New Delhi. The Central Bureau of Investigation has filed its sixth chargesheet in the Noida homebuyers fraud case against Shubhkamna Buildtech Private Limited and its directors. The agency has alleged that the company collected funds from investors and homebuyers for residential projects but failed to deliver flats on time, while project money was allegedly diverted for other purposes.
Homebuyers Allegedly Lured With Delivery Promises
According to the CBI, the builder company allegedly used advertisements, misleading claims and assurances of timely possession to attract buyers. Customers were promised modern amenities, secure investment opportunities and delivery of flats within fixed deadlines.
FCRF Academy Launches Premier Anti-Money Laundering Certification Program
Many middle-class families reportedly invested their savings and took bank loans to purchase homes in these projects. However, construction allegedly slowed over time, leaving several buyers waiting for possession for years.
Fund Diversion and Delayed Projects Under Probe
Investigators suspect that money collected from homebuyers may have been diverted for purposes unrelated to construction. Officials said several buyers have faced financial distress, including the burden of paying both rent and bank EMIs while still waiting for their homes.
The CBI has invoked provisions related to criminal conspiracy, cheating, criminal breach of trust and abetment. The agency is examining financial records, bank transactions, project documents and fund flow patterns to determine the extent of the alleged irregularities.
Wider Probe Covers Nearly 50 Cases
The investigation is part of a broader inquiry being conducted under directions of the Supreme Court. The CBI is examining nearly 50 cases across the country involving alleged cheating of homebuyers, diversion of project funds and financial irregularities linked to real estate developers.
The role of some banking and financial institution officials is also under scrutiny. Investigators are looking into whether certain institutions continued funding projects without properly assessing construction progress or possible warning signs.
Earlier chargesheets were filed against other real estate firms and directors, including Rudra Buildwell Constructions, Dream Procon, Jaypee Infratech, AVJ Developers and CHD Developers. CBI officials said the investigation is continuing, with further findings expected as the agency examines the scale of financial irregularities and the number of affected homebuyers.
