BENGALURU: The Directorate of Enforcement (ED) has provisionally attached 16 immovable properties held in the name of Dreamz Infra India Ltd, TGS Constructions Pvt Ltd, Disha Choudhary, managing director, Dreamz, Mandeep Kaur, managing director, TGS and other related persons/entities on June 27 in connection with the Ponzi investment scheme run by them, stated the Central agency.
The attached immovable properties are in the form of land and residential houses in various places in Bengaluru and are valued at Rs 137.60 crore.
The ED had initiated a money-laundering investigation on the basis of more than 125 FIRs registered in Bengaluru city against Dreamz Infra India Ltd, TGS Constructions Pvt Ltd, Gruha Kalyan, Sachin Naik alias Yogesh, Choudhary, Kaur, and others.
The investigation so far has revealed that “these companies/persons duped the common public by taking huge deposits promising affordable apartments in and around Bengaluru. From 2011-12 to 2016-17, the accused entities/persons collected more than Rs 722 crore from more than 10,299 customers and misappropriated the said funds for their own benefits, and deceived/cheated the gullible customers without handing over the flats and refunding the deposit amounts to them. The accused further threatened the customers with dire consequences,” the ED stated in a media release on Monday.
The ED probe has further revealed that the main accused persons in the matter - Naik alias Yogesh, Choudhary, Kaur, and others have layered the depositors’ money into various bank accounts, subsequently withdrawing the same in cash and diverting it to other unrelated businesses and spending the same on their personal benefits like making Bollywood films, investing in IPL team, spending lavishly on personal parties, marriages, gifts, investing in mutual funds in the name of their children, etc, without the knowledge of depositors,” the ED has charged.