New Delhi, May 12 The Central Bureau of Investigation (CBI) has unearthed an alleged nexus between a real estate developer and bank officials in a major homebuyers fraud case and filed its eighth charge sheet in connection with the matter, an official statement said on Tuesday.
The charge sheet has been filed against M/s Logix City Developers Pvt. Ltd., its Directors, and officials of ICICI Bank and HDFC Bank for their alleged involvement in a criminal conspiracy linked to a housing project in Noida, Uttar Pradesh.
The accused are alleged to have caused wrongful losses to financial institutions as well as innocent homebuyers, the statement said.
According to the CBI, the investigation revealed that the builder company and its Directors, in connivance with public servants and other private individuals, allegedly lured homebuyers and investors through false promises 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 norms and procedures. This allegedly resulted in undue pecuniary benefits to the builder company while causing corresponding losses to banks and homebuyers.
The agency said substantial documentary and oral evidence collected during the investigation pointed to a wider conspiracy involving misuse of official position, diversion and misutilisation of funds, and fraudulent practices targeting homebuyers.
The charge sheet has been filed before the competent court under relevant provisions of the IPC and the Prevention of Corruption Act, including offences related to criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct by public servants.
The CBI is currently investigating 50 cases registered following directions issued by the Supreme Court against various builders and unidentified officials of financial institutions across the country in matters relating to alleged cheating of homebuyers and diversion of funds.
Earlier, the agency had filed seven charge sheets in similar cases against several real estate firms, including M/s Rudra Buildwell Constructions Pvt. Ltd., M/s Dream Procon Pvt. Ltd., M/s Jaypee Infratech Ltd., M/s AVJ Developers (India) Pvt. Ltd., M/s CHD Developers Pvt. Ltd., M/s Shubhkamna Buildtech Pvt. Ltd., and M/s Sequel Buildcon Pvt. Ltd., along with officials of certain banks and financial institutions.
The CBI said it remains committed to ensuring accountability in cases involving economic offences, corruption, and large-scale frauds adversely affecting common citizens and homebuyers.
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