The Enforcement Directorate (ED) on Monday said that they have attached 16 immovable properties held in the name of Dreamz Infra India Ltd, TGS Constructions Pvt Ltd, Disha Choudhary, the MD of Dreamz Infra India Ltd, Mandeep Kaur, the MD of TGS Constructions Pvt Ltd and others in connection with the Ponzi investment scheme run by them.
The ED initiated money laundering investigation on the basis of more than 125 FIRs registered with Bangalore city against Dreamz Infra India Ltd, TGS Constructions Pvt Ltd, Gruha Kalyan, Sachin Naik alias Yogesh, Disha Choudhary, Mandeep Kaur and others.
The ED learnt during the investigation that the modus operandi adopted by these companies and persons was that they duped the common public by taking huge deposits promising affordable apartments in and around Bangalore.
It was also learnt that from the year 2011-12 to the year 2016-17, the accused collected more than Rs 722 crore from more than 10,299 customers and misappropriated the said funds for their own benefit. And thus they cheated the gullible customers without handing over the flats and without refunding the deposit amounts to them and the accused persons further threatened the customers with dire consequences.
“The main accused persons in the matter Sachin Naik alias Yogesh, Disha Choudhary, Mandeep Kaur and others have layered the depositors’ money into various bank accounts, subsequently withdrawing the same in cash and diverting to the other unrelated businesses and spending the same on their personal benefit like making Bollywood movies, 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,” claimed the ED.
The attached immovable properties are in the form of land and residential house in various places in Bengaluru and having present total value of Rs 137.60 crore.
Further investigation is in progress.