Bengaluru | The Central Bureau of Investigation (CBI) has filed two more chargesheets before the Special CBI Court in Bengaluru in its ongoing investigation into alleged homebuyers’ fraud and suspected irregularities in real estate projects. These are the 14th and 15th chargesheets filed as part of the larger investigation, naming two Bengaluru-based real estate companies, their directors and officials of three financial institutions as accused.
According to the CBI, the two cases relate to housing projects developed by Ithaca Estate Pvt. Ltd. and LGCL Urban Homes (India) LLP. The agency has alleged that the builder companies, in conspiracy with certain bank officials and other private individuals, induced homebuyers and investors to purchase properties by making false assurances and fraudulent representations.
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The first chargesheet names Ithaca Estate Pvt. Ltd., its director and certain officials of HDFC Bank Ltd., ICICI Bank Ltd. and Indiabulls Housing Finance Ltd. as accused. The second chargesheet has been filed against LGCL Urban Homes (India) LLP and its director.
The CBI said its investigation, based on documentary as well as oral evidence collected during the probe, prima facie indicates that the accused allegedly obtained financial benefits through illegal and deceptive means. The agency has alleged that homebuyers and investors were persuaded to invest in the projects on the basis of assurances that later proved to be misleading.
Based on its findings, the CBI has filed charges under provisions of the Indian Penal Code relating to criminal conspiracy, cheating and criminal breach of trust, along with relevant sections of the Prevention of Corruption Act. The chargesheets also refer to documentary evidence and witness statements gathered during the course of the investigation.
The probe forms part of a larger Supreme Court-directed investigation into the alleged diversion of homebuyers’ funds and suspected cheating by real estate developers across the country. The investigation covers multiple housing projects and examines the role of various builder firms and financial institutions.
According to the CBI, investigations are currently underway in 34 other cases involving different builder companies as well as unidentified officials of banks and financial institutions. The agency is examining financial transactions, the utilisation of funds collected from homebuyers and other alleged irregularities connected with the projects.
With these latest filings, the CBI has now submitted a total of 15 chargesheets in the nationwide homebuyers’ fraud investigation. Earlier chargesheets had been filed against several real estate companies and their directors, while the alleged involvement of officials from financial institutions is also under investigation.
The matter will now proceed before the Special CBI Court in Bengaluru, which will determine the next course of judicial proceedings after examining the chargesheets and the evidence placed on record. The filing of the chargesheets marks an important stage in the investigation. The allegations against the accused remain subject to judicial scrutiny, and their guilt or innocence will be determined by the court after due trial.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
