Wednesday, 9 June 2010

Police probing realtor's false promises

Several hundreds of people are reported to have approached the Commissioner of Police, Vijayawada seeking action against a realtor and demanded their money back.
Vijayawada-based VVR Housing Limited has been offering house sites to the public at a very low price for the last two years. They have even floated another firm in the name of Viswas Real Estate and started multilevel marketing. Corporate Frauds Watch immediately warned the organisers about the consequences when they advertised in newspapers. However, they continued their business tactics without advertising again. The members have to enroll two or more members each to earn sizable commission. They promised that a member could earn Rs. 1 lakh every month, if they work hard i.e. if they could cheat more people into becoming members.
Now, the cat is out of bag. It seems that they have collected Rs. 7 crore from over 700 persons and failed to register land in their name. The agitated members approached the police who have been trying to get members' money back instead of registering a criminal case against the erring company.
My dear fellow humans all over world! Do not fall prey to the evil designs of these tricksters!