ED attaches Rs 137 crore worth immovable properties of Dreamz, TGS realty firms

BENGALURU: The Enforcement Directorate has provisionally attached 16 immovable properties held in the names of Dreamz Infra India Ltd, its managing director Disha Choudhary, TGS Constructions Pvt Ltd, its managing director Mandeep Kaur and other related persons/entities on June 27 in connection with the Ponzi investment scheme run by them, stated the Central agency.

The attached immovable properties are in the form of land and residential house in various places in Bengaluru and are valued at Rs 137.60 crore.  The ED had initiated money laundering investigation on the basis of more than 125 FIRs registered in Bengaluru city against Dreamz Infra India Ltd, TGS Constructions Pvt Ltd, Gruha Kalyan, Sachin Naik alias Yogesh, Choudhary, Kaur and others. 

The investigation so far has revealed that the “these companies/persons duped the common public by taking huge deposits promising affordable apartments in and around Bengaluru. From 2011-12 to 2016-17, the accused entities/persons collected more than Rs 722 crore from more than 10,299 customers and misappropriated the said funds for their own benefits and deceived/cheated the gullible customers without handing over the flats and refunding the deposit amounts to them. The accused further threatened the customers with dire consequences,” the ED stated in a media release on Monday.