New Car investment scheme unearthed. EDIT : It's a SCAM (pg. 2)

Sudan_NFS · 11th September 2009, 17:27

I think they will use your car for their ad purpose and DP is down payment

foosa · 11th September 2009, 17:35

Most likely another Ponzi scheme. Search in Google for City Limouzine scam.

A related Team-BHP discussion is here -> http://www.team-bhp.com/forum/indian...-pg-2-a-2.html .

Be careful!

Eddy · 11th September 2009, 17:51

Similar to this ?

http://www.team-bhp.com/forum/indian...am-pg-2-a.html

MutantX · 11th September 2009, 18:02

Hi all,

I have seen this add in chennai too.

You as a customer needs to buy the car of your choice. Once you buy the car, you need to rent it out to the company (LIMOUZINE). The car would be used as a taxi or a tourist vehicle (or to traffic drugs hehe). You would be paid 14k / month (or 8k or 10k) for a period of 5 years. After the 5 year period, the car is all yours.

In-between when you need your car, you would need to place a request to them atleast 1 day in advance. After using the car, you need to send it back to the company.

Let us now workout the ROI:

i. Cost of the car would be 4L
ii. Return would be 14k/m over 60 months

What you would be getting would be 1.68 L / Year for 5 years = 8.4 Lakhs and you also get to keep the car at the end of 5 years.

I am sure you wouldnt even feel like driving the car once you get it back after 5 years. Most tourist cars become unusable after the 3rd or 4th over. Immagine getting a car after 5 long years. I am sure the car would have clocked atleast 3-4 Lakh kms.

Too good to be true, this might even be a scam. Looks very much like one of those so called "Kakran & Makran" companies. I have recently also heard of such company in Andhra that sent out such an add asking to people to buy cars and rent them out for good profits. One fine day, the owner of the company went missing along with 100 odd cars!!

Do not fall prey to such schemes. Most of these are simply ponzi schemes similar to the one run by Bernard Madoff.

Thanks,

zaks · 12th September 2009, 13:51

This is not just fishy it's plain fraud in the making. Guys are you all so dumb to believe this story. The company exists but only until he accumulates his target amount and then Bingo!! shutters from next day. I don't even bother reading such news when it appears let alone discuss.

vij · 28th October 2009, 12:22

Hi

There's an ad in todays newspaper by AIMlimouzines(::: AIM LIMOUZINES( INDIA) LTD :::) about some proposal where-in you can earn upto 12k a month by partly owning a new car with them. Suspicious about the proposal, I googled for more info on similar companies and not surprisingly I found scores of cheating/fraud reports. Theres talk about some citylimouzines who cheated many people of their money with similar offers.

My question
Are there any such genuine deals? Is there any BHPian who is doing something similar?

Edit: Thread merged.

Gansan · 28th October 2009, 13:19

I had posted this a while back, but will repeat it again:

It is not possible to give a return of Rs 12K for a partly owned car - means they have to pay a similar amount to more than one person for each car. I was offered Rs 7500 PM for an Indica and Rs 12500 PM for a Tavera by a person who runs a travels service, who is well known to me. I did not take it up, but here are the details:

A) The amount indicated is an average figure for one year, meaning I will get less than this figure during lean months, and more during season.

B) The car must be a new one. I will have to buy it and leave it under his care. It should preferably not be under finance. "At least don't expect to meet your monthly emi from my payments, it will not be a constant figure each month" were his words.

In view of the above, I don't see how it will be possible to pay the amounts indicated in the scheme. So BHPians beware.

Thad E Ginathom · 28th October 2009, 14:03

I have good reason to remember City Limousines: We hired the car for our wedding from them!

At that time, late 2005, they provided a good and reliable car service.

Over the next few years, the car hire advertisements seem to be replaced by investment advertisements.

Mind you; if we had invested in cars with a reputable company (sensible predictions, like Gansan's friend gave), even if we had only been left with some worn out cars at the end of the day, it would have been better than the pure financial loss we suffered at the hands of Axis Wealth "Management".

