Couple of days back, I read about the arrest of Justin Devadoss of JBJ City developers. Read the newspaper article here.
More than a year ago, I wrote sceptically about JBJ City Developers and their phenomenal growth in a short span of time. Today we find the man behind the show, Justin Devadoss being arrested by the Bangalore Police for cheating customers to the tune of Rs7.5 crores in Bangalore. I did write about the the problems faced by land owners, buyers purchasing through JBJ in my blog post. You can read about that here. I dont claim anything for forseeing what is coming the way, but definitely it did raise my alarm bells seeing how things happened with this group. To much of media coverage for the group, lofty claims on land deals, photographs with leading personalities which are typical of all dubious promoters were there to see. Good that he has been arrested now but what would happen to people who have paid money but havenot got their plots registered.
I visited their website today www.jbj.co.in and still find that there are schemes which are available for participation. They have a scheme called 3P scheme (Promotional Partnership Programme) where one has to pay 10 lakhs to become a member. After 3 months, a plot would be registered in the name of the member in their Little Singapore project and after 9 months the entire money of 10 lakhs would be returned to the customer. What JBJ is getting through this scheme is 10 lakhs per member free of interest and promising a land of prosperity in return. Too good to be true.
This is another wake up call for buyers to be aware of these kind of dubious land promoters and developers. Stick to known developers and builders.