New Delhi, May 20 (IANS) The Central Bureau of Investigation (CBI) on Wednesday said it has unearthed another alleged builder-bank nexus in a homebuyers fraud case and filed its ninth charge sheet against a real estate company, its directors, and bank officials for allegedly cheating homebuyers and financial institutions in connection with a housing project in Uttar Pradesh’s Ghaziabad.
According to the agency, the chargesheet has been filed against M/s Manju J Homes India Ltd., its directors, and officials of the State Bank of India for their alleged involvement in a criminal conspiracy that caused wrongful losses to financial institutions as well as innocent homebuyers.
The CBI said its investigation revealed that the accused builder company and its directors, in connivance with bank officials and other private persons, allegedly lured homebuyers and investors through false assurances and fraudulent representations to secure financial gains through illegal and deceptive means.
The probe further found that certain bank officials allegedly abused their official positions to facilitate the builder’s illegal activities in violation of established banking norms and procedures. The agency alleged that the actions resulted in undue pecuniary advantage to the builder company while inflicting corresponding losses on banks and homebuyers.
The charge sheet has been filed before a competent court under various sections of the Indian Penal Code related to criminal conspiracy, cheating, criminal breach of trust, forgery for the purpose of cheating, and use of forged documents as genuine. Charges under the Prevention of Corruption Act pertaining to criminal misconduct by public servants have also been invoked.
According to the CBI, the investigation uncovered substantial documentary and oral evidence pointing towards a larger conspiracy involving misuse of official position, diversion and misutilisation of funds, and fraudulent conduct against homebuyers.
The agency said it is currently investigating 50 such cases registered on the directions of the Supreme Court against various builders and unknown officials of financial institutions across the country in matters related to alleged cheating of homebuyers and diversion of funds.
Earlier, the CBI had filed eight charge sheets in similar cases involving several real estate firms, 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., and Logix City Developers Pvt. Ltd., along with officials of certain banks and financial institutions.
–IANS
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