-jailed-for-corruption-says-congress-leader_100495355.html – United States – Cached
1 review
V.Bhaskar reddy and T.R Reddy managing directors of Aiswarya projects issues cheques without any money in the bank. Now they are facing criminal cases by …
http://www.asklaila.com › … › Bangalore › Real Estate Builders & Developers – Cached
Aiswarya projects/presidency group V.Bhaskar reddy and T.R reddy from andhra collected several crores in bangalore in 2007 promising sites …
http://www.indianexpress.com/news/shameless…/726082/ – United States – Cached
Aiswarya projects/presidency group V.Bhaskar reddy and T.R reddy from andhra …
http://www.indianexpress.com/news/yeddyurappa…/740877/ – United States – Cached
Aiswarya projects/presidency group V.Bhaskar reddy and tr reddy from andhra …
http://www.indianexpress.com/news/yeddyurappa-to…/2 – United States – Cached
Sub:- Fraudulent activities of Mr. Bhaskar Reddy, T.R Reddy and … of the aforesaid money (Rs.529000/-) V.Bhaskar Reddy (Owner of the …
m.oyindia.in/comments.php?pid=465 – Cached
Sub:- Fraudulent activities of Mr. Bhaskar Reddy, T.R Reddy and …
http://www.oyindia.in/?topic=aaj-tak-hindi-news-channel…in – Cached – Similar
<http://www.deccanherald.com/content/143512/builders-castles-air.html>
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<http://www.hindu.com/2011/01/20/stories/2011012062810300.htm>
 Online edition of India’s National Newspaper Thursday, Jan 20, 2011 ePaper | Mobile/PDA Version |
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BANGALORE: Keen to cash in on the city’s booming real estate market, Master Warrant Officer Jeet Singh Verma of the Indian Air Force invested his life’s savings to purchase two sites in a layout that was being planned by a private developer on the outskirts of the city. That was in 2008-09. Close to three years later, there is no sign of the layout or the Rs. 8,55,000 that he invested. Even an order from the District Consumer Disputes Redressal Forum, directing the realtor to return the money with interest, has yielded nothing. Enormous proportions Now, it appears that Master Warrant Officer Verma is not alone. The land scam that was first reported by a few individuals in the Mahalakshmi Layout and Basaveshwarnagar Police stations in mid-2009 is assuming enormous proportions. The Central Crime Branch, which has since been handed the case, has put the number of defrauded victims as high as 400. None of the layout projects floated by Aishwarya Developers in Nelamangala, Kengeri, Mysore Road and Bidadi have taken shape, said the police. While Joint Commissioner of Police (Crime) Alok Kumar put the total defrauded amount at Rs. 6 crore, independent estimates put the figure as high as Rs. 30 crore. Assistant Commissioner of Police S.H. Duggappa, who heads the Fraud and Misappropriation Squad of the CCB, told The Hindu that investigations are throwing up fresh victims on a daily basis. Several of the victims are junior officers and Airmen in the Indian Air Force, he said. Cases registered He also said that eight cases of fraud and cheating have been registered against T.R. Reddy and V. Bhaskar Reddy, proprietors of Aishwarya Developers. Delving into the details of the case, Mr. Kumar said the realtors could not secure the necessary clearances for their projects from the civic authorities concerned. But they never shared this information with their investors and continued to string them along with false assurances. The police are, however, not pressing criminal charges and arresting the accused yet. Going by the precedent in such cases, explained a senior officer, the accused secures bail very easily and then it becomes extremely difficult for the victims to get their money back. “They have promised to pay back each of the victims by April. Around 10 per cent of the investors have already been paid,” Mr. Kumar said. Attempts by The Hindu to contact Mr. T.R. Reddy and Mr. V. Bhaskar Reddy failed as their mobile phones were switched off. Printer friendly page
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Aishwarya / Presidency Group Fooled Investors 