Well where do we start? This is a blatant PONZI scam at work. Consumer beware!!! These folks pretend to be offing high yield returns on your investment but in fact they launder money, skim from your investment for their own real estate, and use today's inventors to pay off yesterday's investors. PONZI.
Example:
Heaven Investments Holding Corp purchased land in Fremont, CA to sell custom homes under the Alder Heights name. Heaven Investments Holding Corp formed an LLC company named Alder Height Tenant in Common LLC. This was the Tenant in Common established which Heaven Investments was selling fractionalized ownership. The Development was to be done by another LLC, this one was named Alder Heights Properties, LLC. Which leased the land for development from the Alder Heights TIC, LLC. Confusing but please follow.
Akbar Bhamani and his sons, Zain and Ali are given ownership and controlling interest in both LLC companies. In the case of Alder Heights, the land was purchase from two partners who carry the note. Heaven Investments is paying for the land while they sell the land to others! The raw undeveloped land was worth under $2,000,000 but the Bhamani's sold all 35 shares of the TIC for over $4,500,000. That is $2,500,000 of unprotected investment in a property that is and may never be developed. Initially Alder Heights was marketed as 9 Custom Single Family Homes, then it was 20 Condominiums then it was 16 Town homes, then it was 15 Condominiums. It has been over three years and the land is still undeveloped.
Here's where it gets unbelievable. The money collected was to go towards entitlement and development. That money is gone. Where? The Bhamani's wont tell. But now they have set up another layer of ""funding"" called Alder Heights Development TIC, LLC which is to sell more shares to gain development funding. AND they get people to invest because they offer a return on investment of 9% to 18%. Unfortunately, they are using today's investment to pay the interest on yesterday's investor which is a clear description of a PONZI scheme. To make matters even more ridiculous, Heaven Investments is running another scam on top of this. Akbar Bhamani set up another company MEDA to host a design contest. In this ""contest"" architectural students send in designs which will be awarded a first prize of $50,000. The 6 winning designs are to be built on a site which is being earmarked for an eco-friendly, green-type development. The site? The land at Alder Heights! http://www.medaorg.org/ecohome_rules.html Scroll down to Eco-Home Location! What a Scam. They even changed the students to submit an application to enter this contest.
Now if that was not enough, Akbar Bhamani and his sons have done this several times. They have the exact same scam running at Mission Manor LLC, Mission Properties LLC in Carmichael, CA and Walnut Gardens LLC, and Walnut Properties LLC in Carmichael, CA. They use the same model, get someone to carry the note when they purchase the land, create a Limited Liability company for the Tenant in Common, and another Limited Liability company for the development company. Sell the property even before they own the property. In every case, one of the Bhamani's, Akbar, Zain, Ali, or even the young son, Azze is given ownership in the TIC LLC WITHOUT PAYING A DIME. The TIC agreement state that any changes to the lease agreement must have 100% TIC Ownership agreement assuring that the bogus ""development"" company will always end up owning the finished product. Oh yeah I forgot to mention that part of the scam.
The TIC purchases shares of the undeveloped land at a high return rate. The TIC leases the land to another company (Controlled by the Bhamami's) for development AND the development company has the first right to purchase out the TIC owners at a predetermined price AFTER the site is developed. Once the development company (Bhamani's) owns the project they can sell the finished homes to the open market.
How does this work. The Bhamani's get people to invest in the acquisition of land, (Other people's money) then they create a fictitious TIC and sell ownership into the project (Other people's money) Then they get people to invest in the construction (Other people's money) and then buy the finished project with other people's money and sell to public. Eventually, someone is left holding an investment that is worthless because the Bhamani's have taken all the money. Amazing, in that NONE of the Bhamani's have a General Contractor's license NONE of the Bhamani's has a real estate License, and Akbar Bhamani has many, many liens and judgments against him. PONZI
One of the main problems I can see is that NONE of the projects has ever been built. So any earn equity is none existent. The money being pulled out by the Bhamani's is investor's money and as long as they keep getting new investor they can pay the older investors and skim money for themselves.
