New Delhi, September 10: The Central Bureau of Investigation (CBI) on Thursday conducted searches at 12 locations across Bengaluru, Mumbai and Pune in connection with five newly registered criminal cases involving alleged financial irregularities and a nexus between builders and officials of financial institutions.
The cases have been registered in compliance with the directions of the Hon’ble Supreme Court. Of the five cases, four relate to the Ozone Group and its associated entities concerning projects in Bengaluru and Mumbai, while another case has been registered against M/s Vivansaa Baalsam in connection with its Bengaluru project and unidentified officials of various financial institutions.
According to the CBI, the cases involve allegations of criminal conspiracy, cheating, criminal breach of trust and criminal misconduct allegedly committed by officials of financial institutions in connivance with builders.
The searches carried out on Thursday targeted premises linked to the cases and were aimed at collecting crucial evidence regarding the alleged builder-financial institution nexus. The agency said the alleged nexus resulted in the cheating and defrauding of homebuyers.
A large number of homebuyers have approached the Supreme Court seeking relief from alleged fraudulent activities of builders, which they claim have adversely affected their lives for several years.
During the searches, the CBI seized incriminating documents, digital devices and other materials, which are currently being examined as part of the investigation.
The agency said the ongoing probe is focused on uncovering the larger conspiracy, including alleged diversion of funds, financial irregularities and fraudulent practices in the housing and real estate sector.
The CBI further stated that it had earlier registered 50 cases against various builders across India in compliance with the Supreme Court’s directions. With the registration of the five fresh cases, the total number of cases registered by the agency on the orders of the Supreme Court has now reached 55.
The CBI reiterated its commitment to conducting an expeditious and impartial investigation into economic offences and ensuring accountability. The agency said those found responsible for allegedly defrauding innocent homebuyers by violating applicable laws and guidelines would be brought to justice.
