CBI Searches 12 Locations in Builder-Banker Nexus Cases, Total FIRs Reach 55

The CBI on Thursday conducted searches at 12 locations across Bengaluru, Mumbai and Pune after registering five fresh cases against real estate developers in an alleged builder-banker nexus linked to cheating and defrauding homebuyers, officials said.

According to the CBI, four of the cases have been registered against Ozone Group and its related entities over housing projects in Bengaluru and Mumbai, while another case concerns Vivansaa Baalsam and its Bengaluru project.

Officials associated with various financial institutions have also been named in the cases for alleged offences including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.

The latest action follows directions from the Supreme Court after a large number of homebuyers approached the apex court seeking relief from alleged fraudulent practices by builders that they claimed had affected them for several years.

CBI spokesperson Beena Yadav said the searches were aimed at collecting evidence to uncover the alleged larger conspiracy involving diversion of funds, financial irregularities and fraudulent practices in the housing real estate sector.

The searches led to the seizure of incriminating documents, digital devices and other materials, which are now being examined, the agency said.

With the registration of the five fresh cases, the total number of CBI cases against various builders has risen to 55, from 50 earlier.

In a related development, the agency filed its 20th chargesheet in these cases against Ajnara India Limited and its promoters and directors before a special court.

The chargesheet names 15 public servants associated with ICICI Bank, HDFC Bank, PNB Housing Finance and Sammaan Capital in connection with alleged fraudulent activities involving the Ajnara Ambrosia housing project in Sector 118, Noida.

The CBI alleged that Ajnara India and its promoters induced homebuyers and investors through false assurances and fraudulent representations, securing financial benefits through illegal and deceptive means.