Action over indian property deal settled

A group of Irish people who invested in a scheme to buy apartments in India have settled their legal action against a businessman and company involved in the venture, which had run into "significant difficulties".

About 120 of the investors brought proceedings aimed at recovering some of an apparent €8.9m allegedly raised by an Irish property company from hundreds of people under the scheme.

The investors claimed there was no evidence of any meaningful construction work on the two proposed developments of 580 apartments and alleged the scheme was designed to facilitate, in whole or in part, the "siphoning off" of funds to the benefit of Kuvera (Ireland) Ltd, Marlborough House, Donnybrook, and its CEO Kieran Murphy of Caibinteely Way, Cabinteely, Dublin.

At the Commercial Court today, Mr Justice Peter Kelly was told by Patrick McCann, for the investors, the issues between his clients and Mr Murphy and Kuera Ireland had been settled. The judge noted the settlement was without admission of liability.