New Delhi, May 20: The Central Bureau of Investigation (CBI) has filed its ninth chargesheet in a major homebuyers fraud case, exposing an alleged nexus between builders, bank officials and private individuals in connection with a housing project in Ghaziabad, Uttar Pradesh.
According to the CBI press release, the chargesheet has been filed against:
- M/s Manju J Homes India Ltd.
- Directors of the builder company
- Officials of the State Bank of India (SBI)
- Other unidentified persons
The agency alleged that the accused were involved in a criminal conspiracy that caused wrongful losses to financial institutions as well as innocent homebuyers.
Allegations of Fraud and Misuse of Funds
CBI investigations reportedly revealed that the builder company and its directors, in collusion with bank officials and private individuals, induced homebuyers and investors through false assurances and fraudulent representations.
The accused allegedly obtained financial benefits through illegal and deceptive means.
The probe further found that certain bank officials abused their official positions to facilitate illegal acts of the builder company by violating established banking norms and procedures.
According to the agency, these actions resulted in undue pecuniary advantage to the builder while causing corresponding losses to financial institutions and homebuyers.
Charges Filed Under Multiple Sections
The chargesheet has been filed before the competent court for offences including:
- Criminal conspiracy
- Cheating
- Criminal breach of trust
- Forgery for the purpose of cheating
- Use of forged documents as genuine
The accused have also been booked under provisions of the Prevention of Corruption Act.
Larger Conspiracy Suspected
The CBI stated that the investigation has uncovered substantial documentary and oral evidence indicating a larger conspiracy involving:
- Misuse of official position
- Diversion and misutilisation of funds
- Fraudulent conduct towards homebuyers
The agency said the case forms part of a larger nationwide probe into alleged cheating and diversion of funds in housing projects.
Supreme Court-Mandated Investigation
The CBI revealed that it is currently investigating 50 such cases registered following directions issued by the Supreme Court of India.
These cases involve various builders across the country and unknown officials of financial institutions accused of cheating homebuyers and diverting housing project funds.
Earlier Chargesheets Filed Against Multiple Builders
The agency stated that it had earlier filed eight chargesheets in similar cases against several real estate companies and their directors, including:
- Rudra Buildwell Constructions Pvt. Ltd.
- Dream Procon Pvt. Ltd.
- Jaypee Infratech Ltd.
- AVJ Developers (India) Pvt. Ltd.
- CHD Developers Pvt. Ltd.
- Shubhkamna Buildtech Pvt. Ltd.
- Sequel Buildcon Pvt. Ltd.
- Logix City Developers Pvt. Ltd.
Officials of various banks and financial institutions were also named in those cases.
CBI Reiterates Commitment Against Economic Offences
The CBI stated that it remains committed to ensuring accountability in cases involving economic offences, corruption and public fraud, especially matters adversely affecting common citizens and homebuyers.
