Mauritius

April 20, 2013

The Nirvi Management, Lotus Fund and A & A Marketing Targeted by Investigations

Suspending the license Nirvi Management and Lotus Fund, the Financial Services Commission (FSC) may have put its hands on a large-scale fraud, the mechanism is similar to a more sophisticated Ponzi scheme. Three tird company, A & A Marketing, appears in the viewfinder that several pilot projects bungalows in the North.

The same family names appear in the investment companies, Nirvi Management Company, Lotus Fund, which were suspended, and A & A Construction and Marketing, a real estate agency that started several ambitious projects in the North. Gyan Kessewnath, his wife and son are both at the head of three companies, indeed, connected.

Our colleagues at the weekly English Weekly, have unveiled this new scandal in their editions of 4 and April 11. Weekly revealed some real estate projects A & A Marketing waiting to be completed while many customers have invested large sums of money. The more visible the moment the project is a complex of 34 bungalows Vingt Pieds Road in Grand Bay. Baptisé Larkspur, it was launched with great fanfare in 2004.

Nine years later, the project was not completed as many buyers have made significant payments. K. P appeared in Weekly have paid Rs 2.2 million for a bungalow of Rs 2.7 million which should be delivered in June.

In the same newspaper, M. Aakye says he bought a bungalow in the same period, but the developers have continued to postpone the delivery. "  They say all the time, this year, this year. And now we are fed up  , "says he.

According to A & A Marketing, the project is nearing completion. "  These are customers who have not paid and this is why projects idle. We had a discussion with them, and they are assured of our intentions,  "said to L’express Gyan Lessewnath. The website A & A Marketing reported 11 similar projects undertaken by A & A Construction in the north, now in the viewfinder Central Criminal Investigation Department.

Investigators suspect that the customer money was put back into projects and supplies companies Nirvi Management Company, Lotus Fund. Nirvi Management and Lotus Fund manage funds that parlayed blocked for five years and that customers regularly receive higher than rates in the conventional market dividends.

The FSC understands the game of this two companies and decided to suspend their licenses. To date, the amount of customer investments amounted to about Rs 100 crore. But it could be that the visible part of the iceberg. This case could fade Whitedot.

 

Text by lexpress.mu
 

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