AN Buildwell - Sunil Gandhi and SK Hooda are real frauds
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Complaint by: Shantanu on February 16, 2018, 11:42 am in Building and Construction

After hearing that AN Buidwell's ex management - Sunil Gandhi and SK Hooda are involved in forgery I was totally shocked. Few of my friends have invested in that project and now crying for their money. The developer had promised delivery of flats in Spirewood Project by December 2015, but construction has been stalled ever since the builder collected a majority of payment, and none of the promoters had responded to calls after that.

Complainant's Goal: AN Buidwell's ex management - Sunil Gandhi and SK Hooda are involved in forgery
Complainant's Target: AN Buildwell
Complaint Location: India

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28.
2 months ago  Vijay

FIRs piling up against WTC Noida Promoter Ashish Bhalla

FIR Tally against criminal mastermind Ashish Bhalla rises to 7. Four in Delhi EOW – FIR No. 64, 114, 116 & 186 and 3 in Gurgaon. He is out on bail in multiple cases, but continues to cheat thousands of customers through his new company Viridian Red with projects like WTC Noida, WTC Chandigarh & WTC GIFT City Ahmedabad.
After filling his pockets by siphoning the money of innocent customers in WTC Manesar (Spire Edge) and Spire Woods in Dwarka Expressway and getting away with it by putting the company in liquidation (leading to the life savings of hundreds of customers hanging), the Bhalla brothers continue to induce unsuspecting new customers in their above projects hiding behind a new brand name – VIRIDIAN RED (www.viridian.red)
Some deception tactics and scheming by ASHISH BHALLA puts the people like NIRAV MODI as amateurs. He has perfected the art of using unsuspecting people by exploiting them and sometimes by threatening them. He is hiding behind many frontmen and is evading the eye of the law while he continues to fill his treasure chest through HAWALA that his brother ABHIJEET BHALLA manages in SINGAPORE – making a mockery of PM MODI’s DEMONETISATION, RERA, the JUDICIAL SYSTEM of India, the MEDIA, BANKS & Lending platforms like IIFL, REAL ESTATE AGENTS like Investors Clinic, Customer rights, Buyers Associations etc. Some of his main achievements are:
1. SHELL COMPANIES: Having more than 100 shell companies to siphon money from the projects – where he has made his bought-over front men Directors along with some unsuspecting employees who will face the law while he makes the money
2. FAKE CUSTOMER ASSOCIATION: Creating fake customer associations using his own frontmen and employees – and disguising them as a genuine customer association. These associations like FOSECA & SWBA are then given resources by him to fool & propagate false information to other customers who unsuspectingly believe what the associations say without knowing that they are just different mouths of Ashish Bhalla. Filing schemes at high court and in association with in-house customer associations – FOSECA & SWBA for taking over SpireEdge & SpireWoods and also with financial houses like IIFL (to take over incomplete Amrapali projects) to take over full control of projects but with no accountability. The design is to cheat customers with no personal accountability.
3. THREATENING/ BUYING CUSTOMERS: Threatening and buying over customers who filed FIRs – to make them start shouting in favour of Ashish Bhalla. One complainant namely Renuka Kulkarni, after filing her FIR in Delhi – actually went to the extent of submitting an affidavit in court stating that she mentioned name of Ashish Bhalla in complaint by MISTAKE, hahaha…! Another customer-complainant namely PD Sharma has written letters to Gurgaon police to stop investigation at the time when police went after Ashish Bhalla, on the pretext that he is doing revival of project. It is very interesting how Renuka Kulkarni is also an office bearer of FOSECA which along with SWBA has filed Revival scheme in partnership with Ashish Bhalla’s Viridian RED as developer. She is very active in the media and gives out statements where she is fully silent on Ashish Bhalla.
