Disha Choudhary, prime accused in the case, had stashed Rs 1.95 crore in her account, which has now been frozen.

Bengalurus Rs 1500 cr real estate scam CID freezes account of Dreamz Infra accused
news Crime Saturday, January 06, 2018 - 18:05

This was a scam that destroyed the dreams of hundreds of Bengaluru residents – the Rs 1,500-crore Dreamz Infra project. With the investigation moving at a snail’s pace, the cheated investors have been running pillar to post, trying to get their money back.

However, in December 2017, the Crime Investigation Department (CID) finally made a breakthrough in the case and unearthed a sum of Rs 1.95 crore in the account of one of the accused – Disha Choudhary.

According to a source in the CID, Disha had an HDFC Bank account in Bengaluru in which she had stashed away the money.

“We received information that Disha Choudhary had an this undisclosed amount in her account. We have frozen the money in the bank account. It has also come to our attention that Disha Choudhary had not disclosed to us certain properties she owns in Kolkata. We are investigating this matter,” the source added.

The scam

In 2012, thousands of people invested anywhere between Rs 1 lakh and Rs 1.2 crore in three real estate companies in Bengaluru. The first, Dreamz Infra India Ltd, was run by Disha Choudhary. The second, Gruh Kalyan, was also run by Disha. The third, TGS, is run by Mandeep Kaur.

The investors were promised their dream homes in Bengaluru, and all of them were shown lands on which these homes would be constructed. But no even one got approved plans from the BBMP.

Victims threaten protest 

According to Nida, one of the victims of the Dreamz Infra scam, the aggrieved persons had “always doubted that she had money stashed away”.

“The investigating officers had said that Disha had shopped for Rs 3 lakh at Phoenix Mall. If this money, which is frozen now, can be used to pay off those people who are in dire need, it will be very helpful,” she said.

Nida alleged that during a protest conducted in early December 2017 by the victims, Disha had arranged for sweets to be distributed to the protestors.

“We were shocked to see she wanted to distribute sweets and food. If she says she did not have the money, where did it come from? We all knew she had stashed away money,” Nida said.

The victims are now threatening to hold a protest outside the Chief Minister’s house if the investigation does not speed up.

“We were waiting with patience. We trusted the CID to file the chargesheet and the CM to gazette the report and proceed to take steps so that the Revenue Department can auction the properties owned by Sachin Naik and his wife. If there is no action taken, we will intensify our protest in front of the CM’s house,” she added.

The elusive money

The masterminds of the Dreamz Infra, TGC and Gruha Kalyan scams – Sachin Naik, Disha Choudhary and Mandeep Kaur – have been out on bail since September 2017.

However, the CID had submitted a list of properties owned by Sachin Naik to the Karnataka Revenue Department in November 2016, which were to be auctioned.

The e-auction has not yet happened. A source with the Revenue Department said that 17 of his properties will be attached and put up for an online auction soon.

“The money obtained from the auction will be distributed to the people who had invested in his schemes,” the source added.

According to a CID source, there are a total of 55 properties in which the fraud companies had bought stakes.

“Out of the 55 properties, 17 of them can be auctioned, but the problem lies in the other 38 properties,” the source said.

Sachin had entered into agreements with certain builders after assuring them that he would buy the properties at a later date. The terms of the agreement have now landed the people who invested in the projects in trouble, CID sources say.

The fraudulent companies, with the money collected from the investors, would enter into agreements by making downpayments. The agreements also state that if the companies (Dreamz Infra, TGS and Gruha Kalyan) did not pay the rest of the money within a stipulated time period, the down payment amount would be forfeited.

“Sachin Naik never got the properties registered. The downpayment was then forfeited. We are now holding talks with the builders and asking them to consider returning the money without interest so that the affected people will get their money back,” CID sources added.

Read: The Rs 1500 crore scam: How Yogesh became Sumanth, then Sachin to allegedly dupe people in Bengaluru

The 1500 crore scam: Sachin Naik had interests in an IPL team and also funded a Bollywood film

Rs 1,500 cr B’luru Dreamz Infra scam: Accused Sachin Naik absconds days after he got bail