Greater Noida: The Central Bureau of Investigation has intensified its probe into a large-scale alleged fraud involving homebuyers, filing its 13th chargesheet against Rudra Buildwell Projects Pvt. Ltd. and one of its directors in connection with a housing project in Greater Noida. The agency has alleged that the company misled homebuyers and investors through false assurances and deceptive promises.
Builder Firm Named In Chargesheet
According to the CBI, the investigation has revealed that the accused builder company and its director were allegedly involved in a criminal conspiracy to attract investors and buyers by making misleading representations regarding the housing project.
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The agency further alleged that the accused gained unlawful financial benefits while causing significant monetary losses to homebuyers.
Based on evidence collected during the investigation, the CBI has filed the chargesheet before a competent court under provisions related to criminal conspiracy, cheating and criminal breach of trust under the Indian Penal Code.
Supreme Court-Directed Probe
The CBI is also investigating 36 other cases registered across the country on the directions of the Supreme Court against various real estate developers and unknown officials of financial institutions.
These cases involve allegations of cheating homebuyers, diversion of funds collected for housing projects and misuse of financial resources.
Earlier, the agency had filed 12 chargesheets against several real estate firms, including 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. and Decent Buildwell Pvt. Ltd., along with their directors.
Homebuyer Losses Under Scanner
Chargesheets have also been filed against officials of certain banks and financial institutions in some of these cases. The court will now examine the charges and evidence presented by the CBI.
The agency stated that it remains committed to ensuring accountability in cases involving economic offences, corruption and alleged fraud affecting common citizens, particularly homebuyers.
Experts in financial crime advisory say major real estate investments require independent verification of project approvals, legal status, financial records, escrow arrangements and the developer’s track record. They said stronger regulatory oversight and transparency mechanisms can reduce the risk of large-scale fraud in the housing sector.
