Cosmic Group india real estate issues

New Delhi, Nov 16 ( PTI) Delhi Police has sought property related documents from Cosmic Structures Ltd, a real estate company accused of using another firm’s name to gain investor’s trust and allegedly cheating them.

As per the FIR filed by a retired bank manager, the firm had mentioned the projects executed by some other developers in their brochures and other advertisment material which enticed him to invest with them.

“We had issued notices to the firm to produce documents regarding the claims made by them. Some of the documents have been submitted by them. We have further sought more documents so that all of them could be verified,” said a senior police official.

Our investigations are underway, we are probing all aspects in the case, he said.

An FIR was lodged by one Surrinder Kumar Bangla, a former Assistant General Manager at SBI, against the promoters of Cosmic Structures Ltd at Janakpuri Police Station of West Delhi under provisions like Sections 420 (cheating), 120B (criminal conspiracy), etc.
Bangla allegedly paid Rs 70,000 and booked a virtual space in an upcoming tower in Noida of Cosmic Structures Ltd after its promoters provided him with a list of projects they claimed to have developed, constructed and delivered across the country.

“However, Bangla later came to know that the projects Cosmic Structures Ltd was boasting off were actually of Quality Constructions and he demanded a refund. He later approached court and got an FIR registered. Police is investigating the case,” said the official.

Meanwhile, the owner of Quality Constructions, Rajesh Lamba, who is the brother of late cricketer Raman Lamba, approached Delhi High Court requesting it to restrain Cosmic Structures Ltd from using his name for their promotion.

The ruling as sought was granted to Lamba by the court in an order on April 3. He has also filed a case in this regard at EOW and it currently is under investigation.

Delhi Police is giving increased attention to cases related to property related fraud these days.

Recently, Sunil Dahiya, a director of Vigneshwara Developers Private Ltd was arrested by the Economic Offences Wing of the Delhi Police for allegedly duping scores of investors to the tune of Rs 160
crore.

Dahiya was wanted by the EOW in three cases which were registered at its Mandir Marg Police Station.

Approximately 700 investors had invested in the projects launched by the company.

“We had received complaints from nearly 350 investors who were allegedly cheated to the tune of Rs 160 Crores by the directors of the accused company,” Deputy Commissioner of Police (EOW) Mangesh Kashyap had said.

Check the link : http://www.business-standard.com/article/pti-stories/police-ask-firm-accused-of-cheating-to-furnish-property-docs-114111600242_1.html

Check the real estate projects issues of cosmic group full report:

Mr Sushant Muttreja worked as sub ordinate of Mr Vikas Raj Sharma in the biggest financial (MLM) company Sahara group from where they moved on to Earth Infrastructure and Growth Unlimited a real estate broking firm was formed and it started selling projects of Earth Infrastructures only .

After working with Earth, they got associated with another real estate company Imperia structures having fancy designations like Director/COO whereas they were selling products through Growth Unlimted only.
When the ARN infrastructure was to be dissolved over financial issues, Growth Unlimited was handed over project by their old associates of Earth and Cosmic Group was formed .

Still today , Growth Unlimited is sales arm of Cosmic group.
Since cosmic group didn’t had any experience in construction and real estate , they took credentials of a Construction company Quality constructions owned by Rajesh lamba and started quoting them as that of Cosmic group in early 2011 .
Cosmic corporate park 1 , Earlier ARN Globus Business park got into controversy as ARN had already sold entire project and then transferred land to Cosmic group.
Cosmic group started accepting fresh bookings on the same plot and in process was sold again .
Investors of ARN globus project are still to get refunds and cosmic is not taking onus of same , whereas ARN said that cosmic will take care of same as project was now with them.

This project has stalled construction , with super structure of only five storeys in Tower A are constructed so far in last five years ( Project launched in 2009 by ARN , Cosmic took control in 2011)

In July 2013 , NGT sealed project site for indefinite period over misuse of Ground Water, fate of investors is uncertain as completion of project is not seen in near future .

Cosmic Masterpiece, another project is sec 154 Noida is again in controversies over land deal and approvals of the project. This project was launched in 2012 and still there is no sign of construction to start.

Cosmic cruise was launched in noida extension in July 2013 and till date only 3D walkthrough and videos is what being shown to investors . Cosmic group is not having possession of the plot as still they have to make payments to actual land owner. Again this project is like a small plant under big trees , this project is surrounded by Big projects from established players .
Cosmic Urban young was also launched in 2013 with fanfare but its location is its biggest drawback.
Sec 22D Yamuna expressway has all prestigious names of Industry and is a very slow moving market .

Now it is known that Cosmic group never had construction status as Rajesh lamba came to know about their misdeeds and filed a case in High court regarding this cheating and Court has ordered in favour of Rajesh Lamba , credibility and competency of cosmic as builder has very big question mark.

Infact this misdeed has been reported extensively by newspapers and channels due to high profile personality involvement and innovative way to fool clients.

Over internet, there are scores of complaints about cosmic group and not only clients but brokers and employees are also victim of their harassment and fraudulent conduct.

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