CBI files 22nd Chargesheet against Builder Company and its Promoter/ Director in the Homebuyers Fraud Cases

In another significant development in the ongoing investigation into large-scale cheating of homebuyers, the Central Bureau of Investigation (CBI) has filed a chargesheet against M/s Geotech Promoters Pvt. Ltd and its Promoter/director Raushan Prakash, in connection with alleged fraudulent activities relating to the housing project “Geotech Blessings” located at Plot No. GH-16A, Sector-1, Greater Noida (West), Gautam Buddha Nagar, Uttar Pradesh, 201301.  

What is the case?

The Central Bureau of Investigation (CBI) is investigating a massive fraud case where real estate builders cheated hundreds of homebuyers out of their money. The builders attracted buyers with a special plan where the buyer only paid a small amount upfront, and banks paid the rest directly to the builders. The builders promised to pay the bank loans until the houses were ready, but instead, they stole the money for themselves, stopped paying the banks, and never finished the houses. This left the homebuyers with no home and massive bank debts. Because so many people were cheated, the Supreme Court of India stepped in and ordered the CBI to investigate these corrupt builders, which has now led to 22 formal criminal chargesheets being filed against different companies.

The broader investigation ordered by the Supreme Court primarily targets a massive wave of real estate frauds that took place across the National Capital Region (NCR), including Noida, Greater Noida, Ghaziabad, and Gurugram, though a few linked cases also extend to major cities like Mumbai.

Bank employees were heavily involved in this fraud by actively collaborating with corrupt builders to bypass strict lending rules in exchange for financial kickbacks. Instead of inspecting the project sites as required by law, bank officials approved and released massive loan installments directly to the developers even when no actual construction had taken place. They completely ignored standard safety norms, credit checks, and due diligence to clear these risky loans.

22nd Chargesheet filed by CBI

Investigation conducted by the CBI has revealed that the accused Builder Company and its Promoter/Director allegedly induced homebuyers through false assurance and fraudulent representation and obtained financial benefits by resorting to illegal and deceptive means.

The investigation unearthed substantial evidence and the chargesheet has been filed before the competent Court under relevant provisions of Indian Penal Code pertaining to criminal conspiracy, cheating, and criminal breach of trust.

The CBI is presently investigating other 30 cases registered pursuant to the directions of the Hon’ble Supreme Court against various builder companies and unknown officials of financial institutions across the country in matters concerning alleged cheating and diversion of funds involving homebuyers.

The CBI has so far filed 21 charge sheets against M/s Rudra Buildwell Constructions Pvt. Ltd., M/s Dream Procon Pvt. Ltd., M/s Jaypee Infratech Ltd., M/s AVJ Developers (India) Pvt. Ltd., M/s CHD Developers Pvt. Ltd., M/s Sequel Buildcon Pvt. Ltd., M/s Logix City Developers Pvt. Ltd., M/s Manju J Homes India Ltd., M/s Shubhkamna Buildtech Pvt. Ltd., M/s Ninex Developers Ltd., M/s Decent Buildwell Pvt. Ltd., M/s Rudra Buildwell Projects Pvt. Ltd., M/s Ithaca Estate Pvt. Ltd., M/s LGCL Urban Homes (India) LLP, M/s Saha Infratech Pvt. Ltd., M/s MKHS Housing LLP, M/s Ozone Urbana Infra Developers Pvt. Ltd., M/s Earthcon Universal Infratech Pvt. Ltd., M/s Ajnara India Ltd., and M/s Acme Realities Private Ltd. and also against the officials of certain banks and financial institutions.

The CBI reiterates its commitment to ensuring accountability in cases involving economic offences, corruption and public fraud, particularly matters adversely impacting the interests of common citizens and homebuyers.

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