The Central Bureau of Investigation has filed its 12th charge sheet in a series of cases involving alleged fraud against homebuyers, with the latest filing linked to a residential project in Greater Noida. The agency has alleged cheating, criminal conspiracy and diversion of funds involving builder companies, real estate projects and investors across several states.
Greater Noida Project Under Probe
According to the CBI, the latest charge sheet relates to M/s Decent Buildwell Pvt. Ltd. and its director. The agency has alleged that the company and its director lured investors and homebuyers through attractive schemes, false assurances and promises of timely delivery of flats.
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Investigators claim that substantial funds were collected from buyers for the project, but the flats were not delivered within the committed timelines. The agency has alleged that the accused entered into a criminal conspiracy to collect money from homebuyers while the project was either not completed or remained significantly delayed.
The CBI stated that the alleged actions caused financial losses to investors and wrongful gains to the accused. The charge sheet has been filed before a competent court under relevant provisions of the Indian Penal Code, including sections related to criminal conspiracy, cheating and criminal breach of trust.
Probe Covers 37 Cases Nationwide
The investigation forms part of a broader exercise initiated on the directions of the Supreme Court. The CBI is probing 37 such cases across India involving allegations of real estate fraud, diversion of funds and cheating of homebuyers.
The cases involve several builder companies as well as unidentified officials of financial institutions. Earlier, the agency had filed 11 charge sheets in similar matters against real estate developers, 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. and Ninex Developers Ltd.
Directors of these companies, along with certain bank officials, are also under investigation. The CBI said the wider probe is examining the role of individuals and entities allegedly involved in collecting funds from buyers and failing to deliver promised housing units.
Pattern of Delayed Projects and Fund Diversion
The agency said a recurring pattern has emerged across the cases, where homebuyers were induced to invest in projects through promises of flats, but the projects were later left incomplete or funds were allegedly diverted elsewhere.
According to the CBI, thousands of families suffered financial distress after investing their savings in such projects. The agency said its investigation will continue and action will be taken against individuals and entities found involved in fraudulent activities.
With the filing of the latest charge sheet, the investigation into the broader homebuyers’ fraud cases in Greater Noida and surrounding regions has moved forward. Authorities are expected to examine additional names and financial links as the probe progresses.
