A GROUP of 120 investors have brought a legal action to try and recover €8.9 million allegedly raised by an Irish company from up to 400 people under a scheme to buy apartments in two proposed developments in India.

The investors claim there is no evidence of any meaningful construction work on the proposed developments of 580 apartments and allege the investment scheme was designed to facilitate, in whole or in part, the “siphoning off” of funds to the benefit of Kuvera (Ireland) Ltd and/or its chief executive, Kieran Murphy.

Mr Murphy, of Cabinteely Way, Cabinteely, Dublin, had admitted he or Kuvera Ireland, of Marlborough House, Donnybrook, Dublin, retained some €3.2 million of funds transferred for the investments, it is claimed.

Kuvera Ireland said last month in a press release that €8.9 million was raised from investors and, after deducting its “running costs”, the company had paid €5.4 million to Kuvera India, which it alleged was incorporated to oversee the two apartment developments to be built by Indian based builder VG Buildtech.

The investors have brought proceedings against Mr Murphy, Kuvera Ireland and Seymour Major, trading as Seymour Major solicitors, Belmore Street, Enniskillen, which were transferred to the Commercial Court yesterday by Mr Justice Peter Kelly. There was no appearance by Mr Major but Mr Murphy was in court.