Vinod M Jain
The Central Bureau of Investigation (CBI) on Thursday conducted searches at 12 locations in Bengaluru, Mumbai and Pune in connection with five newly registered cases involving alleged collusion between builders and officials of financial institutions that purportedly resulted in homebuyers being cheated and defrauded.
The CBI has registered five fresh criminal cases pursuant to directions of the Supreme Court.
Four cases relate to the Ozone Group and its related entities concerning projects in Bengaluru and Mumbai, while the fifth case concerns M/s Vivansaa Baalsam and its Bengaluru project.
The cases have been registered against the builders and unknown officials of various financial institutions for alleged offences including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.
According to the CBI,the cases stem from allegations of a nexus between builders and officials of financial institutions,allegedly facilitating fraudulent activities that affected innocent homebuyers.
A large number of homebuyers had approached the Supreme Court seeking relief over alleged fraudulent activities by builders that had affected them for several years.
The searches conducted on Thursday resulted in the seizure of incriminating documents, digital devices and other materials,which are now being examined by the agency.
The CBI said the searches are aimed at gathering crucial evidence to unravel the larger conspiracy,including alleged diversion of funds, financial irregularities and fraudulent practices in the real estate sector.
The latest action takes the total number of cases registered by the CBI against builders across the country pursuant to Supreme Court directions to 55.The agency had earlier registered 50 such cases.
The CBI said it is committed to conducting an expeditious and impartial investigation and ensuring accountability in economic offences,with the objective of bringing to justice those responsible for allegedly defrauding homebuyers by violating laws and prescribed guidelines.
