Royal Indian Raj — BC Commission bans RIRIC marketing
The British Columbia Financial Institutions Commission, citing a variety of violations by Manoj Benjamin and Royal Indian Raj, has ordered the company to stop marketing Royal Garden Villas in British Columbia.
Included in its list of violations, FICOM cited RIRIC for taking deposits from customers when "they had neither a building permit for the construction of Royal Garden Villas & Resort nor a satisfactory financing commitment in place."
FICOM also cited RIRIC for accepting deposits from customers "without placing those deposits in trust."
FICOM said Manoj Benjamin and RIRIC "have used or intend to use funds from purchasers in British Columbia for purposes related to the development without entering a deposit protection contract."
We have posted FICOM's decision and order in RIRIC In The News at www.royalindiansham.com