In a significant breakthrough in a case involving large-scale cheating of homebuyers and criminal misconduct by public servants, the Central Bureau of Investigation (CBI) has filed a chargesheet against M/s Manju J Homes India Ltd, its directors, and officers of State Bank of India (SBI) for their alleged involvement in a criminal conspiracy that caused wrongful loss to financial institutions and innocent homebuyers. The case relates to a housing project in Ghaziabad, Uttar Pradesh.
CBI’s investigation revealed that the accused builder company and its directors, in conspiracy with bank officials and other private persons, allegedly induced homebuyers and investors through false assurances and fraudulent representations and obtained financial benefits through illegal and deceptive means.
The investigation further revealed that the accused bank officials abused their official positions to facilitate the builder’s illegal acts in violation of established norms and procedures. This extended undue pecuniary advantage to the builder company and caused wrongful loss to the financial institutions and homebuyers involved.
The chargesheet has been filed before the competent court for the offences of criminal conspiracy, cheating, criminal breach of trust, forgery for the purpose of cheating, and using forged documents as genuine under the IPC, along with criminal misconduct under the Prevention of Corruption Act.
The investigation unearthed substantial documentary and oral evidence indicating a larger conspiracy involving the misuse of official positions, diversion and misutilisation of funds, and fraudulent conduct toward homebuyers.
CBI is currently investigating 50 cases registered in compliance with the Supreme Court’s directions against various builders and unidentified officials of financial institutions across the country in matters concerning alleged cheating and diversion of funds involving homebuyers.
Earlier, CBI had filed eight chargesheets in similar cases against M/s Rudra Buildwell Constructions Pvt Ltd and its directors; M/s Dream Procon Pvt Ltd and its directors; M/s Jaypee Infratech Ltd and its directors; M/s AVJ Developers (India) Pvt Ltd and its directors, along with officers of certain banks and financial institutions; M/s Chandigarh Developers Pvt Ltd and its directors; M/s Shubhkamna Buildtech Pvt Ltd and its directors; M/s Sequel Buildcon Pvt Ltd and its directors; and M/s Logix City Developers Pvt Ltd and its directors, along with officers of certain banks and financial institutions.
