The central bureau of investigation (CBI) has filed its 14th and 15th charge sheets in the ongoing investigation into alleged large-scale cheating of homebuyers, naming Bengaluru-based builder and developers Ithaca Estate Pvt Ltd and LGCL Urban Homes (India) LLP, their directors, and officials of HDFC Bank, ICICI Bank and Indiabulls Housing Finance Ltd in connection with alleged fraud involving a housing project in Bengaluru.
The charge sheets, described by the agency as its 14th and 15th in the series of homebuyers’ fraud cases, have been filed before the respective CBI courts in Bengaluru.
According to CBI, the investigation found that the accused builder company, its directors, bank officials and other private persons allegedly entered into a criminal conspiracy to induce homebuyers and investors through false assurances and fraudulent representations.
The agency alleged that the accused obtained financial benefits by resorting to illegal and deceptive means, resulting in the cheating of homebuyers.
CBI said it gathered substantial evidence during the investigation and has invoked provisions of the Indian Penal Code (IPC) relating to criminal conspiracy, cheating, criminal breach of trust, and abuse of official position, as well as provisions of the Prevention of Corruption Act.
According to the agency, it is currently investigating another 34 cases registered pursuant to directions of the Supreme Court against various builder companies and unknown officials of financial institutions across the country.
With the latest filings, the CBI has now submitted 15 charge sheets in the homebuyers fraud investigation.
Earlier, the agency had filed 13 charge sheets against 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 directors of these companies and officials of certain banks and financial institutions.
CBI said it remains committed to ensuring accountability in cases involving economic offences, corruption and public fraud, particularly those affecting the interests of common citizens and homebuyers.
The agency's ongoing investigation is aimed at examining allegations of fund diversion, fraudulent inducement of homebuyers, and the role of financial institutions in facilitating such transactions. No findings of guilt have been recorded, and the allegations will be tested during the judicial process.
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