Being entirely dependent on a very modest capital sum for the rest of my life --- sticking to fixed deposits!

highsteem · 28th October 2009, 16:16

I see the following notice in "http://www.citylimouzines.com/index.html".
"Due to unavoidable circumstances in view of notice issued to us u/s 149of Cr Pc from the V. P. Road Police station, we are unable to conduct meeting with creditors of City Limouzines (I) Ltd. on 15/10/09at Wilson School. Next date of meeting shall be intimated to all the creditors by taking necessary steps. We are sorry for inconvenience."
2 years back, I was really surprised that such a business was possible and looks like I did a wise thing by not contacting them. Yes, better to stay away from such scams and help people understand that such investment options are too good to be true.

CoolFire · 28th October 2009, 16:37

Being an investment analyst in Kerala, I am coming across scores of schemes like these. As mentioned in this case, all are ponzi schemes in new hides. Have become fed up with people asking advice on these. With all our laws, FIU, SEBI and everything, these people are swindling money gleefully.

GTO · 29th October 2009, 14:46

City Limozine's CEO is neck deep in trouble. Read in the TOI that the courts have not granted him protection from arrest (anticipatory bail) and jail time is imminent. Damn cheat, I hope he pays dearly for his malpractices.

Gansan · 29th October 2009, 15:04

I hope at least this chap goes behind bars. Big time scamsters in India rarely do. The usual method is to have a large enough target - say, Rs 20 crores if the fellow really wants Rs 10 Crores - and once he swindles this money, use half of the ill gotten wealth to buy his freedom, then live happily ever after. There are too many loop holes in our legal system.

Oh, a fall guy will be arrested for sure, even hand cuffed and the photos will come in the papers, spend some time behind bars, but ultimately the dust will settle and nobody will notice what happened to the master mind. Remember the teak plantation schemes?

Car-Agey · 29th October 2009, 15:31

OT
Came accross another fishy venture, its not related to cars bur cell towers.

There was add in yesterday's HT. Aircell wants to install towers accross India. If you own a 50 yards plot or terrace, you can register by depositing 6600 rupees in SBI account of some Manoj Kumar.

Once survey os done and your property is selected, you will be paid a security deposit of Rs. 6 Lacs and a monthly rentel of Rs. 30000/- plus a job to you your family members with a salary of Rs. 10500/- per month. The lady was not ready to give office address, she only gave the location as Rohini, from where as per her only 2-3 females are operating. Head office is in chandigarh. again address not given. You can meet them only after depositing the requisit amount in the account.

Delhi'ites please beware. Following are their contact numbers :
9990479782/83

vij · 29th October 2009, 16:21

Quote:

Originally Posted by CoolFire

Being an investment analyst in Kerala, I am coming across scores of schemes like these. As mentioned in this case, all are ponzi schemes in new hides. Have become fed up with people asking advice on these. With all our laws, FIU, SEBI and everything, these people are swindling money gleefully.

True. I rented my car to one 'top manegement' guy in the company I work for. I got paid 27k/month for 6months. I guess I got spoiled with the easy money and wanted to explore if any regular income can be made renting cars that I dont use.
I dont expect that much rent anymore. Posted the query to understand if any regular income can be made renting cars that has a chance of working out slightly better than bank interests.

subbarao · 29th October 2009, 17:35

Hi,

Not related to car scheme, but like the same money making scheme offered to me yesterday by my friend's cousin who runs the stock brocking, investment advice business having offer like this..

Invest 5lakh's for one year, you get receipt & certificate for the same.

Get 25% of investment every 3rd month, Rs 1.25 for a yr.[1.25x4=5laks]

At the end of the yr get your invested 5lakhs back.

If you want money back in middle of the period give him a 10days verble notice & get back your money, only risk factor he says, we may loose 50k if market crashes.

After listening the details just i asked him to show me the permission certificates from govt. to run said business, he told me he will come back within a week. i think he will not come back or may come with fake doc's!!

