Luxury Housing Projects: Clients Victims of a Large Scam

Title: Luxury Housing Projects: Clients Victims of a Large Scam

The real estate projects "Invictus" and "Ireva," led by the Purmanund twins, are now under investigation by the Financial Crime Commission (FCC). The companies Genezis Real Estate Ltd and Areva Immobilier Ltd are subject to a thorough investigation in Réduit Triangle. The directors, twin brothers Amit Chetan and Avin Chetraj Purmanund, are suspected of being involved in fraud related to the sale of luxury apartments. On Friday, April 3, Amit Chetan Purmanund was arrested by investigators and placed in police custody, while his brother, Avin Chetraj, is still at large.

Suspicious Financial Flows

The FCC's investigation primarily focuses on the significant amounts of money in the bank account of Genezis Real Estate Ltd, managed by Amit Chetan Purmanund. The Commission has established that substantial funds flowed through this account between April and August 2022. The most critical case involves the prestigious real estate project "Invictus Villa," located on two acres of land in Calodyne, Grand-Gaube. The FCC has received numerous complaints from victims denouncing fraudulent maneuvers by Genezis Real Estate Ltd during the sale of these villas. The total amount of the scam is estimated to be around Rs 28 million.

Luxury Marketing as Bait

In 2022, the company launched the sale of 23 villas priced between Rs 6 and 9 million each. Targeting a selective clientele of Mauritians and foreigners, the project promised residences nestled in nature at Calodyne. The setting was described as modern, prestigious, and secure, featuring a private pool within a "gated community" with 24/7 security.

To attract buyers, the promoter highlighted high-end features: quartz countertops, furniture guaranteed between 10 to 25 years, and a charming lounge enhanced with stone walls.

The VEFA Formula at the Heart of the Dispute

For the purchase of these villas, the promoter offered the VEFA (Sale in Future State of Completion) formula. However, the Commission suspects that the promoter improperly enriched himself through the deposits paid by clients, without the projects getting off the ground. This Saturday, Amit Chetan Purmanund was provisionally charged with money laundering before the Port Louis court. He will appear again on Monday at the Pamplemousses court. During his arrest in Terre-Rouge, the FCC seized a Beijing brand SUV, documents, and a certain amount of cannabis.

A Second Brother Actively Sought

His brother, Avin Chetraj Purmanund of Areva Immobilier, is also under scrutiny by the FCC. He will need to respond to allegations of money laundering related to other residential projects. Among the victims is a former director of a state institution who accuses the promoter of a scam amounting to Rs 4.9 million concerning an apartment originally scheduled for delivery in 2022.