I just had a telephonic talk with EOW Mumbai, and found that the case is really under investigation. Although they are not very much open at this moment and even they do not know much about the financial conditions of the company as yet, but they said they have got the orders from the Court and they are investigating.
I also asked them about Mr. Masood, so they said, there are three other directors and all of them are in Mumbai. This relieves us from a major burden.
I think all this is happening may be because of a recession and the company is not really able to afford to pay such huge returns considering the slow down in the real-estate market . And the main scheme of the company was CITY REALCOM which was entirely based on the real-estate. So may be they are not in a position to pay back what is promised.
I have also learned from the office bearer of CITY Pune office, that the meeting on 7 and 8th October of all the investors is in mumbai, where the decision about the reduction in rate of returns will be taken by all I had visited city limo office of Pune branch yesterday, and found they are working. They are explaining people to remain patient till 7th- 8th. They have handed over a meeting schedule chit to everyone who is visiting their office in pune. They say, there is a meeting in Mumbai In Wankhede stadium hall. Lets Pray for the good.
I feel this company may not be bogus. I am still to receive my 50% of capital investment back. But hopefully everything should get resolve, or at least we will get our capital back.
Actually I am new to this scheme, but got around 10 cheques en-cashed till last month. I think we should focus on the meeting and can anybody find out what is really happening with EOW investigations? Can EOW not publish some information about this company and the investigations so that people will be releaved some what.