The Central Bureau of Investigation has conducted searches at 12 locations across Bengaluru, Mumbai and Pune after registering five fresh cases against real estate developers in connection with an alleged builder-banker nexus involving cheating and defrauding homebuyers. The latest action has taken the total number of cases registered by the agency against builders in the wider investigation to 55.
The CBI said four of the new cases have been registered against Ozone Group and its related entities in connection with projects in Bengaluru and Mumbai, while one case has been filed against Vivansaa Baalsam for its Bengaluru project. Officials of various financial institutions have also been booked for alleged criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.
Proposal for Conducting Cyber Crisis Drill, Tabletop Exercise (TTEx) & CCMP Readiness Exercise
Searches Follow Supreme Court Directions
The CBI action follows directions issued by the Supreme Court after a large number of homebuyers approached the court seeking relief over alleged fraudulent practices by builders that had affected them for years.
CBI spokesperson Beena Yadav said the searches were aimed at gathering evidence to examine the larger alleged conspiracy involving diversion of funds, financial irregularities and fraudulent practices in the housing and real estate sector.
The searches resulted in the seizure of documents, digital devices and other material that investigators are now examining as part of the probe.
The CBI had earlier registered 50 cases against various builders. With the five latest FIRs, the number of cases has increased to 55.
Ajnara India Chargesheeted in Related Case
In a related development, the CBI has filed a chargesheet against Ajnara India Limited and its promoters and directors before a special court. According to the agency, this is the 20th chargesheet filed in the series of cases.
The chargesheet also names 15 public servants associated with ICICI Bank Limited, HDFC Bank Limited, PNB Housing Finance Limited and Sammaan Capital Limited in connection with alleged fraudulent activities involving the Ajnara Ambrosia housing project in Sector 118, Noida.
The CBI alleged that the builder company and its promoters and directors induced homebuyers and investors through false assurances and fraudulent representations and obtained financial benefits through illegal and deceptive means.
Probe Focuses on Diversion of Funds and Financial Irregularities
The wider investigation is examining the alleged diversion of funds, financial irregularities and suspected fraudulent practices involving real estate developers and financial institutions.
Investigators are analysing the documents and digital devices seized during the searches to establish the movement of funds and identify the role of the entities and individuals named in the cases.
The agency is also examining the alleged involvement of officials from financial institutions as part of the broader inquiry into the suspected builder-banker nexus and the financial losses suffered by homebuyers.
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.
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