Well its not a fake site at least for me.
When I first entered into this site. I made a through look at complaints, then I looked at the winners list. There were many repeating names. I googled many names and found some facebook profiles. I send messages to these facebook profiles from my facebook account none responded, but many of these profiles seemed real. So decided to give it a try. Lost 1000/- in first bidding. I decided to give another try and bid for a nokia mobile(costing around 4500/- in market) and lost around 3500/- again. I got very upset. I still had around 1000/- in my account left so decided to play for last time (because they dont refund the money). Well this time I bid for a htc mobile costing around 17000/- (as per their site 19990/-) .I observed keenly throughout the biding and invested in last minutes of the bidding. Yep I won this time. My name displayed in winners list. Next day, I got confirmation mail from jeetle asking some details. About week later got mobile in working condition.
I have tried bidding again after that and lost again around 3000/-. some of my friends also tried bidding and lost also.
Well I can say that this site is genuine at least that turned out for me. Also most of the winners keep repeating because they invest heavily. How do know/guess this because often for expensive products they buy whole range like 0.01 to 20.01. You bid any amount in between it will show "Not unique". This makes sense as suppose you are bidding for galaxy s3 (costing around 36000/-). if per bid cost is 5/- and you bid till 30.00, you will invest 15000/- (3000X5). which is not even half of the original product cost.