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NRI couple lose $130,000 to developer of retirement village in Australia

Australia, Feb. 15, 2007
Ms Santosh Kumari

Isn't that a pretty bad deal for me?, When NRI couple thought they were set for life when they invested their entire life savings in a development project.

Jim Singh's wife, Sarbjit, was working in Byron Bay in 2003, when her workmate approached her for investment opportunity in a proposed $8 million retirement village at Coomera, on the Gold Coast. Reserve Concierge, a company registered with the Australian and Securities Investment Commission was promoting this project.

Wnd of 2003, Mr. Singh became suspicious and contacted the Gold Coast City Council to inquire about the development application for the retirement village and he was told tha company had lapsed few months ago.

Singh along with few other investors then tried contacting Mr Yeo, but one of the directors of the company said, he did not want to discuss what had happened to the retirement village project.

This week , in court house, Singh asked Yeo if he would go to mediation. But Yeo declined any mediation.

Right away, Yeo proceeded with his application for an apprehended violence order (AVO) taken out against Singh. AVO means fears violence or harassment from their harasser and the AVO hearing is set for later this month.

Most of the investors feels that they have lost their money but refused to give up and approached the court for help. Investors met in Brisbane and appointed a receiver in an effort to recoup their money and two banks also wanting their money back, it soon became evident it was a lost cause.







Jim and Sarbjit Singh, the couple are fighting in the courts to cover of the $130,000