NEW DELHI: The CBI has filed its seventh chargesheet in the case against Sequel Buildcon Private Limited for alleged fraud against homebuyers, claiming that the company misused funds from PNB Housing Finance for the Noida project ‘The Belvedere,’ officials reported on Monday.
The investigation is part of a larger inquiry into 50 cases assigned to the CBI by the Supreme Court, with allegations that the company failed to provide possession of residential units and did not refund deposits made by homebuyers.
Approximately 23 individuals initiated the legal action that led to the Supreme Court transferring the case to the CBI.
According to a CBI spokesperson, the investigation has unveiled that the builder and its directors allegedly engaged in a criminal conspiracy to mislead homebuyers through false promises and misleading information, ultimately resulting in financial gains for themselves while causing losses to the victims.
The chargesheet has been submitted to the appropriate court, citing relevant sections of the Indian Penal Code concerning criminal conspiracy, cheating, and criminal breach of trust.
The CBI has previously filed six chargesheets against similar entities, including Rudra Buildwell Constructions Pvt. Ltd, Dream Procon Pvt. Ltd, Jaypee Infratech Ltd, AVJ Developers (India) Pvt. Ltd, CHD Developers Pvt. Ltd, and Shubhkamna Buildtech Pvt. Ltd. Directors of these firms have also been charged.
