Joe Nguyen is a digital strategist for The Denver Post. Previously he was the online prep sports editor. Prior to that, he covered Adams County and Aurora in the YourHub section. He has previously covered Colorado’s Asian-American communities as editor for Asian Avenue magazine and AsiaXpress.com.
Despite its grand plans for expansion, Saucy Bombay has just one location, at 2616 E. Colfax Ave. in Denver. State regulators say that a local Indian restaurant with one location used “half-truths and lies” to sell investors on its grandiose plans for a nationwide expansion before spending the $380,000 that shareholders invested on rent, operating costs and Ponzi-like payments.
Bombay’s owners, Marshall and Rohini Miranda, also ran a fast-casual offshoot called Saucy Bombay at Republic Plaza downtown in the 2010s, until the food court it was in closed in 2015. It is Saucy Bombay that has drawn the scrutiny of state investigators as of late. After the sole Saucy Bombay location closed at the end of 2015, Bissonnette and Marshall Miranda did not tell investors and continued talking about the restaurant as if it was open, according to the Division of Securities. As a result, 17 people — 16 Coloradans and one other — invested $380,000 in Saucy Bombay’s parent company, The Bombay Group.
“Of the seventeen investors, none received a dividend, let alone a quarterly dividend,” the lawsuits allege. “The Bombay Group could not pay a dividend because The Bombay Group was not profitable. The plan to franchise Saucy Bombay simply never materialized.
“The investors in this case really believed in The Bombay Group and their restaurant Saucy Bombay,” said Tung Chan, the state’s securities commissioner. “But as we allege, the investors were not told the truth about the investments and they have not been paid back. If you have invested with The Bombay Group, please contact the Securities Division right away.”
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