New Delhi. The Central Bureau of Investigation has filed a chargesheet in a real estate-linked financial fraud case involving an alleged nexus between builders, bank officials and proxy homebuyers. The agency has alleged that the accused used misleading project assurances, irregular housing loans and layered fund transfers to cheat banks and genuine homebuyers.
Builders, Bank Officials and Proxy Buyers Under Scanner
According to the CBI, the case is linked to M/s AVJ Developers (India) Pvt Ltd, M/s AVJ Developers Pvt Ltd and M/s Kesar Builders Pvt Ltd, along with their directors, certain bank officials and alleged proxy homebuyers.
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The agency has alleged that the builder entities lured investors and homebuyers through attractive schemes and misleading assurances about housing projects. In several instances, the actual status of projects was allegedly misrepresented to raise funds under false pretences.
Housing Loans Allegedly Raised Through Fictitious Buyers
CBI officials said certain bank employees allegedly misused their official positions to bypass established banking norms and approval processes. This reportedly enabled loans and financial approvals that should not have been sanctioned under standard procedures.
A key part of the alleged fraud involved the use of proxy or fictitious homebuyers to obtain housing loans from banks. These individuals are suspected of submitting false declarations and working in coordination with builders to route funds into the system, which were later allegedly diverted through multiple channels.
Probe Expands Across Similar Real Estate Fraud Cases
The chargesheet also refers to the alleged role of M/s Kesar Builders Pvt Ltd, which investigators believe functioned as a financial conduit within the network. Funds allegedly moved through this entity before being redistributed, masking the end-use of money and complicating the audit trail.
The CBI has invoked provisions related to criminal conspiracy, cheating, criminal breach of trust and forgery, along with charges under the Prevention of Corruption Act against public servants accused of facilitating the alleged fraud.
Officials said documentary and testimonial evidence points to a wider conspiracy involving fund diversion, misuse of authority and manipulation of housing loan mechanisms. Digital records, loan documents and transaction histories are being examined to reconstruct the financial flow.
The agency has also confirmed that around 50 similar cases across the country are under investigation following directions from the Supreme Court. Some related cases have already seen chargesheets filed against entities including M/s Rudra Buildwell Constructions Pvt Ltd, M/s Dream Procon Pvt Ltd and Jaypee Infratech Ltd, along with their directors.
