Bengaluru: At Rs 1,000 crore, this could be the biggest real estate scam in the city. Criminal Investigation Department (CID) sleuths investigating the case, said the company promoters, some of whom have been arrested, have invested the money in multiple multinational firms.
The main accused, Sachin Naik, his two wives – Disha Choudry and Mandeep Kaur, and some people associated with these companies had been arrested earlier. Sachin had registered two companies, Dreamz Infra India Ltd and TGS Construction Pvt Ltd, in the names of his two wives. The sleuths made another headway in the case by recently arresting Anup K.M., one of the directors of a real estate firm run by Sachin.
The CID officials, who raided three Bengaluru-based constructions companies Dreamz Infra India Ltd, TGS Construction and Gruha Kalyan Pvt Ltd, following 86 cases of cheating filed against these companies, found that Sachin is the owner of all the companies and is the mastermind behind all the fraudulent activities. No company bore his name; he had registered two companies in his wives’ names and another in the name of Majumdar Satparni.
CID officials said Sachin lured people by offering residential plots at unbelievable prices through Ponzi schemes. He advertised widely in the media and used big cricketers to advertise for the companies. People fell prey to his exceptional branding skills.
After collecting the money Sachin informed customers that the scheme had been cancelled and promised to return their money through cheques, which bounced. Sachin fled with the money and invested in multinational companies.
Though the sleuths are unaware of the exact amount swindled, but believe it could be around Rs 1,000 crore.
Police have formed three teams which include some real estate experts, to investigate. They are tracing the money trail and are yet to find out where the it has been diverted to.
The CID has sought information from companies and the public, and have opened a special cell in the CID office. Those who have information can call the helpline 080-22094451 or email on firstname.lastname@example.org. While Dreamz Infra had 13 directors with 48 projects, TGS Construction had five directors and 65 projects. Gruha Kalyan had five directors and 17 projects.
Sachin had earlier duped over 800 people!
Sachin is not new to duping people and had been at it for a decade. The first complaint against him was at Commercial Street police station, which said a real estate firm, ‘Frontier’ allegedly cheated over 800 people of Rs16 crore. Back then, Naik’s name was Sumanth and his wife Disha was Esha Sumanth. The duo fled the city after their deeds came to light only to come back with a bigger plan.