11th September 2009, 17:27	#31
Sudan_NFS BHPian Join Date: Aug 2009 Location: chennai Posts: 759 Thanked: 16 Times	I think they will use your car for their ad purpose and DP is down payment
	() Thanks

11th September 2009, 17:35	#32
foosa Newbie Join Date: Nov 2008 Location: Delhi Posts: 21 Thanked: 0 Times	Most likely another Ponzi scheme. Search in Google for City Limouzine scam. A related Team-BHP discussion is here -> http://www.team-bhp.com/forum/indian...-pg-2-a-2.html . Be careful!
	() Thanks

11th September 2009, 17:51	#33
Eddy Team-BHP Support Join Date: Apr 2007 Location: Delhi Posts: 9,387 Thanked: 13,300 Times	Similar to this ? http://www.team-bhp.com/forum/indian...am-pg-2-a.html
	() Thanks

11th September 2009, 18:02	#34
MutantX BHPian Join Date: Sep 2009 Location: Madras Posts: 868 Thanked: 93 Times View My Garage	Hi all, I have seen this add in chennai too. You as a customer needs to buy the car of your choice. Once you buy the car, you need to rent it out to the company (LIMOUZINE). The car would be used as a taxi or a tourist vehicle (or to traffic drugs hehe). You would be paid 14k / month (or 8k or 10k) for a period of 5 years. After the 5 year period, the car is all yours. In-between when you need your car, you would need to place a request to them atleast 1 day in advance. After using the car, you need to send it back to the company. Let us now workout the ROI: i. Cost of the car would be 4L ii. Return would be 14k/m over 60 months What you would be getting would be 1.68 L / Year for 5 years = 8.4 Lakhs and you also get to keep the car at the end of 5 years. I am sure you wouldnt even feel like driving the car once you get it back after 5 years. Most tourist cars become unusable after the 3rd or 4th over. Immagine getting a car after 5 long years. I am sure the car would have clocked atleast 3-4 Lakh kms. Too good to be true, this might even be a scam. Looks very much like one of those so called "Kakran & Makran" companies. I have recently also heard of such company in Andhra that sent out such an add asking to people to buy cars and rent them out for good profits. One fine day, the owner of the company went missing along with 100 odd cars!! Do not fall prey to such schemes. Most of these are simply ponzi schemes similar to the one run by Bernard Madoff. Thanks,
	() Thanks

12th September 2009, 13:51	#35
zaks BANNED Join Date: Jan 2008 Location: Bangalore Posts: 952 Thanked: 181 Times View My Garage	This is not just fishy it's plain fraud in the making. Guys are you all so dumb to believe this story. The company exists but only until he accumulates his target amount and then Bingo!! shutters from next day. I don't even bother reading such news when it appears let alone discuss.
	() Thanks

28th October 2009, 12:22	#36
vij BHPian Join Date: Sep 2008 Location: Hyderabad Posts: 315 Thanked: 179 Times	Query: Regular Monthly Income Renting Cars? Hi There's an ad in todays newspaper by AIMlimouzines(::: AIM LIMOUZINES( INDIA) LTD :::) about some proposal where-in you can earn upto 12k a month by partly owning a new car with them. Suspicious about the proposal, I googled for more info on similar companies and not surprisingly I found scores of cheating/fraud reports. Theres talk about some citylimouzines who cheated many people of their money with similar offers. My question Are there any such genuine deals? Is there any BHPian who is doing something similar? Edit: Thread merged. Last edited by Eddy : 28th October 2009 at 12:34. Reason: Note Inline
	() Thanks

28th October 2009, 13:19	#37
Gansan Senior - BHPian Join Date: May 2009 Location: Chennai Posts: 4,534 Thanked: 5,543 Times	I had posted this a while back, but will repeat it again: It is not possible to give a return of Rs 12K for a partly owned car - means they have to pay a similar amount to more than one person for each car. I was offered Rs 7500 PM for an Indica and Rs 12500 PM for a Tavera by a person who runs a travels service, who is well known to me. I did not take it up, but here are the details: A) The amount indicated is an average figure for one year, meaning I will get less than this figure during lean months, and more during season. B) The car must be a new one. I will have to buy it and leave it under his care. It should preferably not be under finance. "At least don't expect to meet your monthly emi from my payments, it will not be a constant figure each month" were his words. In view of the above, I don't see how it will be possible to pay the amounts indicated in the scheme. So BHPians beware.
	() Thanks

28th October 2009, 14:03	#38
Thad E Ginathom Distinguished - BHPian Join Date: Jun 2007 Location: Chennai Posts: 10,998 Thanked: 26,415 Times	I have good reason to remember City Limousines: We hired the car for our wedding from them! At that time, late 2005, they provided a good and reliable car service. Over the next few years, the car hire advertisements seem to be replaced by investment advertisements. Mind you; if we had invested in cars with a reputable company (sensible predictions, like Gansan's friend gave), even if we had only been left with some worn out cars at the end of the day, it would have been better than the pure financial loss we suffered at the hands of Axis Wealth "Management". Being entirely dependent on a very modest capital sum for the rest of my life --- sticking to fixed deposits!
	() Thanks

