CBI Files 11Th Charge Sheet Against Builder Firm, Director In Homebuyers Fraud Case

(MENAFN- IANS) New Delhi, June 8 (IANS) In its ongoing probe into alleged large-scale fraud against homebuyers, the Central Bureau of Investigation (CBI) has filed its 11th charge sheet in cases related to alleged cheating, diversion of funds and financial irregularities by real estate developers, an official statement said on Monday.

The latest charge sheet has been filed against M/s Ninex Developers Ltd. and one of its Directors in connection with a housing project located in Gurugram, Haryana, the statement said.

According to the CBI, its investigation revealed that the accused builder company and its Director, acting in furtherance of a criminal conspiracy, allegedly lured innocent homebuyers and investors through false assurances, misleading representations and deceptive promises regarding the project.

The agency alleged that the accused dishonestly induced buyers to invest substantial sums of money, resulting in wrongful financial gains for themselves while causing significant losses to the victims.

The investigation has reportedly uncovered substantial documentary and oral evidence indicating irregularities in the collection and utilization of funds raised from homebuyers. Based on the findings, the CBI has filed the charge sheet before the competent court under relevant provisions of the Indian Penal Code relating to criminal conspiracy, cheating and criminal breach of trust.

The case forms part of a wider investigation being carried out by the CBI into alleged fraud involving real estate companies and financial institutions. The agency is currently probing 50 cases registered pursuant to directions issued by the Supreme Court concerning allegations of cheating of homebuyers, diversion of funds and suspected involvement of unknown officials of banks and financial institutions across the country.

Earlier, the CBI had submitted charge sheets against several builder companies and their directors, 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 Sequel Buildcon Pvt. Ltd., M/s LogixCity Developers Pvt. Ltd., M/s Manju J Homes India Ltd. and M/s Shubhkamna Buildtech Pvt. Ltd.

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