Cricketer and former India captain MS Dhoni has found himself at the center of a major controversy involving the real estate company G Square, with 11 FIRs filed against him in Tamil Nadu. The former Indian cricketer, who had served as the brand ambassador for G Square, is accused of misleading homebuyers through his endorsement of the company. According to a report by Cricket One, Dhoni’s stature and credibility played a significant role in convincing buyers to invest in projects that were allegedly not legally approved, leading to substantial financial losses for many.
The Alleged G Square Scam
G Square, a company reportedly linked to one Ramajeyam, also known as Bala, is under investigation for its involvement in a widespread real estate scam. The company, along with over 45 associated entities, is accused of using a complex network to conceal financial misdeeds and evade scrutiny from regulatory authorities. The company’s operations reportedly included laundering money and dodging investigations, allegedly co-registering entities with Bala’s wife, Sreekala, to further obscure its activities.
The company’s financial history raises serious concerns. Despite declaring losses in earlier years, G Square saw explosive growth in 2021, coinciding with the rise of the DMK party in Tamil Nadu. This sudden shift in fortune has raised suspicions of financial irregularities. You can read more on the G Square saga here.
A Network of 45 Entities
The sprawling nature of G Square’s operations is evident from its extensive list of over 45 associated entities. These include:
- G Square Zamin Properties LLP
- Lotus Horizon Developers LLP
- G Square Builders LLP
- G Square Real Estates LLP
- G Square Housing Developers LLP
- G Square Zara Buildmore LLP
- G Square Signitive Buildon LLP
- Focus Creators LLP
- Pearl Ground Realtors LLP
- KMA Finished Leathers Private Limited
- G Square United Realty LLP
- G Square Land & Building LLP
- Think Success Real Estate LLP
- Sai Venkat Keerthi LLP
- G Square Home Developers Private Limited
- G Square Creators LLP
- Mannur Square Land Private Limited
- G Square Layout Private Limited
- G Square Hi-Tech Builders Private Limited
…and several others. The extensive network reveals the scale of G Square’s operations across the real estate sector, which allegedly served as a front for financial irregularities and money laundering activities.
MS Dhoni’s Alleged Role
While there is no direct evidence linking MS Dhoni to the fraudulent activities of G Square, his endorsement of the company has come under scrutiny. Dhoni, a high-profile celebrity and trusted figure in Indian sports, was the face of G Square’s marketing campaigns. His association with the company gave it significant credibility, which the buyers claim led them to invest in projects that later turned out to be legally unapproved.
According to the report, the homebuyers argue that Dhoni’s endorsement played a pivotal role in boosting G Square’s image, misleading them into trusting the company’s legitimacy. The filing of FIRs against Dhoni highlights concerns about the ethical responsibility of celebrity brand ambassadors in India, particularly in situations where their influence could potentially lead to financial harm for the public.
Dhoni Was Also Linked To Amrapali Fraud Earlier
MS Dhoni and his wife Sakshi Dhoni were linked to the Amrapali Group’s fraud scandal, with an audit report submitted to the Supreme Court alleging their involvement. The Amrapali Group was accused of defrauding thousands of homebuyers by misappropriating funds and failing to complete housing projects. The Supreme Court ordered a probe into the company’s top officials and has tasked the National Buildings Construction Corporation with completing Amrapali’s unfinished projects.
Dhoni’s involvement began when he served as the brand ambassador for the Amrapali Group for six to seven years, during which he appeared in advertisements. However, following a social media backlash from aggrieved Amrapali residents in 2016, Dhoni distanced himself from the company. He later filed a lawsuit against Amrapali for unpaid dues of approximately Rs 150 crore related to his endorsement services.
The audit report linked Dhoni to the controversy through his sports management company, Rhiti Sports. Between 2009 and 2015, the Amrapali Group paid Rhiti Sports a total of Rs 42.22 crore, with Rs 6.52 crore paid by Amrapali Sapphire Developers. The report alleged that these payments were “sham” agreements, intended to divert funds from homebuyers. Additionally, Sakshi Dhoni was mentioned as a director in Amrapali Mahi Developers, which was involved in a project in Ranchi, but the MoU for the project was never provided to auditors.
Rhiti Sports denied the allegations, asserting that the payments were legitimate for services rendered. The Supreme Court took significant actions against Amrapali, including cancelling its registration under the RERA Act and ordered a probe into its management.
Subscribe to our channels on Telegram, WhatsApp, and Instagram and get the best stories of the day delivered to you personally.