Tag: CBI

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SC criticizes CBI, Delhi Police for Indiabulls probe silence

NEW DELHI: On Tuesday, the Supreme Court expressed strong disapproval of the Central Bureau of Investigation (CBI) and the Delhi Police’s Economic Offence Wing (EoW) for their inaction regarding allegations of dubious transactions involving Indiabulls Housing Finance Limited (IHFL). The court termed their lack of action “shocking” and indicated a possible “quid pro quo”. A bench consisting of Chief Justice Surya Kant and Justices Joymalya Bagchi and V Mohana criticized the CBI for failing to respond to previous directives regarding the registration of a regular case and not providing a status report on the ongoing investigation. “Due to CBI and…

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CBI Files Chargesheet in Ozone Urbana Homebuyers’ Fraud Case

NEW DELHI: The CBI has filed a charge sheet against Ozone Urbana Infra Developers Pvt Ltd and its director in relation to alleged builder-banker nexus scams, where numerous home buyers were reportedly deceived by exaggerated promises made during the purchase of their apartments, officials announced on Friday. The CBI submitted its 17th charge sheet regarding the scam before the Special Court in Bengaluru, targeting the builder for “alleged fraudulent activities” connected to a housing project in the city. A CBI spokesperson stated, “Our investigation has uncovered that the accused builder company and its director engaged in a criminal conspiracy to…

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CBI Files Two Charge Sheets in Homebuyer Fraud Cases

NEW DELHI: The CBI has submitted two chargesheets—one targeting Ithaca Estate Pvt Ltd and the other against LGCL Urban Homes (India) LLP—regarding significant fraud against homebuyers in Bengaluru, officials announced on Tuesday. The central agency has implicated directors of the two companies, as well as officials from HDFC Bank Ltd, ICICI Bank Ltd, and Indiabulls Housing Finance Ltd, in connection with alleged fraudulent activities within a housing project, as stated by a CBI spokesperson. “Both chargesheets have been filed in the designated CBI court in Bengaluru,” the spokesperson added. Investigations suggest that the accused construction firms and their directors, in…

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CBI Charges Ninex Developers and Director in Builder-Bank Case

NEW DELHI: The Central Bureau of Investigation (CBI) has charged real estate company Ninex Developers Ltd and its director for alleged fraud in a housing project based in Gurugram, according to official reports released on Monday. This marks the CBI’s 11th report related to builder-banker collusion, where numerous homeowners have been misled by false assurances. According to the charge sheet, the director of Ninex Developers purportedly deceived homebuyers and investors with misleading claims, profiting at their expense. The Supreme Court, on April 29, 2025, directed the CBI to initiate several preliminary inquiries into builders in the National Capital Region (NCR),…

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CBI Files 7th Chargesheet in Builder-Banker Scam vs. Sequel Buildcon

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.…

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CBI Files Sixth Chargesheet Against Shubhkamna Buildtech

NEW DELHI: The CBI has submitted a chargesheet against Shubhkamna Buildtech Pvt Ltd and its directors, marking the sixth such submission in the Supreme Court-directed investigation into the builder-banker nexus case, officials reported on Friday. In its chargesheet, the CBI accused the company and its directors of misleading innocent homebuyers into investing in its Noida project through false assurances, deceptive representations, and misleading promises, thereby wrongfully profiting at the expense of the victims. “The chargesheet has been filed before the competent Court under relevant provisions of the Indian Penal Code related to criminal conspiracy, cheating, criminal breach of trust, and…

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CBI Files Fifth Chargesheet in Builder-Banker Nexus Case

NEW DELHI: The Central Bureau of Investigation (CBI) has submitted a fifth chargesheet in connection with the builder-banker nexus involving CHD Developers Ltd and its directors for alleged fraudulent activities linked to a project in Gurugram, as reported by officials on Thursday. The CBI, assigned these cases by the Supreme Court, detailed in its report to the court that the company used misleading representations and deceptive promises to attract “innocent homebuyers and investors,” ultimately resulting in considerable financial gains while inflicting wrongful losses. “The charge sheet has been filed before the appropriate court under the relevant sections of the Indian…

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CBI Raids Eight States in Builders-Financial Institutions Case

NEW DELHI: On Tuesday, the CBI executed searches at 77 locations across eight states linked to a builders-financial institutions nexus case, officials reported. The searches included areas in Delhi, Chennai, Puducherry, and Bengaluru, among others. This case was assigned to the CBI by the Supreme Court, which on April 29, 2025, instructed the agency to initiate seven preliminary inquiries against builders in the NCR, notably Supertech Limited. Later that year, the court ordered the registration of 22 cases involving homebuyers in the National Capital Region (NCR) who were misled through the subvention scheme. On September 23 of last year, the…

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Magistrate Court to Hear ₹140 Crore Guruashish Fraud Case

MUMBAI: A special court has transferred the Rs 140 crore cheating and conspiracy case involving Guruashish Construction and its directors to the magistrate’s court. This decision comes after the CBI was unable to provide evidence implicating any public servants. Special judge B.Y. Phad stated, “Since no public servants are included as accused in the chargesheet, this special court lacks the necessary jurisdiction to proceed with the matter or acknowledge the IPC offences against private individuals independently, as none of them fall under the Prevention of Corruption Act.” The investigation into Guruashish Construction, along with Rakeshkumar Wadhwan, Sarang Wadhawan, and Housing…

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SC Urges CBI Probe into Builders-Banks Nexus, Homebuyers’ Woes

NEW DELHI: On Wednesday, the Supreme Court criticized the CBI regarding its investigation into the alleged “unholy nexus” between banks and developers that has reportedly led to homebuyers in Delhi-NCR and other regions being defrauded. The court emphasized that any delays in the probe would only exacerbate the suffering of affected flat buyers. A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi took issue with the CBI’s claim that several cases of fraud under the subvention scheme should be handed over to state agencies for further investigation. The bench rejected this proposal and instructed…