Multi-crore realty scam: buyers call CID report ‘misleading’

Investors affected by the multi-crore Dreamz Infra India Ltd scam staged a silent protest on Saturday in front of the Criminal Investigation Department (CID) headquarters, Carlton House on Palace Road. 

At least 150 investors of Dreamz Infra India Ltd, TGS construction Pvt Ltd, and Gruha Kalyan Private Limited demanded that the accused—Sachin Naik, his wife, Disha Choudhary and his business partners Mandeep Kaur and Mujumdar Shathaparni— be arrested and a speedy and effective investigation into the scam reach a fruitful end.

They also expressed disappointment with the ongoing investigation. The CID’s press release about the case has added to their dismay.

The protesters claimed that the CID’s report presented a skewed data about the case, which could hurt the victims of the scam even more.

According to them, the total number of victims of the three companies is only between 8,000 and 9,000. However, the CID’s report has presented an inflated figure of 18,052 victims.

Portraying a larger number of victims will cheat the victims of the share by reducing the percentage. Thus, the victims will end up getting way lesser than what they invested, the protesters claimed. 

They went on to say that the report is full of similar misleading numbers.

For instance, they said that in the report, the department said that Rs 186 crore was recovered out of the Rs 1,110 crore that was swindled. However, they have no proof to show the balance of Rs 924 crore.

The report adds that the accused have shown Rs 200 crore has investments in new companies that have run loses.

The protesters also met the CID Inspector General of Police (IGP) Hemant Nimbalkar and submitted a memorandum explaining their concerns.

The group stated that the department’s report said that Rs 3 crore was spent on the Sachin’s son’s naming ceremony and birthday party, while Rs 15 crore was given by him to a vernacular television news channel. The report also claimed that Rs 200 crore has been refunded to the customers. In reality, Sachin had confessed publicly that only Rs 45 crore was refunded.

They asked that how did the report arrive at the figures with an excess of Rs 155 crore as the refund amount.

The report further adds that the accused paid an alimony of Rs 40 crore, during the divorce proceedings, to his wife Disha Chowdhari as maintenance. “How could he utilise the investors’ money for his personal need such as alimony,” the victims asked.

They went on to complain about the easy bail grant to accused even though such a huge amount was swindled in the scam, cheating thousands of people.

One of the victims and investors, B K Sharmila alleged that though the CID is probing the case since March 2017, neither have they filed a charge-sheet nor did they arrest all
the accused involved in the scam.

“Around 37 cases have been registered against Dreamz Infra for cheating customers of Rs 500 crore, 27 cases filed against TGS Construction of cheating of Rs 260 crore, and 18 cases against Gruha Kalyan for cheating of Rs 270 crore. Yet, a year-long investigation has failed to arrest the accused,” Sharmila said.

“We request the government to intervene to help the investors to take penal action and confiscate their properties and auction it so that the amount can be returned to the investors. We have also filed a PIL in November to transfer the case from CID to CBI,” she added.

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