Karvy has duped investors into several ponzy real estate schemes, CBI inquiry is required
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Karvy Private wealth is a wealth management company, has duped thousands of investor into ponzy real estate schemes.
I have invested in Azure Project by Concept capital Infra Pvt. Ltd. in Feb 2015 and in Orizzonte Project by Concept Horizon Infra Pvt. Ltd in Dec 2015 for amount Rs. 12 lacs and 10 lacs respectively, through their marketing Partner Karvy Private wealth. Karvy was their main agent to raise money from investors.
I received email from Karvy regarding Investment in above projects which includes assured return (1% monthly interest for 24 months and 16% bullet payment along with the principal at the end of 24 months) with buy back guarantee and with 2x security cover in case of default by developers. Karvy has lured me to invest in these projects by giving rosy pictures and false promises.
After demonetization and RERA i.e FEb 2-017 , monthly interest pay out become irregular and cheque started bouncing. Also, I suspects that TDS deductions were not remitted to the government since September 2016. After completion of 24 months, neither I received 16% bullet payment nor the principal amount.
In fact, I paid Karvy the service charge @ 2% of investment amount, Karvy should safeguard my interest, but alas they are not responding to my emails and phone calls.
Now, at present neither karvy nor developer is responding to my any queries.
As far As I know, Karvy has raised monies from approximate 1,000 investors for each Azure and Orizzonte project. They are getting hefty commission for luring the innocent investors to invest in such type of dubious projects. Karvy has fooled many other investors with products i.e
Concept Capital Infa Projects
Hoskote Neo Homes Commercial
Horizon Regus THE CORE
Pune real estate
Sri Sai Developers
All together 5000-6000 investors are suffering because of karvy’s wealth management services.
Recently, I sent a letter to PMO and also requested an appointment with our Prime Minister Mr. Narender Modi. Registration no. are PMOPG/E/2018/0254955 , PMOPG/E/2018/0254895
I'd request PMO/ Ministry of Finance to order an through investigation to uncover this scam in Indian financial market.
We want our hard earned money back.
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