The central bureau of investigation (CBI) has filed its 16th charge-sheet in the ongoing investigation into alleged large-scale cheating of home-buyers, naming Noida-based builder and developer Saha Infratech Pvt Ltd, the company directors, and officials of HDFC Bank and ICICI Bank in connection with alleged fraud involving a housing project.
An investigation conducted by CBI has revealed that the accused builder company and its directors, in conspiracy with bank officials and other private persons, allegedly induced homebuyers and investors through false assurances and fraudulent representations and obtained financial benefits by resorting to illegal and deceptive means.
The investigation unearthed substantial evidence and the charge-sheet has been filed before the competent court under relevant provisions of the Indian Penal Code and provisions of the Prevention of Corruption Act pertaining to criminal conspiracy, abuse of official position, cheating and criminal breach of trust.
CBI is presently investigating another 33 cases registered pursuant to the directions of the Supreme Court against various builder companies and unknown officials of financial institutions across the country in matters concerning alleged cheating and diversion of funds involving home-buyers.
The cases form part of a wider investigation ordered by the Supreme Court into alleged cheating of home-buyers and diversion of funds by real estate developers in collusion with officials of financial institutions.
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, CBI has now submitted 16 charge-sheets in the home-buyers fraud investigation.
Earlier, the agency had filed 16 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, Rudra Buildwell Projects Pvt Ltd, Ithaca Estate Pvt Ltd and LGCL Urban Homes (India) LLP 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 home-buyers, 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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