New Delhi, May 8 (IANS) The Central Bureau of Investigation (CBI) filed a charge-sheet against a private realty firm, Shubhkamna Buildtech, and its directors for allegedly cheating homebuyers in a housing project located in Noida, Uttar Pradesh, the agency said on Friday.

The probe revealed that the accused company and its directors entered into a criminal conspiracy to induce investors through false assurances and deceptive promises.

According to CBI officials, the firm obtained dishonest financial gains by making misleading representations, resulting in significant wrongful losses to the victims.

“The charge sheet has been filed before the competent court under relevant provisions of the Indian Penal Code pertaining to criminal conspiracy, cheating, criminal breach of trust, and abetment,” the CBI said in a statement.

The action is part of a wider crackdown on the real estate sector, the agency said.

The CBI is currently investigating 50 cases registered under the directions of the Supreme Court against various builder companies and unidentified officials of financial institutions across the country. These probes focus on the systematic diversion of funds and the cheating of homebuyers who invested their life savings into residential projects.

The agency recently concluded investigations in several high-profile cases involving similar allegations of financial irregularities.

Previously, the CBI filed five charge sheets against major developers, including Rudra Buildwell Constructions, Dream Procon, and Jaypee Infratech Ltd. Other entities facing prosecution include AVJ Developers (India) Pvt. Ltd. and CHD Developers Pvt. Ltd., along with specific officers from banks and financial institutions who allegedly facilitated these transactions.

The CBI stated it remains committed to ensuring accountability in cases of public fraud and corruption within the housing sector.

The CBI indicated that further investigation is continuing to identify other potential collaborators in the fund diversion trail.

Earlier, several professors from Jawaharlal Nehru University and Indian Institute of Technology Delhi were allegedly cheated of over Rs 11 crore in a housing scam, which was unearthed in early 2024, linked to a fake affordable housing project under the Delhi Development Authority’s land pooling policy.

Delhi Police’s Economic Offences Wing arrested former JNU staffer, identified as P.D. Gaikwad, in connection with the fraud after complaints from the professors.

–IANS

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