After additional investigation I have found that the Bhamani's have just build a new $1,000,000 home in Lake Tahoe (Other people's money) and took 14 members of the family to Hawaii last year and charged the entire trip on the company American Express credit card. I actually went to the Lake Tahoe home to see for myself and one of the workers there talked with me. He was from Mexico and lived in a trailer on the construction site with several others. The Bhamani's know they are in the US illegally and pay them in cash. He had very bad English but from what I could understand they go around and fix up homes for the Bhamani's. They did not have a contractor license nor did they have work permits. Not sure how they get away with this but the guy did say that he sends the money back to his family in Mexico.
Buyer Beware! The Bhamani's are now in the Hotel business. It appears that these PONZI scams were enough, Akbar Bhamani found someone with a rundown closed hotel for sale and he got the owner to carry the sale. Akbar Bhamani has now formed another LLC to sell TIC shares of a hotel, Coliseum Suites in Oakland. This is the site of the Old Clarion Hotel on Heggenberger near the Oakland Coliseum. The appraised value of the building is under $15,000,000 the price the Bhamani's are trying to sell it for? $37,000,000 undeveloped! Wow. As they sell the shares they pull the money out. In fact most of the millions of dollars that come into Heaven Investment NEVER go into the Heaven Investment bank account. It is laundered into various accounts held by the son's. Then when Heaven Investments needs funds one of the son's ""loans"" the company money. As soon as more money comes in the company pays back these fictitious loans. PONZI
UPDATE: I have found out that Heaven Investments Holding Corp and the Bhamani's are under investigation with the California Department of Insurance (Seems they never had worker's compensation Insurance) the California Department of Real Estate (Selling real estate without a California real estate license) the Sacramento County District Attorney's office (Multiple complaints of consumer fraud) and the Sacramento Bee (Investors have contacted the Sacramento Bee looking for relief)
WOW About time someone shut these crooks down!!!!!
An unbelievable account of manipulating the system to rip people off
Heaven Investments Holding Corp Reviews
Heaven Investments Holding Corp. (aka: Heaven, aka: HIHCorp, aka: Bhamani and Associates, aka: Bhamani Group, aka: Heaven Realty, aka: Heaven Development)
Well where do we start? This is a blatant PONZI scam at work. Consumer beware!!! These folks pretend to be offing high yield returns on your investment but in fact they launder money, skim from your investment for their own real estate, and use today's inventors to pay off yesterday's investors. PONZI.
Example:
Heaven Investments Holding Corp purchased land in Fremont, CA to sell custom homes under the Alder Heights name. Heaven Investments Holding Corp formed an LLC company named Alder Height Tenant in Common LLC. This was the Tenant in Common established which Heaven Investments was selling fractionalized ownership. The Development was to be done by another LLC, this one was named Alder Heights Properties, LLC. Which leased the land for development from the Alder Heights TIC, LLC. Confusing but please follow.
Akbar Bhamani and his sons, Zain and Ali are given ownership and controlling interest in both LLC companies. In the case of Alder Heights, the land was purchase from two partners who carry the note. Heaven Investments is paying for the land while they sell the land to others! The raw undeveloped land was worth under $2,000,000 but the Bhamani's sold all 35 shares of the TIC for over $4,500,000. That is $2,500,000 of unprotected investment in a property that is and may never be developed. Initially Alder Heights was marketed as 9 Custom Single Family Homes, then it was 20 Condominiums then it was 16 Town homes, then it was 15 Condominiums. It has been over three years and the land is still undeveloped.
Here's where it gets unbelievable. The money collected was to go towards entitlement and development. That money is gone. Where? The Bhamani's wont tell. But now they have set up another layer of ""funding"" called Alder Heights Development TIC, LLC which is to sell more shares to gain development funding. AND they get people to invest because they offer a return on investment of 9% to 18%. Unfortunately, they are using today's investment to pay the interest on yesterday's investor which is a clear description of a PONZI scheme. To make matters even more ridiculous, Heaven Investments is running another scam on top of this. Akbar Bhamani set up another company MEDA to host a design contest. In this ""contest"" architectural students send in designs which will be awarded a first prize of $50,000. The 6 winning designs are to be built on a site which is being earmarked for an eco-friendly, green-type development. The site? The land at Alder Heights! http://www.medaorg.org/ecohome_rules.html Scroll down to Eco-Home Location! What a Scam. They even changed the students to submit an application to enter this contest.
