BENGALURU: At least 3,700 people who invested between Rs 5 lakh and Rs 64 lakh four years ago in their dream homes, approached the Karnataka High Court after failing to recover money from an absconding real estate developer. The court directed the Director General of Police, CID and Economic Offences, and an assistant commissioner in the revenue department to submit a report before November 5 on the action taken so far on complaints from the Dreamz GK Investors’ Welfare Association.
Those duped include software professionals, senior government officials and a number of retirees, who totally invested Rs 387 crore, lured by the offer of houses in prime areas in Bengaluru, at low prices.
Association president Jawahar Singh, a retired IAF employee, told TNIE, “Dreamz Infra India Limited founder Sachin Naik fled the city after jumping bail, and his ex-wife Disha Choudhary is in jail. We lost all our savings.” The group was involved in 59 projects in Bengaluru.
An official communication from the Association said, “For the last four years, the victims are waiting for a refund of their investment, but as yet, assets have not been attached by the Special Court for auction. Hence, the Association filed the PIL (May 13) in the High Court.” The order, dated October 5, asked the assistant commissioner, Bengaluru South sub-division, what steps he has taken. It directed the DGP to submit a report on the investigation by November 5.
Vanajakshi (name changed), 72, a retired State government official, had pooled in all her savings as well as the money she got by selling property inherited from her mother in Bengaluru. “I invested Rs 64 lakh for a 3BHK in a residential complex in Koramangala. I did all the checks. I met Naik and checked apartments they had built on Sarjarpura Road and in Roopena Agrahara (near Silk Board). I paid the full sum by May 15, 2015, and construction was to begin in 1.5 months,” she said. When nothing moved after three months, she realized she had been duped. “Their posh office shut, and all of us are struggling for our money,” Vanajakshi said.