CBI Books Bengaluru Builders Ozone Group, Vivansaa Baalasm in Homebuyer Fraud Probe; Searches 12 Locations Across Bengaluru, Mumbai, Pune
Bengaluru, September 10: The Central Bureau of Investigation (CBI) has registered five new criminal cases, including four against Ozone Group and its related entities for projects in Bengaluru and Mumbai and one against M/s Vivansaa Baalasm for its Bengaluru project, as part of a Supreme Court-directed investigation into an alleged nexus between builders and officials of financial institutions that the agency says led to homebuyers being cheated and defrauded.
The CBI said it carried out searches at 12 locations in Bengaluru, Mumbai and Pune on September 10 in connection with the five cases. The cases have been registered against builders and unknown officials of various financial institutions for alleged offences of criminal conspiracy, cheating, criminal breach of trust and criminal misconduct on the part of financial institution officials.
According to the agency, four of the five cases relate to Ozone Group and its related entities for projects in Bengaluru and Mumbai, while the fifth case has been registered against M/s Vivansaa Baalasm in connection with its Bengaluru project.
The CBI said the five cases concern an alleged nexus between builders in Bengaluru and Mumbai and officials of financial institutions, which allegedly resulted in innocent homebuyers being cheated and defrauded.
The agency said a large number of homebuyers had approached the Supreme Court seeking relief over what they alleged were fraudulent activities by builders that had affected their lives for several years.
The latest searches are aimed at gathering evidence to unravel what the CBI described as a larger conspiracy involving alleged diversion of funds, financial irregularities and fraudulent practices in the housing real estate sector.
The searches resulted in the seizure of what the agency described as incriminating documents, digital devices and other materials. The seized material is being examined as part of the investigation, the CBI said.
The five new cases form part of a wider investigation being undertaken by the CBI in compliance with directions of the Supreme Court. The agency said it had earlier registered 50 cases against various builders across India pursuant to the court’s directions.
With the latest five cases, the total number of cases registered by the CBI on the orders of the Supreme Court has risen to 55.
The CBI said its investigation is focused on alleged economic offences involving builders and financial institution officials and on establishing accountability in cases where homebuyers were allegedly defrauded through violations of laws and guidelines.
The agency said the investigation would continue to examine the seized documents, digital devices and other materials to gather evidence relating to the alleged diversion of funds, financial irregularities and fraudulent practices.
About the Author
