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The Central Bureau of Investigation has filed its seventh chargesheet in the ongoing builder-banker nexus investigation against Sequel Buildcon Pvt Ltd and its directors linked to the ‘The Belvedere’ project in Noida.
The agency alleged that homebuyers were misled through false assurances while funds collected from buyers and financial institutions were allegedly diverted.
Buyers reportedly neither received possession of flats nor refunds despite long delays in the project.
The case is part of a larger Supreme Court-monitored investigation into stalled NCR housing projects and alleged irregularities involving developers and housing finance institutions.
The Central Bureau of Investigation (CBI) has filed its seventh chargesheet in the ongoing builder-banker nexus investigation against Sequel Buildcon Pvt Ltd in connection with alleged cheating and diversion of homebuyer funds linked to ‘The Belvedere’ housing project in Noida. The chargesheet has been filed before a competent court against the company and its directors under sections related to criminal conspiracy, cheating and criminal breach of trust. Advertisement
According to the agency, the developer allegedly collected money from homebuyers and loans from financial institutions, including PNB Housing Finance, by making misleading assurances regarding timely delivery of flats and project completion. However, investigators alleged that the promised apartments were not delivered and buyers were also not refunded their invested money despite prolonged delays in the project.
The matter gained attention after several affected homebuyers approached the court seeking action against the developer. Around 23 buyers had raised complaints regarding delays, financial losses and non-delivery of homes. Following directions from the Supreme Court, the matter was transferred to the CBI as part of a wider investigation into alleged irregularities between builders and financial institutions operating under subvention housing schemes in the National Capital Region (NCR).
Investigators alleged that substantial loan amounts were released by housing finance companies even before construction milestones were achieved. In several such projects across NCR, buyers later faced pressure of paying EMIs despite not receiving possession of their homes. The Supreme Court, while hearing similar matters earlier, had observed that there appeared to be an “unholy nexus” between certain developers and financial institutions.
The Sequel Buildcon case forms part of a broader probe covering multiple stalled housing projects across NCR. Over the past few months, the CBI has filed several chargesheets against different real estate developers including Jaypee Infratech, CHD Developers, AVJ Developers, Dream Procon and Shubhkamna Buildtech in similar cases involving alleged diversion of funds, cheating of buyers and irregularities in housing finance disbursements.
The investigation agency is currently probing nearly 50 such cases involving builders, unknown bank officials and housing finance entities. Earlier investigations in related matters reportedly revealed instances of proxy buyers, forged documents and routing of project funds through connected entities to secure loans and divert money collected from homebuyers. Officials are also examining the role of bank and housing finance executives in sanctioning and releasing loans without proper due diligence and project monitoring.
The latest chargesheet further highlights the continuing legal and regulatory scrutiny around delayed housing projects and the handling of homebuyer funds in NCR’s residential market. The case is also significant as many affected buyers in such projects continue to face financial stress due to ongoing loan repayments and delayed possession timelines.
Source PTI
5th Jun, 2025
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