The Directorate of Enforcement (ED) on Monday provisionally attached 16 immovable properties belonging to Dreamz Infra India Ltd., TGS Constructions Pvt. Ltd., Disha Choudhary, MD of Dreamz Infra India Ltd, Mandeep Kaur, MD of TGS Constructions Pvt. Ltd, and other related persons/entities in connection with the Ponzi investment scheme run by them.
According to the official release, the ED initiated money-laundering investigation on the basis of over 125 FIRs registered in Bengaluru against Dreamz Infra India Ltd., TGS Constructions Pvt. Ltd., Gruha Kalyan, Sachin Naik, Disha Choudhary, Mandeep Kaur, and others.
An ED release said the accused duped investors by taking huge deposits promising affordable apartments in and around the city.
From 2011-12 to 2016-17, the accused entities/persons collected more than ₹722 crore from more than 10,299 customers and misappropriated the said funds for their own benefits and cheated gullible customers without handing over the flats and without refunding the deposit amounts to them, the release said, adding that the accused further threatened customers with dire consequences.
“Further investigation revealed that the main accused persons used 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 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,” the release added.
The attached immovable properties are in the form of land and residential house in various places in Bengaluru and with a present total value of ₹137.6 crore.
