BENGALURU: A sessions court has rejected the bail applications of Sachin Naik and his associates who have been accused of cheating hundreds of people on the pretext of allotting sites/flats.
The 68th Additional City Civil and Sessions judge Shivaji Anant Nalawade recently rejected the bail applications of Sachin Naik, Kushal, Jasdeep Singh and Buddam Sudhakar, directors of TGS Constructions Pvt Ltd after the special public prosecutor told the court that the accused had formed three real estate firms — Dreams Infra India Pvt Ltd, TGS Constructions Ltd and Gruha Kalyan Company—with an intention to cheat the general public.
Accused cheated 8,000 people
According to the initial probe by the Criminal Investigation Department, the accused have cheated about 8,000 people to the tune of Rs 600 crore.
According to the prosecution, in Hanumantha Nagar police station alone, 26 cases were registered against Naik. After another case was registered against him by Madiwala police, the investigation was handed over to CID. In 2009, Sachin Naik was arrested by Commercial Street police for similar offence and he was later enlarged on bail.
Buddam Sudhakar, one of the accused, told the investigating agency that after rumours spread that people were being cheated, several customers who had booked sites/flats started demanding refunds. Over a period of one-and-a-half years, all the three companies have refunded a total of Rs 197 crore to the customers. The police, who have registered cases against the three companies, have intimated the sub-registrars all across Bengaluru requesting them not to register any of the properties involving the three companies. Since the police have shut down the businesses, development of the properties has not been possible, he said.