Miraculously, many complainants end up owning properties in WTC Noida (gifted??) – imagine an aware educated individual after being cheated in WTC Manesar by Ashish Bhalla, and after having made FIRs against him, will again go and put more money into WTC Noida – under same assured return scheme – promoted by same Ashish Bhalla!! These customers then become part of association supporting Bhalla and submit to the police that they named Ashish Bhalla by mistake in their complaints. Ya right! Smell something fishy?
4. CHEATING EVERYONE: Ashish Bhalla has cheated all his partners – SIVIP fund filed FIR against Bhalla in EOW Delhi, Sunil Gandhi (partner in WTC Manesar) filed case in NCLT for cheating in Kapivar Ltd, SK Hooda (Partner in WTC Manesar) registered FIR in EOW Delhi forcheating in case of Magic Eye Developers and the customer story we are all aware of. Waiting till his front-men directors go to jail and realize that they too are being used and cheated for some small share of the siphoned money.
5. CONTINUING THE GOOD WORK (SCAM): He is selling his projects WTC Noida, WTC Chandigarh & WTC GIFT City through assured returns scheme which are being declared illegal by the Government . In WTC Noida he sold space on Lease-hold basis to customers at prices of 5,500 – 7,000 Rs/ Sft + other charges and committed to lease project at approx. 50 Rs/ Sft. The actual ground reality is very different – and he has kept it hidden from the customers – the VIVO leasing in WTC Noida is at Price of Rs.17/ Sft/ Month and not anywhere close to 50. He is cleverly hiding this information from customers and paying them balance from money he is getting from new customers. WHEN WILL THE CYCLE BREAK?
6. MAKING A JOKE OF RERA: After RERA it has become mandatory to spend 70% of customer money on project construction – this is a challenge for most builders – but not for Ashish Bhalla. He devised a great plan – set up his own construction company ‘Proactive Constructions’ to which he gives inflated value contracts to construct his WTC projects and this company makes hefty profit, easily taking out money from the 70% pool into his own different company – MAKING A JOKE OUT OF RERA. Proactive Constructions uses second grade quality steel & cement to increase margin for Ashish Bhalla and all of this is approved by Viridian RED. Beautiful planning…right? Always, one step ahead of the lawmakers.
ASHISH BHALLA – THE MATHEMATICAL GENIUS:
He has mastered the magic calculation as below & somehow managed to fool customers, landowners, banks, WTC, brokers, RERA and almost everybody else. Explained with an example:
Customer Sale Price = Rs. 5,000 / Sqft + other charges
Costs
Assured return for 3 years @ 11% = Rs. 1,650 / Sqft
Share to Landowner @ 15% = Rs. 750 / Sft
Brokerage Cost @ 8% = Rs. 400 / Sft
Assured Leasing Gap for 3 years = Rs. 924 / Sft (45-17 = 28 Rs/ Sft, 28 Rs/ Sft *36 months)
Profit for Ashish Bhalla @ 20% = Rs. 1,000 / Sft
TOTAL = Rs. 4,724 / Sft
MONEY left for Construction = Rs. 276 / Sft
Even the mastermind Ashish Bhalla cannot do construction in Rs. 274/ Sft. So what does he do? He demands ‘upgradation charges’ from customer of approx 500 Rs / Sft.
Money for Construction = Rs. 876 / Sft
If he sells at Rs. 6000 / Sft, this amount comes out be Rs. 1,014 / Sft
EVEN THIS IS NOT ENOUGH
So the ONLY way to make this work – is to DO MORE SALES, MORE PROJECTS and get NEW CUSTOMER MONEY and use it to pay the assured return of old customers. WHEN THE CYCLE BREAKS & LAW CATCHES UP TO HIM – by then he would have followed NIRAV MODI route to SINGAPORE, where his brother is holding their loot – enough for their next 7 generations to live like royalty.
And who cares about the buyers who do not get their properties??
What will happen is that some of the front men who are directors will go to Jail (like in WTC Manesar), company will go in liquidation, customer associations will be bought, so will media – and status quo will be maintained – with the hawkers & tea-shops making money every time customers sit on DHARNA & the corrupt journalists will make money to remain shut. Maybe some politicians will come to the rescue? Who knows?
Until then, the BHALLA BROTHERS JAADU IS ON in full PUBLIC VIEW!!
And now let us sit back and wait for his paid front-men and fake customer associations and fake online profiles to try and fight this. They will identify themselves.
Salut! BHALLA SIR!

