BG Properties, Space Avenue, Akash, Nest fraud

Review On BG Properties, Bangalore

Hi,

Fraud Projects from BG Properties

1. Akash, 2. Global Akash, 3. Global Akash phase II, 4. BG Space Avenue, 5. BG Nest, 6. BG School in Mysore

We are a group of 20 investors who found about BG Properties in 2013. MD and Chairman Chandan Kumar alias Chandan Bette Gowda showed us Global Akash near Bagalur village in Bangalore. Per square feet rates were lucrative. He also was telling others near that area are all cheaters. He took the booking amount of 1.5 Lakhs - 5 Lakhs depending on the plot size from each of us. He had promised that the plots will be approved by March 2014 and registration would complete by Apr 2014. But in March he started giving reasons for delay.

Reasons 1. BBMP elections, 2. BIAPAA staff change, 3. Ashada month, 4. Shoonya month, 5. It is with Tashildar for approval, 6. Rates have increased so officials are expecting bribe, 8. He was out of the country, 9. Chicken pox, 10. Brothers wedding, 11. Election campaign, 12. Family function, festival, 13. March financial year end, 14. Auditing month. lots more

Each reason would push the registration date by atleast a month. He also made agreement of one of the plots and took 30% agreement amount 25 lakhs. We realized Chandan is cheating us and took the EC of the plots. Rightly so, EC was not in his name and when asked he says, his partner must have sold it without his knowledge and he will handle it.Later he gave another option for all the 20 of us. A new project Global Akash phase II.

He gave the plan, he asked us to mark the plots which we want and asked us to come after 3 months so that we can get it registered. There were some minor formalities to be done. Even after 3 months he started giving more reasons. Well, now time for 3rd option BG Space Avenue.

BG Space avenue was advertised in news paper and brochures were given to us. Later he says that this property belongs to 8 NRIs and they will have to give GPA to BG Properties so it would take about 3 more months to settle and allot plots. After 6 months NRIs never turned up! obviously he was just trying to delay our action.

In June 2015, we all started to ask for refund of our booking amount. He obliged and gave 3 months post dated cheques to some of us. All of our cheques bounced. When asked, he started to speak foul language and started threatening us. He said he would give cash refund after 3 months. He plays lot of tricks to invalidate your bounced cheques(3 months validity). Also he plays tricks to delay your refund for more than 3 years, later no one can file a case against him. He does not pick up the phone, not available in his office, trains his staff not to give his whereabouts.

In this process, we realized there are 4 cases against him in Chandra Layout police station and few cases out of Karnataka as well. He probably has political and influential contacts that he is still not behind bars and still cheating people with different schemes in his office. He is out on bail, or he just defends saying that he will fight in court to refund the amount. Which will anyway take couple of years to resolve. We also found that there are others who have been cheated with 40 Lakhs, 70 Lakhs etc. We found out from ex staff that he does not give salaries to his staff and we see staff change every month. He keeps his loan, rent, phone, electricity bills pending for months.

In June 2016, we all decided to file cheque bounce cases and FIR in Chandra Layout police station. After lots of follow up with Police, they arrested him and the case and investigation is now in progress. He will probably be out on bail soon. We are hopeful that we will get our hard earned money back with the help of police and court. Not sure how long it would take.

Excuse me for the long story, but if it helps someone to keep away from such fraudsters in Bangalore real estate, then a story is worth its time.

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