If we don’t include the Budget 2021/2022, Le Paris appears to be the mainstream scam that is unraveling at the quickest pace. If you have read my previous posts on Le Paris or my tweets, there is not much that is new here. However, organized as a chronology, it gives us another peek into how scams propagate.
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Chronology of the scam
Jan 24
An ad announcing the project comprising two full pages was published in the newspapers
Feb 22
Don't know the exact date of launch but Le Paris started marketing these investment certificates which are nothing more than expensive lottery tickets.
Feb 25
I don’t understand this charade of adjustment price. Do people really fall for it?
Mar 4
I find out from a friend that Master Tiles is facing cashflow problems and wonder if this is an elaborate scheme to raise funds.
Mar 16
As I am fascinated by frauds, I keep following the developments on Twitter
I get nudged to write a post on the subject.
I found the below notice while browsing the forums for writing the post but I don't know the exact date as the notice is undated. It is a PSA issued by GDA warning the public not to invest in the project. I have no idea if this notice is placed in a shop or at GDA office.
Mar 17
I publish the post on Le Paris
We also come to know on the same day that Master Tiles is planning an IPO.
Mar 19
SECP issues a notice that Le Paris is an unlawful investment.
Raja Martinez, Chairman of Le Paris, writes a comment on my post
Mar 22
I just do desktop stuff. The Profit does the real legwork by sending its staff to interview all the players and writes a deep dive on the project. They even interview GDA Chairman who says that he has asked Lahore authorities to take down the ads of this illegal society.
Le Paris couldn't care less about the notices. It is business as usual over there.
Babar Awan said it best
Mar 25
The news of the GDA notice makes it to an Urdu newspaper. Phir bhi Kakh na hilya
Mar 31
The balloting was planned to be held on March 31, but the government imposed lockdowns. (Click play for the video).
Apr 5
Sujag writes a post that Master Tiles has Rs.17 billion of outstanding loan liabilities and are facing cashflow problems. This lends credence to the theory that Master Tiles has stopped payment to suppliers. Sujag also reports that GDA has no record of Le Paris. Even the local real estate agents says that no plots have been bought for the scheme.
Apr 7
Le Paris is included in the list of projects approved under the longest-running officially sanctioned money-laundering scheme, aka construction package. I write a post wondering that how can this project be approved as the FBR requires detailed information about the project including land title documents and approvals to be shared with the FBR. Can we even trust the FBR and construction amnesty numbers if such unlawful and non-existent projects are being reported as real estate activity taking place under the money laundering scheme?
May 3
Le Paris announces that the balloting will be held on June 19 come what may.
May - mid Jun
Nothing notable happens during this period. Le Paris continues to generate interest in its project by letting gamblers know how many days to go till the balloting and holding absurd quiz competitions on its Facebook page.
I also promote the housing scheme whenever I get a chance.
Jun 15
Two communications make it to Twitter:
A letter issued by DC Gujranwala to GDA to take action against the fraudulent developer of Le Paris.
SECP notifies the public again to be wary of Le Paris.
Jun 16
24 hours later, Le Paris isn't worried. This post has since been deleted. The quiz competition continues.
Someone pointed out on WhatsApp that the above image has a surreal art feel to it. Someone else was impressed with the "seedhi maang" of Sheikh Iqbal.
Jun 17
Finally, the charade is called off. For now.
Is this the end of Le Paris? I don't know. Whereas the ARY Laguna scam also appears to be coming to its end, Bahria Town Karachi, the trailblazer scam, continues to thrive and expand (click on the timeline below to taken to Bahria Town post).
A few pictures that couldn't make it
Click on the pictures to enlarge them. Do read the comments on the right of the picture.
Deep thinking
Punjab Minister of Housing "hoodwinked" into endorsing the project for a gift hamper
Burning the midnight oil
I wonder if Sheikh sb physically types each certificate with his hand.
On an unrelated note, the first comment by the retired member of All Pakistan Real Estate Agents Association beside the picture made me wonder that unlike ARY Laguna and Bahria Town that flaunt their connections to the boys, Sheikh Iqbal has been carrying out this scam without support from any quarter. This scam is all him, alone. Not even his estranged family of Master City is backing him in this scam.
Raja Martinez goes full native
Read the “About” section.
I have some sympathy for the employees. It is hard to find an alternate job in this economy. Rumour has it that the employees' salaries haven't been paid fully. They may be hoping that if this works out, they might get their dues paid.
The expense of their elaborate wedding is expected to have run into 10s of billions of rupees. That money could have been used to pay off the bank liabilities and the salary of employees. If you have forgotten about it, it is worth refreshing the memory with the below. (Click on the tweet, and it will take you to the thread giving you a glimpse of the extravagance)
Reposting from my first post on Le Paris
The fanfare of the wedding resulted in FBR issuing notice for taxation. Please forgive the small digression as the news report makes for interesting reading.
There is more but you can read about it by visiting the news site ایف بی آر نے ٹیکس چوروں کی فہرست جاری کردی. فنکاروں میں راحت فتح علی خان، مولانا طارق جمیل، ابرارالحق اور عاطف اسلم کا نام شامل - ۔آئی بی سی اردو