CBI searches 12 sites in Bengaluru, Mumbai, Pune; files five fresh cases against builders

The Central Bureau of Investigation conducted searches at 12 locations across Bengaluru, Mumbai and Pune on Thursday, registering five new fraud cases against real estate developers. The action follows Supreme Court directives on homebuyer pleas and brings the total cases against builders to 55.

The Central Bureau of Investigation (CBI) on Thursday carried out searches at 12 locations across Bengaluru, Mumbai and Pune after registering five fresh cases against real estate developers in connection with a builder-banker nexus related to cheating and defrauding homebuyers, officials said.

The CBI has registered four cases against Ozone Group and its related entities for projects in Bengaluru and Mumbai and one case against Vivansaa Baalsam for its Bengaluru project, the agency said in a statement. Officials of various financial institutions have also been booked for offences of criminal conspiracy, cheating, criminal breach of trust and criminal misconduct, it said.

The searches follow Supreme Court directives issued on the plea of a large number of homebuyers who approached the apex court seeking relief from the alleged fraudulent activities of builders, which had been affecting their lives for many years. The action brings the total number of cases against builders to 55.

“The action of CBI is aimed at gathering crucial evidence to unravel the larger conspiracy involving alleged diversion of funds, financial irregularities, and fraudulent practices in the housing real estate sector. Searches have resulted in the seizure of incriminating documents, digital devices and other materials, which are being examined,” CBI Spokesperson Beena Yadav said in a statement.

In a related development, the CBI has filed a chargesheet against Ajnara India Limited and its promoters and directors before a special court. This is the 20th charge sheet in these cases. The agency has named 15 public servants pertaining to ICICI Bank Limited, HDFC Bank Limited, PNB Housing Finance Limited and Sammaan Capital Limited as accused in connection with alleged fraudulent activities relating to the housing project “Ajnara Ambrosia” located at Sector-118, Noida, the statement said.

“Investigation conducted by the CBI has revealed that the accused builder company and its Promoters/Directors allegedly induced homebuyers/investors through false assurances and fraudulent representations and obtained financial benefits by resorting to illegal and deceptive means,” it said.