Tag: CBI

Latest StoriesRegulatory

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),…

Latest StoriesRegulatory

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.…

Latest StoriesRegulatory

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…

Latest StoriesRegulatory

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…

Latest StoriesRegulatory

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…

Latest StoriesRegulatory

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…

Latest StoriesRegulatory

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…

Latest StoriesRegulatory

SC Criticizes SEBI’s Double Standards in Indiabulls Probe

NEW DELHI: The Supreme Court has expressed concerns over the CBI and SEBI’s “reluctance” to investigate allegations of questionable transactions involving Indiabulls Housing Finance Limited (IHFL), now rebranded as Sammaan Capital Limited. The court ordered the CBI director to convene a meeting with SEBI, SFIO, and ED to address the matter. A bench including Justices Surya Kant, Ujjal Bhuyan, and N. Kotiswar Singh criticized the Ministry of Corporate Affairs (MCA) for its handling of multiple offenses committed by IHFL, citing “double standards” in SEBI’s regulatory actions. The court questioned the delay in filing a First Information Report (FIR) and emphasized…

Latest StoriesRegulatory

ED Seizes Ozone Urbana Assets Valued at ₹423 Crore in Karnataka

NEW DELHI: The Enforcement Directorate (ED) has attached unsold flats and land valued at over Rs 423 crore belonging to the promoters of a Karnataka-based real estate firm due to allegations of duping homebuyers. This action was taken on Saturday. The measures target Bengaluru-based Ozone Urbana Infra Developers and its primary promoter, S Vadudevan. A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued to attach 92 flats in the Avenue project and 13 flats in the Aqua 2 project, as well as 4.5 acres of commercial land and personal properties belonging to Vasudevan, as stated…

Latest StoriesRegulatory

CBI Targets Builders, Financial Officials in Crackdown

Image used for representation. NEW DELHI: The CBI conducted searches at 12 locations across Kolkata, Bengaluru, and Mumbai on Saturday, following the registration of six new cases against builders and financial institution officials for allegedly defrauding homebuyers. The agency is probing a collusion between builders and financial institution officials that deceived homebuyers in these cities, acting on directions from the Supreme Court. The FIRs include Bengaluru-based Ithaca Estate Private Limited, LGCL Urban Homes, Ozone Urbana Infra Developers Pvt. Ltd, Mumbai’s Shashwati Realty Pvt. Ltd, ACME Realties Pvt. Ltd, and Kolkata’s MKHS Housing LLP. Homebuyers approached the Supreme Court after being…