Realty, finance firms swindled Rs 3,273 cr, duped 17.93 lakh people in 10 years!

News Network
July 30, 2017

Bengaluru, Jul 30: The fraudulent real-estate and finance firms have duped Rs 17.93 lakh people, swindling them of Rs 3,273 crore between 2006 and 2016 in Karnataka, according to the Criminal Investigation Department.

CID has found that several thousands of people duped in real estate and investment scams in different parts of the state have not approached the police.

Director General of Police H C Kishore Chandra said the economic offences wing of the Crime Investigation Department had confiscated properties worth Rs 594 crore in connection with the scams.

The sleuths are recovering more properties, but of the 100 accused arrested in 422 cases, most are out on bail. A team of 40 CID officials is working exclusively on the cases, Kishore Chandra said.

The money can be returned to victims after the government auctions the confiscated properties, he said.

Of about 6,500 investors cheated by real-estate firm Dreamz Infra, only 2,382 have approached the CID and submitted documents.

Similarly, of the 5,315 investors swindled by TGS Constructions, only 2,750 have turned up with documents. In housing project Gruha Kalyan, only 814 of 2,220 investors have approached the CID.

Such companies are launched with pomp and fanfare with the participation of film stars and celebrities. “They advertise widely, promising good returns on investments, and flats and villas with extravagant features. For a few months, they keep their word,” Kishore Chandra said. But once the investments become a flood, they grab the money and run, he said.  

The owners and their benamis then get busy investing in sites, houses and stocks for themselves. They also produce films and splurge on gold, silver and swanky cars, he said.

The Criminal Investigaton Department is advising investors and buyers to verify the credentials of firms with the Reserve Bank of India, the Security Exchange Bureau of India, Registrar of Companies, and the Registrar of Cooperative Societies.

People are increasingly losing their hard-earned money because they don’t check the credentials of companies they hand their money to, he said.

Under the Protection of Interest of Depositors in Financial Establishments Act of 2004, the CID can confiscate movable and immovable properties of those accused in investment scams.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 5,2024

kangana.jpg

New Delhi, May 5: Actor-turned-politician Kangana Ranaut intended to target an opposition leader but mistakenly ended up attacking her BJP colleague instead. 

A similarity in names - Tejashwi and Tejasvi - was behind Ms Ranaut's fumble. "There's a party of spoilt princes... whether it's Rahul Gandhi who wants to grow potatoes on the Moon, or Tejasvi Surya who does hooliganism and eats fish," she had said.

RJD leader and former Bihar deputy Chief Minister Tejashwi Yadav was supposed to be the original target of her diatribe as one of his videos where he was seen eating fish became a major flashpoint between the BJP and the opposition recently.

Tejasvi Surya, incorrectly referred to by Ms Ranaut during an election rally yesterday, is BJP's Lok Sabha candidate from Bengaluru South constituency in Karnataka.

Meanwhile, Mr Yadav has responded to a clip of Kangana Ranaut's statement. "Ye mohtarma kaun hai?" (Who is this lady?), he posted on X.

Kangana Ranaut has been verbally bashing the Congress party since the BJP fielded her as their Lok Sabha candidate from Himachal Pradesh's Mandi. Congress leaders Vikramaditya Singh - her opponent in Mandi - and Rahul Gandhi have been the main targets on her dartboard.

While addressing a public rally in the Sundernagar area of Mandi Parliamentary Constituency yesterday, Ms Ranaut took a jibe at Mr Singh and Mr Gandhi over dynasty politics and said that both of them have a magic stick for development and talk only about non-practical things.

The Congress hit back saying the 37-year-old actor should first check the facts about her party leaders and speak about dynastic politics. National Media Coordinator for the Congress, Amrit Kaur, also questioned her qualifications on which she got a BJP ticket from Mandi.

The Mandi Lok Sabha constituency will go to polls on June 1, in the seventh phase of the 2024 Lok Sabha elections.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 6,2024

rafaheast.jpg

The Israeli regime is forcibly evacuating Palestinians from the eastern part of Rafah in the southern Gaza Strip amid the prospect of its widely-discouraged ground invasion.

“The estimate is around 100,000 people,” an Israeli military spokesman told journalists on Monday when asked how many people were being evacuated.

International organizations, including the United Nations, have repeatedly warned the regime against invading the city, citing its hosting around 1.5 million Palestinian refugees.

UN Secretary-General Antonio Guterres said a ground assault on Rafah would “put the final nail in the coffin” for humanitarian aid operations in the Gaza Strip.

The UN Office for the Coordination of Humanitarian Affairs also said, “Any ground operation would mean more suffering and death,” with an official saying “It could be a slaughter of civilians.”

Multiple aid agencies, including the Norwegian Refugee Council, have likewise warned against a Rafah offensive.

The NRC said such an invasion “would profoundly exacerbate the already catastrophic levels of need and the humanitarian emergency for millions of civilians with nowhere left to go.”

The official alleged Hamas had killed three Israeli forces on Sunday, attacking them from Rafah.

The evacuation order came a sat least 22 people lost their lives in the regime’s airstrikes killed in Rafah earlier on Monday.

Rafah’s evacuation “is part of our plans to dismantle Hamas,” the Israeli spokesman added, referring to the Palestinian resistance movement that has been defending Gaza in the face of the war.

The Palestinians have fled there from the ravages of a war that the regime began waging against Gaza on October 7, following a retaliatory operation by the coastal sliver’s resistance groups.

At least 34,683 Palestinians, mostly women and children, have been killed and 78,018 others injured so far during the brutal military onslaught.

On Friday, Hossam Badran, a member of Hamas’ Political Bureau, said Israeli prime minister Benjamin Netanyahu’s insistence on carrying out a ground invasion of Rafah was a key stumbling block in negotiations aimed at a truce agreement.

The Israeli premier has said the regime would go ahead with invading the city “with or without” a truce.

Hamas has, however, asserted that the regime has failed to defeat the resistance during the war.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 8,2024

vbangera.jpg

Mangaluru: Congress leader and five-time Belthangady MLA K Vasanth Bangera, passed away on Wednesday, at a private hospital in Bengaluru on Wednesday. He was 79.

His health condition had worsened recently, and he was shifted to Bengaluru for treatment. His body is likely to be brought to Belthangady on May 9 and will be kept for public homage, family sources said.

He has the credit of contesting from all three parties - BJP, Janata Dal and Congress. Since 1983, he had contested nine assembly elections and won five times.

Bangera had entered the Legislative Assembly by winning Belthangady constituency as a BJP candidate in 1983 against Gangadhar Gowda of the Congress.

He won had the elections again in 1985 and later joined the Janata Dal. However, he lost the election against Gangadhar Gowda of Congress in 1989.

He became an MLA once again for the third time in 1994. In the 1999 election, Bangera lost to his brother Prabhakar Bangera who contested from BJP.

In 2008, Bangera joined the Congress and won the elections for the fourth time. In 2013, he had once again won the elections against Ranjan Gowda of the BJP, but he also lost the elections to sitting MLA Harish Poonja of the BJP in 2018.

He was born to Kede Subba Poojary and Devaki. He is survived by his wife Sujitha V Bangera, and two daughters Preethitha and Binutha.
 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.