Rs.7.60 crores swindled out of Rs.15.10 Crores over a period of 5 years!

Based on Rs.3.50 per sft per month the society collecting since inception, for the total of 4.34 Lakh Sft, Rs. 1.82 Crores per annum is being collected. If there is delay in payment, you are charging 2% per month as interest. So the total collection can be , more, not less. As I practically see, living in the society since 2012, at any given time, this society had employed about 14 security guards, 14 house keeping personnel, 4 maintenance related personnel, 1 accounting person, 1 manager. It is estimated, they all together cost the society about Rs.15000 x 33 = Rs.4.95 Lakh per month. Excess amount collected in water charges, alone is enough to make good this expenses.

Approximate maintenance collected by the society at Rs.3.50 per sft is as follows:-

Block-1 total 10 floors (2 to 11 floors) x 26 flats, 1 floor (1st floor) x 20 flats total 280 flats.

Block-2 total 6 floors x 12 = 72 flats.

Square feet area and maintenance collection assessment (Block-II):

Block-2 – 24 cornet flats of 750 sft = 24 x 750 = 18,000 sft

Block-2 – 48 middle flats of 700 sft = 48 x 700 = 33,600 sft

Total Block-II area 51,600 @ Rs.3.50 per month

Amount collected every month from block – II is Rs.1,80,600/-.

Square feet area and maintenance collection assessment (Block-I):

Block-1 – 40 cornet flats of 1500 sft = 40 x 1500 = 60000 sft

Block-1 – 40 three side open flats 1625 sft = 40 x 1625 = 65000 sft

Block-1 – 200 middle flats of 1300 sft = 200 x 1300 = 2,60,000 sft

Block-1 convenience store – 2000 sft x 1 = 2000 sft.

Total Block-I area 3,82,000 @ Rs.3.50 per month

Amount collected every month from block – I is Rs.13,37,000/-.

Total Maintenance collected per month is … Rs.15,17,600/-.

Total Maintenance collected per year is … Rs.1.82 Crores.

For 5 years since 2013, till 2017, total collection is Rs.9.10 Crores.

Ceebros handed over corpus fund, as per my knowledge was Rs.3 Crores

Total expected funds without interest collection is Rs.12.10 Crores.

I hope the society has wisely invested in long term deposits with best interest rates (8% p.a?) the entire funds. The expected interest accumulation is;

For 3 crores for 5 years at 8% p.a. = Rs.1.20 Crores

For 9 crores subsequent collections, averaged for 2.5 years at 8% p.a. = Rs.1.80 crores

Total interest collection from bank out of deposits is Rs.3 Crores.

Total expected funds with bank interest accumulation is Rs.15.10 Crores.

 

Funds appearing as per latest balance sheet is Rs.7.50 crores.

Please understand, capital expenditure like rebuilding collapsed compound wall was forcefully collected from residents. Unexpected expenses like December 2015 floods, 3 days Generator running was forcefully collected from residents.

 

So, except routine expenses, such as payment of salary to house keeping, security, maintenance, account staff, even if liberally estimated at 15k per head (actual house keep salary is 6.3k, security salary is 9k, as I verified with them), per month expenses is Rs.4.95 Lakh only. This is met with excess of water charges collected and paid, Rs.5 Lakh per month. Presently miscellaneous income in conducting events is not considered.

 

I was forced to resign from committee because, in 2014 itself, I found, residents are charged, for cooking gas at commercial rates, but vendor was being paid at domestic rates. I also found, income out of sale of car entry boomers, door access cards were not accounted. When I offered to assist in accounts, I was assigned a task, ‘to analyse viability of opening hair cutting saloon in our society’.

 

I am not accusing all office bearers or all committee members, present or past. I suspect, few individuals had carefully manipulated and created system intentionally to benefit themselves in the past and they are directing from behind screen so that attention is diverted towards bookspace, green initiative, garbage segregation, etc. Innocent ladies and kids are exploited in a make believe arrangement. 85% of residents, being tenants, are, in the direct verbal utterances of ex-president ‘not have right to speak’.

 

As per government record as appear in internet, only 7 people are shown as members of this society. No confirmation as to whether, accounts are submitted to registrar of society regularly. A society of 352 residents contributing Rs.1.82 crores per annum is much larger than an average village in India. In 2014 itself, when I was in committee, the person organising garbage segregation, took Rs.2 Lakh advance towards expenses (like printing posters).

 

Presently the society secretary is a senior chartered accountant. Last year, coming to know of his purchase of my adjoining flat, I made a welcome phone talk. I made oral observation about pathetic management of society. Suddenly he had become Secretary with cheque signing powers. And, despite sharing a common wall, being a next door, he avoids me. Its OK. I hope this able senior chartered accountant, having become secretary of this society is able to answer my charges of corruption that I value presently at Rs.7.60 crores swindled out of Rs.15.10 Crores over a period of 5 years.

 

As I am excluded in posting rights, in apartmentadda, I have necessity to post this information at www.ceebrosboulevard.com which some residents claim, as ‘washing dirty linens in public’. It was not my intention. But what is the alternative? If a reasonable response not found, I will be forced to approach economic offences wing of city police and registrar of society for legal action. Thank you!

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