Now if that was not enough, Akbar Bhamani and his sons have done this several times. They have the exact same scam running at Mission Manor LLC, Mission Properties LLC in Carmichael, CA and Walnut Gardens LLC, and Walnut Properties LLC in Carmichael, CA. They use the same model, get someone to carry the note when they purchase the land, create a Limited Liability company for the Tenant in Common, and another Limited Liability company for the development company. Sell the property even before they own the property. In every case, one of the Bhamani's, Akbar, Zain, Ali, or even the young son, Azze is given ownership in the TIC LLC WITHOUT PAYING A DIME. The TIC agreement state that any changes to the lease agreement must have 100% TIC Ownership agreement assuring that the bogus ""development"" company will always end up owning the finished product. Oh yeah I forgot to mention that part of the scam.
The TIC purchases shares of the undeveloped land at a high return rate. The TIC leases the land to another company (Controlled by the Bhamami's) for development AND the development company has the first right to purchase out the TIC owners at a predetermined price AFTER the site is developed. Once the development company (Bhamani's) owns the project they can sell the finished homes to the open market.
How does this work. The Bhamani's get people to invest in the acquisition of land, (Other people's money) then they create a fictitious TIC and sell ownership into the project (Other people's money) Then they get people to invest in the construction (Other people's money) and then buy the finished project with other people's money and sell to public. Eventually, someone is left holding an investment that is worthless because the Bhamani's have taken all the money. Amazing, in that NONE of the Bhamani's have a General Contractor's license NONE of the Bhamani's has a real estate License, and Akbar Bhamani has many, many liens and judgments against him. PONZI
One of the main problems I can see is that NONE of the projects has ever been built. So any earn equity is none existent. The money being pulled out by the Bhamani's is investor's money and as long as they keep getting new investor they can pay the older investors and skim money for themselves.
After additional investigation I have found that the Bhamani's have just build a new $1,000,000 home in Lake Tahoe (Other people's money) and took 14 members of the family to Hawaii last year and charged the entire trip on the company American Express credit card. I actually went to the Lake Tahoe home to see for myself and one of the workers there talked with me. He was from Mexico and lived in a trailer on the construction site with several others. The Bhamani's know they are in the US illegally and pay them in cash. He had very bad English but from what I could understand they go around and fix up homes for the Bhamani's. They did not have a contractor license nor did they have work permits. Not sure how they get away with this but the guy did say that he sends the money back to his family in Mexico.
Buyer Beware! The Bhamani's are now in the Hotel business. It appears that these PONZI scams were enough, Akbar Bhamani found someone with a rundown closed hotel for sale and he got the owner to carry the sale. Akbar Bhamani has now formed another LLC to sell TIC shares of a hotel, Coliseum Suites in Oakland. This is the site of the Old Clarion Hotel on Heggenberger near the Oakland Coliseum. The appraised value of the building is under $15,000,000 the price the Bhamani's are trying to sell it for? $37,000,000 undeveloped! Wow. As they sell the shares they pull the money out. In fact most of the millions of dollars that come into Heaven Investment NEVER go into the Heaven Investment bank account. It is laundered into various accounts held by the son's. Then when Heaven Investments needs funds one of the son's ""loans"" the company money. As soon as more money comes in the company pays back these fictitious loans. PONZI
UPDATE: I have found out that Heaven Investments Holding Corp and the Bhamani's are under investigation with the California Department of Insurance (Seems they never had worker's compensation Insurance) the California Department of Real Estate (Selling real estate without a California real estate license) the Sacramento County District Attorney's office (Multiple complaints of consumer fraud) and the Sacramento Bee (Investors have contacted the Sacramento Bee looking for relief)
WOW About time someone shut these crooks down!!!!!
An unbelievable account of manipulating the system to rip people off
Ponzi exposed
Carmichael, California
U.S.A.