NEW DELHI: The CBI has filed a chargesheet against AVJ Developers (India) Pvt Ltd, based in Greater Noida, along with bank officials and others for allegedly defrauding financial institutions and homebuyers, officials announced on Wednesday.
In the chargesheet submitted to a special CBI court, the agency has named AVJ Developers, its sister company Kesar Builders Pvt Ltd, their directors, officials from Bank of India, UCO Bank, and ICICI Bank, as well as proxy homebuyers as co-defendants.
The case revolves around the “large-scale cheating of homebuyers” by builders and public servants, resulting in significant losses to both financial institutions and unsuspecting homebuyers, stated a CBI spokesperson.
“The investigation revealed that the builder and its directors colluded with public servants and private individuals to deceive homebuyers/investors through false claims and fraudulent practices, acquiring financial benefits through illegal means,” the spokesperson added.
Bank officers reportedly misused their official positions to support the builder’s illicit actions, providing undue financial advantages to the company while causing losses to both the financial institutions and homebuyers, according to the spokesperson.
The CBI’s investigation also indicated that some of the accused acted as proxy and fictitious homebuyers, in collusion with the builder, misrepresenting facts to financial institutions to secure home loans.
