The Central Bureau of Investigation (CBI) has submitted a chargesheet in a significant fraud case involving homebuyers. The chargesheet targets M/s AVJ Developers (India) Pvt Ltd, M/s AVJ Developers Pvt Ltd, M/s Kesar Builders Pvt Ltd, their Directors, and certain bank officials from Bank of India, ICICI Bank, and UCO Bank, along with alleged proxy homebuyers. The investigation uncovered collusion between builder firms, public servants, and private individuals who allegedly deceived homebuyers and investors through false promises, resulting in financial gains through illicit means.
CBI officials revealed that the accused builders, in partnership with public servants and private individuals, enticed homebuyers and investors with false assurances. The fraudulent practices led to financial gains for the accused while causing losses to financial institutions and genuine homebuyers. The chargesheet has been filed under various sections of the Indian Penal Code, including criminal conspiracy, cheating, criminal breach of trust, and forgery, as well as under the Prevention of Corruption Act for misconduct by public servants.
The investigation also exposed the involvement of proxy homebuyers who collaborated with builders to obtain home loans through misrepresentation. These individuals allegedly diverted funds, with M/s Kesar Builders Pvt Ltd, a subsidiary of the primary builder group, serving as a conduit for fund routing. The CBI is currently examining around 50 similar cases nationwide, following directives from the Supreme Court of India, with chargesheets already filed in other cases involving different companies and their Directors. The agency continues its investigation into the current case.
