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The Central Bureau of Investigation (CBI) has filed a chargesheet against Ozone Urbana Infra Developers Pvt Ltd and one of its directors in connection with an alleged homebuyers' fraud linked to a housing project in Bengaluru. The agency has accused the company of misleading buyers and investors through false assurances and deceptive promises to secure financial gains, causing losses to homebuyers. The case forms part of a larger Supreme Court-monitored investigation into alleged builder-banker nexus cases involving diversion of homebuyers' funds and financial irregularities across multiple real estate projects in the country.
The Central Bureau of Investigation (CBI) has filed a chargesheet against Ozone Urbana Infra Developers Pvt Ltd and one of its directors in connection with an alleged fraud involving homebuyers of the Ozone Urbana residential project in Bengaluru. The chargesheet was submitted before a Special Court in Bengaluru during the past week as part of the agency's ongoing investigation into alleged irregularities in the real estate sector.
According to the CBI, its investigation found that the developer and its director allegedly entered into a criminal conspiracy to induce homebuyers and investors to purchase units in the project by making false assurances, misleading representations and deceptive promises. The agency alleged that these acts enabled the accused to obtain financial benefits while causing wrongful losses to homebuyers who had invested in the project.
The chargesheet has been filed under various provisions of the Indian Penal Code related to criminal conspiracy, cheating and criminal breach of trust. The agency stated that evidence gathered during the investigation indicated the alleged involvement of the company and its director in the offences. The matter will now proceed before the Special Court, where the allegations and evidence will be examined as part of the legal process.
The Ozone Urbana case forms part of a wider Supreme Court-monitored investigation into the alleged builder-banker nexus affecting housing projects across India. The apex court had directed the CBI to investigate complaints from thousands of homebuyers who alleged that builders collected money for residential projects but failed to complete construction on time, while project funds were allegedly diverted for purposes unrelated to the developments.
Apart from the Ozone Urbana matter, the CBI is investigating 32 other cases involving various real estate developers and unidentified officials of banks and financial institutions. These investigations focus on allegations of cheating homebuyers, diversion of project funds, financial irregularities and possible collusion between developers and lenders. The agency has been examining financial records, fund flows and lending practices to determine whether funds collected from homebuyers were used for the intended projects.
The latest filing marks the 17th chargesheet submitted by the CBI in the Supreme Court-directed investigation. Over the past few years, the agency has filed multiple chargesheets in similar cases involving delayed housing projects and alleged financial misconduct. The investigation continues, and the CBI is examining the role of other individuals and entities wherever evidence suggests possible involvement. Additional legal action may follow if further findings emerge during the course of the probe.
Source PTI
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