New Delhi, Sep 10 (NVI): The CBI on Thursday conducted searches at 12 locations in Bengaluru, Mumbai and Pune in connection with five newly registered cases involving alleged financial irregularities and a purported nexus between builders and officials of financial institutions.
The cases were registered in compliance with the directions of the Supreme Court, the Central Bureau of Investigation said.
Four of the cases relate to the Ozone Group and its associated entities in connection with projects in Bengaluru and Mumbai, while the fifth case pertains to M/s Vivansaa Baalsam and its Bengaluru project, besides unidentified officials of various financial institutions.
The cases involve allegations of criminal conspiracy, cheating, criminal breach of trust and criminal misconduct allegedly committed by officials of financial institutions in connivance with builders, the agency said.
The searches were conducted at premises linked to the cases to collect evidence relating to the alleged nexus, which purportedly resulted in homebuyers being cheated and defrauded.
The CBI said it seized incriminating documents, digital devices and other materials during the searches. The seized material is being examined as part of the ongoing investigation.
The agency said the probe is focused on establishing the larger conspiracy, including alleged diversion of funds, financial irregularities and fraudulent practices in the housing and real estate sector.
A large number of homebuyers have approached the Supreme Court seeking relief over alleged fraudulent activities by builders, which they claimed had affected them for several years.
The CBI said it had earlier registered 50 cases against various builders across the country in compliance with the Supreme Court’s directions.
With the registration of the five fresh cases, the total number of cases registered by the agency on the directions of the apex court has risen to 55.
The CBI said it was committed to conducting an expeditious and impartial investigation and ensuring accountability, adding that those found responsible for allegedly defrauding homebuyers in violation of applicable laws and guidelines would be brought to justice.—(NVI)
