Bengaluru: CBI raids 12 locations in builder-financial institution nexus cases

Bengaluru: The Central Bureau of Investigation (CBI) on Thursday conducted searches at 12 locations in Bengaluru, Mumbai and Pune in connection with five new criminal cases registered against builders and officials of financial institutions for allegedly cheating and defrauding homebuyers, the official statement said on Thursday.

The CBI said the five cases were registered on the orders of the Supreme Court. Four cases relate to the Ozone Group and its related entities concerning projects in Bengaluru and Mumbai, while one case involves M/s Vivansaa Baalsam in connection with its Bengaluru project.

The cases also name unknown officials of various financial institutions for alleged offences including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct.

According to the CBI, the cases relate to an alleged nexus between builders and officials of financial institutions, which resulted in the cheating and defrauding of innocent homebuyers.

A large number of homebuyers had approached the Supreme Court seeking relief over alleged fraudulent activities by builders that had affected their lives for several years.

The searches were aimed at gathering crucial evidence to uncover the alleged conspiracy, including diversion of funds, financial irregularities and fraudulent practices in the housing real estate sector.

During the searches, the agency seized incriminating documents, digital devices and other materials, which are being examined as part of the investigation.

The agency said it had earlier registered 50 cases against various builders across India in compliance with directions issued by the Supreme Court. With the five fresh cases, the agency has now registered a total of 55 cases on the orders of the apex court.

The CBI reiterated its commitment to conducting an expeditious and impartial investigation into economic offences and ensuring accountability in cases involving the alleged defrauding of homebuyers through violations of laws and guidelines.

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