CBI Files 11th Chargesheet in Homebuyers Fraud Probe Against Ninex Developers and Director
Agency alleges Gurugram-based builder misled homebuyers through false promises; investigation continues into 50 Supreme Court-monitored real estate fraud cases across India
In a major development in its ongoing crackdown on real estate fraud, the Central Bureau of Investigation (CBI) has filed its 11th chargesheet in the homebuyers fraud cases being investigated under the directions of the Supreme Court. The latest chargesheet has been filed against Ninex Developers Ltd. and one of its Directors for alleged cheating and diversion of funds related to a housing project in Gurugram, Haryana.
According to the CBI, the investigation revealed that the accused builder company and its Director, acting in furtherance of a criminal conspiracy, allegedly induced innocent homebuyers and investors through false assurances, misleading representations, and deceptive promises. The agency alleged that the accused dishonestly obtained financial gains while causing wrongful losses to numerous homebuyers.
The charge sheet has been filed before the competent court under relevant provisions of the Indian Penal Code dealing with criminal conspiracy, cheating, and criminal breach of trust.
The CBI is currently investigating 50 cases registered pursuant to directions issued by the Supreme Court of India against various builder companies and unknown officials of banks and financial institutions across the country. These cases involve allegations of cheating, diversion of funds, and financial irregularities affecting thousands of homebuyers.
Prior to the present chargesheet, the agency had filed charge sheets against several prominent real estate firms, including Rudra Buildwell Constructions Pvt. Ltd., Dream Procon Pvt. Ltd., Jaypee Infratech Ltd., AVJ Developers (India) Pvt. Ltd., CHD Developers Pvt. Ltd., Sequel Buildcon Pvt. Ltd., Logix City Developers Pvt. Ltd., Manju J Homes India Ltd., and Shubhkamna Buildtech Pvt. Ltd., along with their Directors and certain officials of banks and financial institutions.
The CBI reiterated its commitment to ensuring accountability in cases involving economic offences, corruption, and public fraud, particularly those adversely affecting common citizens and homebuyers.
