CBI Files Fresh Chargesheets Against Bengaluru Builder Firms, Bank Officials in Homebuyers Fraud
The Central Bureau of Investigation (CBI) has filed its 14th and 15th chargesheets in the ongoing investigation into a large-scale homebuyers' fraud case, naming two Bengaluru-based builder firms, their directors, and officials of three financial institutions for allegedly conspiring to cheat homebuyers.
The chargesheets were filed before the Special CBI Court in Bengaluru and pertain to housing projects developed by Ithaca Estate Pvt. Ltd. and LGCL Urban Homes (India) LLP. In the first chargesheet, the CBI named Ithaca Estate Pvt. Ltd., its director, and officials of HDFC Bank Ltd., ICICI Bank Ltd., and Indiabulls Housing Finance Ltd. The second chargesheet names LGCL Urban Homes (India) LLP and its director.
According to the CBI, its investigation found that the builder companies and their directors, in alleged conspiracy with bank officials and other private individuals, induced homebuyers and investors to purchase properties through false assurances and fraudulent representations. The agency alleged that the accused obtained financial benefits through illegal and deceptive means.
The CBI stated that it has collected substantial documentary and oral evidence during the investigation and filed the chargesheets under relevant provisions of the Indian Penal Code relating to criminal conspiracy, cheating, criminal breach of trust, and offences under the Prevention of Corruption Act.
This investigation is part of a larger probe ordered by the Supreme Court into the alleged diversion of homebuyers' funds and cheating by real estate developers across the country. The agency is currently investigating 34 other cases involving various builder companies and unidentified officials of banks and financial institutions.
With these latest filings, the CBI has submitted a total of 15 chargesheets in the homebuyers' fraud cases. Previous chargesheets were filed against several builders, including Rudra Buildwell Constructions Pvt. Ltd., Dream Procon Pvt. Ltd., Jaypee Infratech Ltd., AVJ Developers (India) Pvt. Ltd., CHD Developers Pvt. Ltd., Sequel Buildcon Pvt. Ltd., Logix City Developers Pvt. Ltd., Manju J Homes India Ltd., Shubhkamna Buildtech Pvt. Ltd., Ninex Developers Ltd., Decent Buildwell Pvt. Ltd., and Rudra Buildwell Projects Pvt. Ltd., along with their directors and officials of financial institutions.
The accused are entitled to a fair trial and are presumed innocent until proven guilty in accordance with the law.