27.
5 months ago  NamitTyagi

As today scams are becoming trickier to spot the entire responsibility lies on the shoulders of the home buyers to make a proper study before investing in any property. Please beware of fraud builders like SK Hooda and Sunil Gandhi

26.
5 months ago   Message By Complainant Shantanu

I agree with what Mishaal is saying. If anything goes out of the planned way, the complete responsibility lies with the owners of the company. Being the promoters SK Hooda and Sunil Gandhi are whole and sole responsible for the entire ANB scam.

25.
5 months ago  Mishaal

This is a highly bizarre statement. How can you put the blame on someone who was just an associate to AN Buildwell and not on people who are whole and sole responsible for AN Buildwell? Always remember, if anything goes haywire within an organization, be it monetary matters, the complete responsibility lies with the owners of the company, no one else. For once if I agree to your allegations, then how and why the management allowed that to happen. Were they sleeping? And it is therefore that the court has charged SK Hooda and Sunil Gandhi for all the groups. Gone are the days when developers used to fool the customers and walk away without being held responsible. Now, both customers and the legal system are well aware and educated enough to understand these game plans.

24.
6 months ago  Virat Tyagi

Brother but you forgot to name the main culprit"ASHISH BHALLA", according to latest EOW report he misused fund worth Rs 87 crores from the company which has been documented in the court.
I am sure you will be in more shock to know that arrest warrants have been issued in his name he was absconding and now moving out freely on bail. He has launched projects by the name of WTC NOIDA, GIFT CITY, CHANDIGARH and others and god knows what will happen to them and those customers who have again fallen for his trap. The man with such bad deeds can never be at peace and can never be successfull. Due to his greed, he spoiled AN Buildwell and now VIRIDIAN is the next

23.
6 months ago  Mishaal

Fraud and investment scams abound at all levels of the real estate market – whether it be a contractor who charges thousands for work not done to an "investment agent" who embezzles hundreds of millions. But buyers need to protect themselves from these frauds. Sunil Gandhi and SK Hooda.

22.
6 months ago  Vikrant

Real Estate & Infra projects are the biggest con game going around. Buyers fell into the trap of ANB builders Sunil Gandhi and SK Hooda.

21.
6 months ago  Shavez

The dream of owning their own little home became a nightmare for buyers of ANB. Sunil Gandhi and SK Hooda ruined their dreams.

20.
6 months ago  Saksham Jha

Real estate fraud can take many forms like- home equity fraud, home renovation scams, rental fraud, documents froggery or deceptive timeshare scams. But the outcome of any fraud or scam is same, they leave buyers empty-handed. Sunil Gandhi and SK Hooda have done the same thing, have looted innocent investors and buyers and left them empty-handed.

19.
6 months ago  Rajeev

Often the dream of buying a home for a cheap price is exploited to cheat people. Buyers need to be more cautious to avoid frauds builders like Sunil Gandhi and SK Hooda

18.
6 months ago  Aman Jain

The country has seen few major real estate scams in the recent past like ANB's case(Sunil Gandhi and SK Hooda). So if you are planning to invest in properties, be upbeat about the loopholes and analyze all the risks beforehand.

17.
6 months ago  Animesh Shah

Delhi tops the list in terms of cases related to property fraud all thanks to builders like Sunil Gandhi and SK Hooda.

16.
7 months ago  Mohit Kher

There have been various ways in which home buyers have been duped in the past. In ANB's case, buyers were seen losing their lifetime of savings. We all seek for strict legal action against Sunil Gandhi and SK Hooda

15.
7 months ago  Mikhail

The Indian real estate sector and the scams and frauds are growing at the same pace. To stop frauds like ANB (Sunil Gandhi and SK Hooda) buyers must become a little more aware.

14.
7 months ago  Shavez

Scammers are always on the lookout for a way to swindle money from innocent buyers, and the real estate industry is by no means off limits. I urge people to read and make deep research before investing in any property. fraud Sunil Gandhi and SK Hooda have cheated people and have taken advantage of their innocence.

13.
7 months ago  Gautam

A thorough understanding of things would help buyers and investors stay insulated against fraudulence. It is critical to verify each and every aspect before buying and investing in any property. By doing so one can avoid getting trapped by fraud builders like Sunil Gandhi and SK Hooda.

12.
7 months ago  Vishesh

We all need to stand together against Sunil Gandhi and SK Hood and seek government to take strict action against such fraud builders.