A press conference was organized in De-Fiesta hotel in West Delhi. In the press conference, the partners of the victim company while talking to the journalists exposed the huge scam of the M3M company.
Another fraud is done by M3M company with the investor.
How M3M is coming out ahead in scams and fraud. Know how this company is arbitrarily cheating the investors by deceiving them,
M3M company for Its own benefit cancels the deal made with the investor in order to earn more profit from the already sold shops, some similar scam has been done recently with M/s Roklim Estate LLP and Drummond Estate LLP. M3M company made a deal with Roklim Estate LLP and Drummond Estate LLP in January 2023 that involved the sale of 55 shops in Capital Walk Mall, M3M Dwarka Expressway, Gurgaon, being built by the M3M company and took booking amount against these 55 shops. After that, allotment letters for 47 shops out of 55 shops were issued by M3M, but the Builder Buyer Agreement (BBA) was not done even after communicating several times. M3M kept postponing the execution of BBA day by day. One must look at the courage of the directors and sales team of M3M company that out of 55 shops, 8 shops were sold by them for which the company did not even receive RERA. After selling 8 shops without RERA, advance payment was also taken and it was said that RERA will come in 30 days, but today RERA did not come for 5 months.
On one hand, M3M company did not execute the builder buyer agreement for any of the shops and on the other, the company issued a cancellation letter for all the shops on 22nd May without any valid reason, whereby, the cancellation letter mentioned arbitrarily that ‘M3M company contacted you many times to make builder buyer agreement but you did not’. On the contrary, on 15th-16th May, both the partners of the victim company completed some 10% payment against 11 shops through the bank and mailed and informed about the payment and requested M3M company to execute builder buyer agreement of those shops but the company on 22nd May cancelled all the shops and forfeited all the money given as mentioned in the cancellation letter.
After receiving this letter, the partners of the victim companies sent a legal notice to the M3M company that the cancellation letter should be revoked and the builder-buyer agreement should be made, but as soon as this notice was received, M3M started selling these cancelled shops in the market at a very high price. Consequently, the victim company was forced to file a complaint of cheating and fraud on 7th June 2023 at Economics Offense Wing, Mandir Marg, Delhi, whose diary number is D-1360, however, no action has been taken on it yet. Following this, the aggrieved partners of both victim companies filed a civil suit in the District Court, Gurugram, pleading a stay order to prevent M3M company from selling the cancelled shops by fraud and misrepresentation, for which the next Court hearing is 5th July 2023.
After the first court date, M3M company called the partners of the victim companies 5-6 times at their Sales Gallery, Sector 77, Gurgaon to make a settlement, and after settling all the issues, a MOU was made and exchanged with each other, but 4 days before the court date, the day of signing the MoU came, then M3M backfired.
All the people of this company do a perfect job of fooling the genuine investors and clearly say that our legal approach is very high, and no one has the power to do anything to us. M3M company has a fool proof strategy to defraud the public, the company organises a Mega Sale Offer Mela for 3–4 days where they showcase branded luxury cars to lure public but delivers only low priced cars as lottery prizes against booking of their plots for sale.
The question is where should these innocent investors go?
Opinion: In this case, the builder company should execute builder buyer agreement immediately with mutual consent without any raw greed.