NEW DELHI: The Central Bureau of Investigation (CBI) has submitted a chargesheet against a real estate company, along with its directors and officials from two private banks, for allegedly conspiring to defraud homebuyers and financial institutions in relation to a housing project in Noida, officials announced on Tuesday.
The agency stated that charges have been filed against “Logix City Developers Pvt. Ltd. and its Directors, Bank Officers from ICICI Bank and HDFC Bank” for their purported roles in a criminal conspiracy that resulted in wrongful loss to financial institutions and homebuyers.
The CBI alleges that the developers misled buyers and investors with “false assurances and fraudulent claims” to gain financial advantages through “illegal and deceptive methods”.
Furthermore, during the investigation, it was found that the accused public officials exploited their roles to facilitate the unlawful actions of the developers, violating established procedures and norms.
The agency contends that such actions provided “undue financial benefits to the builder company,” resulting in significant losses for both financial institutions and homebuyers.
The chargesheet has been filed in court citing provisions related to criminal conspiracy, cheating, and criminal breach of trust under the Indian Penal Code, along with criminal misconduct under the Prevention of Corruption Act.
The CBI is quizzing about 50 such cases, as directed by the Supreme Court, involving various builders and unidentified officials from financial institutions nationwide over allegations of defrauding homebuyers and misappropriating funds.
Previously, the agency has filed seven chargesheets in similar cases involving multiple builders and bank officials, according to the statement.