28th October 2009, 16:16	#39
highsteem BHPian Join Date: Apr 2009 Location: Chennai Posts: 123 Thanked: 13 Times	I see the following notice in "http://www.citylimouzines.com/index.html". "Due to unavoidable circumstances in view of notice issued to us u/s 149of Cr Pc from the V. P. Road Police station, we are unable to conduct meeting with creditors of City Limouzines (I) Ltd. on 15/10/09at Wilson School. Next date of meeting shall be intimated to all the creditors by taking necessary steps. We are sorry for inconvenience." 2 years back, I was really surprised that such a business was possible and looks like I did a wise thing by not contacting them. Yes, better to stay away from such scams and help people understand that such investment options are too good to be true.
	() Thanks

28th October 2009, 16:37	#40
CoolFire BHPian Join Date: Sep 2009 Location: Tsr, Kerala Posts: 386 Thanked: 575 Times	Being an investment analyst in Kerala, I am coming across scores of schemes like these. As mentioned in this case, all are ponzi schemes in new hides. Have become fed up with people asking advice on these. With all our laws, FIU, SEBI and everything, these people are swindling money gleefully.
	() Thanks

29th October 2009, 14:46	#41
GTO Team-BHP Support Join Date: Feb 2004 Location: Bombay Posts: 70,517 Thanked: 300,584 Times View My Garage	City Limozine's CEO is neck deep in trouble. Read in the TOI that the courts have not granted him protection from arrest (anticipatory bail) and jail time is imminent. Damn cheat, I hope he pays dearly for his malpractices.
	() Thanks

29th October 2009, 15:04	#42
Gansan Senior - BHPian Join Date: May 2009 Location: Chennai Posts: 4,534 Thanked: 5,543 Times	I hope at least this chap goes behind bars. Big time scamsters in India rarely do. The usual method is to have a large enough target - say, Rs 20 crores if the fellow really wants Rs 10 Crores - and once he swindles this money, use half of the ill gotten wealth to buy his freedom, then live happily ever after. There are too many loop holes in our legal system. Oh, a fall guy will be arrested for sure, even hand cuffed and the photos will come in the papers, spend some time behind bars, but ultimately the dust will settle and nobody will notice what happened to the master mind. Remember the teak plantation schemes?
	() Thanks

29th October 2009, 15:31	#43
Car-Agey BHPian Join Date: Oct 2007 Location: Delhi Posts: 344 Thanked: 54 Times	OT Came accross another fishy venture, its not related to cars bur cell towers. There was add in yesterday's HT. Aircell wants to install towers accross India. If you own a 50 yards plot or terrace, you can register by depositing 6600 rupees in SBI account of some Manoj Kumar. Once survey os done and your property is selected, you will be paid a security deposit of Rs. 6 Lacs and a monthly rentel of Rs. 30000/- plus a job to you your family members with a salary of Rs. 10500/- per month. The lady was not ready to give office address, she only gave the location as Rohini, from where as per her only 2-3 females are operating. Head office is in chandigarh. again address not given. You can meet them only after depositing the requisit amount in the account. Delhi'ites please beware. Following are their contact numbers : 9990479782/83
	() Thanks

29th October 2009, 17:35	#45
subbarao BHPian Join Date: Oct 2005 Location: Bengaluru Posts: 241 Thanked: 40 Times View My Garage	Hi, Not related to car scheme, but like the same money making scheme offered to me yesterday by my friend's cousin who runs the stock brocking, investment advice business having offer like this.. Invest 5lakh's for one year, you get receipt & certificate for the same. Get 25% of investment every 3rd month, Rs 1.25 for a yr.[1.25x4=5laks] At the end of the yr get your invested 5lakhs back. If you want money back in middle of the period give him a 10days verble notice & get back your money, only risk factor he says, we may loose 50k if market crashes. After listening the details just i asked him to show me the permission certificates from govt. to run said business, he told me he will come back within a week. i think he will not come back or may come with fake doc's!!
	() Thanks