Mini Joseph Tejaswi/TNN

Bangalore, Apr 26: In 2004, they came with the promise of a fabulous $3-billion "smart city" near the new international airport in Bangalore on 3,000 acres of land.

Four years down, after collecting substantial dollar sums from NRIs and others, they appear to have nothing to show on the ground. But this, it seems, is nothing new for the Benjamins of Royal Indian Raj. A Canadian newspaper says the Benjamins have a history of failed enterprises and bankruptcies in Canada.

Following customer unrest and uproar on the Bangalore project, Vancouver Sun ran a series of three stories in April on the Benjamins. The customers are said to include several Major League Baseball players (Major League Baseball is the highest level of play in North American professional baseball).

Though the construction of 35,000 residential units, a central business district, an industrial district, an entertainment district, parks, restaurants, shopping, educational facilities and civic amenities - was supposed to have commenced in 2005, there is nothing as of now on the ground, for several NRI customers who burnt their fingers to see, except a lot of endorsement material, papers and pictures displayed in the company's Vancouver office, says the Canadian newspaper.

The newspaper in its April 5 article headlined, "Company promises much, delivers little," wrote, "The grandly named Royal Indian Raj International occupies luxurious offices in Gastown, overlooking Vancouver harbour. The reception area is furnished with gilded Italian furniture.

Adorning the walls, the article said, are framed copies of articles about the company and its chairman & CEO, Manoj Benjamin. Vancouver Sun quoted another story titled "Vancouver Tycoon to Build Asian City"" appeared in the Asian Pacific Post where Benjamin saying as, "Our goal is to develop the New India, modernising housing and businesses and realising a self-sustaining city of the future for this country and its inhabitants."

The second Vancouver Sun article (Long bankruptcy taints developer's regal image), appeared on April 12 said although Benjamins tried to maintain an impression that they became a financial successes after emigrating from India to Halifax in 1969, this is not the case.

According to records obtained from the Benjamin, dad entered real estate business in 1993 superintendent of bankruptcy office in Halifax, Benjamin purchased several small properties and became involved in a variety of businesses, including a convenience store, a realty business and a night club.

To finance these concerns, he borrowed heavily from banks, finance companies and friends. After the death of one of his key creditors, Benjamin declared bankrupt in August 1999 listing $670,326 in liabilities and nothing in assets, said the article.

In 1993, he and his father Collins moved to Vancouver to enter into realty business. Later, they came to India and simultaneously they have also incorporated Royal Indian Raj in Nevada in 1999.

To date, they have raised an estimated $8 million from investors, added the article. Also, for the past two years, it has been pre-selling what it advertises as the first phase of its project, The Royal Garden Villas & Resort, that features over 200 apartments and villas. It claims to have pre-sold 85% of the units, said Vancouver Sun.

The big selling point now is an 18-hole golf course designed by golf legend Jack Nicklaus. To help develop and promote the project, Nicklaus and designer John Cope were in Bangalore to survey the 250-acre land in Nandi Hills on which the turf is going to come up.

The company almost certainly owns 17 acres, but this is far less than the over 200 acres required for a golf course and land for other projects, the article argued. When checked by this newspaper to know whether the company already acquired the land for golf course, Collin Benjamin retorted, "What's your interest in it, are you investing? After all why should I tell you and who are you?"

The third article of Vancouver Sun appeared on April 16 under the headline "Few of the pieces fit in this jigsaw puzzle" spoke more about Benjamins' insolvency, their foray into lottery business and law suits filed against them by creditors.