Bengaluru: The Central Bureau of Investigation (CBI) has filed two more chargesheets before the Special CBI Court in Bengaluru as part of its ongoing probe into alleged homebuyers’ fraud and financial irregularities in real estate projects.
The latest filings are the 14th and 15th chargesheets in the Supreme Court-monitored investigation and name two Bengaluru-based real estate firms, their directors and officials of financial institutions as accused.
Two builders named in latest chargesheets
According to the CBI, the two cases relate to housing projects developed by Ithaca Estate Pvt. Ltd. and LGCL Urban Homes (India) LLP.
The agency has alleged that the builder companies, in conspiracy with certain bank officials and private individuals, induced homebuyers and investors to purchase properties through false promises and misleading representations.
The first chargesheet names Ithaca Estate Pvt. Ltd., its director and officials of HDFC Bank Ltd., ICICI Bank Ltd., and Indiabulls Housing Finance Ltd. as accused. The second chargesheet has been filed against LGCL Urban Homes (India) LLP and its director.
CBI alleges conspiracy and cheating
The investigating agency said documentary evidence and witness statements collected during the probe prima facie indicate that the accused unlawfully obtained financial benefits by allegedly misleading homebuyers and investors.
Based on its findings, the CBI has invoked provisions of the Indian Penal Code relating to criminal conspiracy, cheating and criminal breach of trust, along with relevant sections of the Prevention of Corruption Act.
Probe continues in 34 more cases
The investigation is part of a larger Supreme Court-directed probe into the alleged diversion of homebuyers’ funds and suspected fraud by real estate developers across the country.
According to the CBI, investigations are still underway in 34 other cases involving various builder firms and unidentified officials of banks and financial institutions. The agency is examining financial transactions, utilisation of homebuyers’ funds and other alleged irregularities.
The matter will now be taken up by the Special CBI Court in Bengaluru. The allegations remain under judicial scrutiny, and the guilt or innocence of the accused will be determined during the trial.