New Delhi: The Central Bureau of Investigation (CBI) has filed its 16th chargesheet in the alleged homebuyers’ fraud investigation involving Noida-based real estate developer Saha Infratech Pvt. Ltd. The chargesheet names the company, its directors, and certain officials of HDFC Bank and ICICI Bank. The case relates to alleged financial irregularities in a housing project, misleading representations to homebuyers, and an alleged nexus between the builder and bank officials.
According to the CBI, the investigation has uncovered evidence suggesting that the builder company, its directors, certain bank officials, and other private individuals allegedly conspired to induce homebuyers and investors through false assurances and fraudulent representations. The agency alleges that the accused obtained financial benefits by resorting to illegal and deceptive practices.
Based on its findings, the CBI has filed the chargesheet before the competent court under relevant provisions of the Indian Penal Code (IPC) and the Prevention of Corruption Act, invoking charges related to criminal conspiracy, abuse of official position, cheating, and criminal breach of trust.
The latest action forms part of a broader investigation ordered by the Supreme Court into the alleged collusion between real estate developers and financial institution officials in homebuyer fraud cases. The CBI said it is currently investigating 34 other cases registered across the country. These cases involve allegations that funds collected from homebuyers for housing projects were fraudulently diverted or misused.
With the latest filing, the CBI has now submitted 16 chargesheets as part of the ongoing nationwide probe. Earlier chargesheets were filed 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.
The agency said its investigation is aimed at determining whether builder companies misled homebuyers, diverted project funds, and whether officials of financial institutions played any role in facilitating the alleged fraud.
The CBI clarified that the investigation is ongoing and that the allegations made in the chargesheet remain subject to judicial scrutiny. The guilt or innocence of the accused will be determined only after the evidence is examined during the trial.
The agency reiterated that ensuring accountability in cases involving economic offences, corruption, and fraud affecting ordinary citizens, particularly homebuyers, remains one of its key priorities. It added that appropriate legal action will be taken if the investigation reveals the involvement of any additional individuals, companies, or financial institutions.
