SOURCE: Shi Investments One

February 15, 2011 08:00 ET

Shi Investments One File Suit Against Park Ave Bank

Georgia-Based Bank Linked to Real Estate Fraud Lawsuits Collusion Charged in Seventh Lawsuit in Seven Weeks

ATLANTA, GA--(Marketwire - February 15, 2011) - Partners in Shi Investments One LLC today announced it has named Park Ave Bank of Valdosta, Ga., high on the FDIC's 'Watch List' as another possible Georgia community bank failure, in a bank fraud lawsuit as a co-conspirator in colluding with the Atlanta real estate development firm Shailendra Group to defraud real estate investors.

In this latest lawsuit filed by Shi Investments One LLC, Park Ave Bank is alleged to have "aided and abetted" by colluding with the Shailendra Group to launder monies away from investors. "Our records show that on October 27, 2007, Shailendra Group received a $380,000 check from Georgia Transmission as payment for a right-of-way access across land owned by the Shi One partnership in Henry County," said Carlene Kikugawa, a nationally recognized forensic accountant at Singer, Lewak.

The lawsuit alleges that Park Ave Bank allowed the Shailendra Group to endorse the check, made out to the corporate entity Shi One Investment Partnership LLC, and deposit it into a personal checking account. "The previous six lawsuits carefully document numerous similar actions by the Shailendra Group to divert partnership resources into its own piggy bank," stated Kikugawa. Shailendra Group never accounted for these monies to the partners nor do the books and records of Shi One Investment Partnership LLC show the receipt of these funds."

For more information about related alleged Ponzi schemes visit www.ponziwatch.net

About Shi Investments One
Shi One is an investment partnership created to purchase, develop and operate land investments. The partnership was created in 2005. Shi Shailendra assumed the responsibility of Shi One's manager from 2005 to 2010. In 2010 he was removed as manager by the investors.

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