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The Central Bureau of Investigation (CBI) has filed two chargesheets in separate cases involving alleged fraud against homebuyers in Bengaluru, naming Ithaca Estate Pvt Ltd, LGCL Urban Homes (India) LLP, their directors and officials of HDFC Bank Ltd and Indiabulls Housing Finance Ltd. The chargesheets, filed before designated CBI courts in Bengaluru in the past week, allege that the accused conspired to induce homebuyers and investors through false assurances and fraudulent representations, resulting in wrongful financial gains. The agency said the cases form part of a wider Supreme Court-monitored investigation into alleged irregularities involving 34 builder companies and unidentified officials of financial institutions across the country. The CBI has so far filed 13 chargesheets in connection with these ongoing investigations.
The Central Bureau of Investigation (CBI) has filed two chargesheets in separate cases involving alleged fraud against homebuyers in Bengaluru, naming developers Ithaca Estate Pvt Ltd and LGCL Urban Homes (India) LLP, along with their directors and officials of HDFC Bank Ltd and Indiabulls Housing Finance Ltd. The chargesheets were filed before the respective CBI courts in Bengaluru in the past week, according to the agency.
The cases relate to allegations that the accused companies, their directors and certain bank officials conspired to deceive homebuyers and investors through false assurances and fraudulent representations in connection with housing projects. According to the CBI, the alleged acts enabled the accused to obtain financial benefits by resorting to illegal and deceptive means.
In a statement, the agency said both chargesheets had been submitted before the competent courts following the completion of investigations that uncovered substantial evidence supporting the allegations. The CBI stated that the charges have been framed under relevant provisions of the Indian Penal Code relating to criminal conspiracy, cheating, criminal breach of trust and abuse of official position, along with applicable provisions of the Prevention of Corruption Act.
The investigating agency alleged that the accused builders, their directors, bank officials and other private individuals acted in concert to induce homebuyers and investors into the projects by making misleading claims and fraudulent promises. These representations, the CBI said, enabled the accused to derive financial benefits while causing losses to affected purchasers.
According to the agency, the investigation forms part of a broader nationwide exercise initiated pursuant to directions issued by the Supreme Court. The wider probe covers allegations against 34 builder companies and unidentified officials of financial institutions in connection with alleged cheating of homebuyers and diversion of funds.
The CBI said it is continuing to investigate the remaining cases under the Supreme Court-monitored exercise. The agency added that, with the filing of the two latest chargesheets, it has now submitted a total of 13 chargesheets in the ongoing investigations.
The filing of the chargesheets represents the next stage in the legal proceedings, with the courts expected to examine the evidence presented by the investigating agency before determining the subsequent course of action. The CBI has not disclosed further details regarding the value of the alleged fraud or the number of homebuyers affected in the two Bengaluru cases.
The investigation into the remaining builder companies and financial institution officials covered under the wider probe is continuing, and additional chargesheets may be filed as the agency completes its inquiries.
Source - PTI
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