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The Central Bureau of Investigation (CBI) has filed a chargesheet against Gurugram-based Ninex Developers and one of its directors as part of its ongoing investigation into the alleged builder-banker nexus that has affected thousands of homebuyers. The case forms part of a Supreme Court-mandated nationwide probe into allegations of cheating, diversion of funds and financial irregularities involving real estate developers and unidentified officials of banks and financial institutions. The agency has alleged that the developer lured homebuyers and investors through misleading assurances and collected funds without fulfilling project commitments. The chargesheet is the 11th filed by the CBI under the wider investigation, which currently covers 50 cases across the country involving housing projects and alleged fraud against homebuyers.
The Central Bureau of Investigation (CBI) has filed a chargesheet against Ninex Developers Ltd and one of its directors in connection with an alleged homebuyers fraud linked to a housing project in Gurugram. The action, taken during the past week, forms part of the agency's Supreme Court-directed investigation into the alleged builder-banker nexus and claims of financial misconduct affecting residential property buyers across the country.
According to the CBI, the chargesheet was filed before the Special CBI Court at Rouse Avenue Courts in New Delhi. The agency alleged that the developer and its director conspired to attract homebuyers and investors through false assurances, misleading representations and deceptive promises relating to the project. The accused are alleged to have collected funds from purchasers while failing to fulfil commitments made to them, resulting in financial losses for buyers and gains for the company and its management.
Investigators stated that the probe uncovered evidence indicating offences including criminal conspiracy, cheating and criminal breach of trust. The chargesheet marks the 11th filed by the agency under the broader investigation launched following directions issued by the Supreme Court to examine alleged fraud involving developers and financial institutions.
The nationwide investigation stems from complaints by homebuyers regarding delays in housing projects, diversion of project funds and alleged collusion between developers and lending institutions. The Supreme Court had directed the CBI to investigate multiple cases involving builders and unidentified officials of banks and financial institutions amid allegations that homebuyers were induced to invest in projects that subsequently faced severe delays or remained incomplete.
According to the agency, the wider probe currently covers around 50 cases involving real estate companies operating in different parts of the country. The investigations are examining allegations that developers collected funds from homebuyers but diverted or misused the money instead of deploying it for project execution and delivery. The role of officials from financial institutions is also under scrutiny in several cases.
The CBI has progressively filed chargesheets against multiple developers and bank officials as part of the exercise. Previous chargesheets have alleged fraudulent inducement of homebuyers, misuse of banking procedures, diversion of funds and wrongful financial gains at the expense of purchasers and lending institutions.
With the filing of the latest chargesheet against Ninex Developers, the agency's investigation into the alleged builder-banker nexus continues to expand. The case adds to a growing list of enforcement actions arising from judicial scrutiny of stalled housing projects and complaints from homebuyers seeking accountability for delayed possession and alleged financial irregularities in the residential real estate sector.
Source - PTI
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