The Central Bureau of Investigation (CBI) has registered cases against two Mumbai-based construction companies over allegations of cheating homebuyers, following directions from the Supreme Court for a detailed probe into suspected fraud involving builders and financial institutions.
The cases against Skylink Hospitality LLP and Ozone Homes Private Limited were registered on Tuesday. Unknown officials of a private home finance company have also been named in the investigations.
The Supreme Court, in an order dated August 6, directed the CBI to investigate allegations raised in a special leave petition and referred to material included in an amicus curiae’s report. According to CBI officials, the report had prima facie highlighted instances where homebuyers were allegedly induced to make payments for residential projects that were subsequently left incomplete.
Cases Linked to Projects in Santa Cruz and Wadala
The first FIR followed 10 petitions from homebuyers against Skylink Hospitality LLP. The company had launched a residential project in Santa Cruz during 2017-18 and allegedly promoted a scheme promising “No pre-EMI till delivery of possession of residential units”.
The complaint alleges that the developer failed to complete the project and did not return the money collected from purchasers.
The second case concerns Ozone Homes and is based on six petitions filed by homebuyers. The company had launched a project in Wadala during 2017-18 and allegedly offered a similar “No Pre-EMI till delivery of possession of residential unit” arrangement in cooperation with the home finance company.
According to the FIR, the project was not completed and the amounts paid by buyers were not refunded.
Probe Expands Across Three Cities
The CBI has also registered three separate cases against builders in Bengaluru as part of the Supreme Court-directed investigation. On Thursday, its teams conducted searches at 12 locations across Mumbai, Pune and Bengaluru.
“Five cases have been registered, three against Bengaluru builders and two against the Mumbai builders, for an alleged nexus between the builders and officials of financial institutions, leading to the defrauding of innocent homebuyers,” a CBI official said. “A large number of homebuyers have approached the Supreme Court praying for relief in the builders’ fraudulent activities, which have affected their lives for many years.”
The searches were aimed at uncovering evidence of a wider alleged conspiracy involving fund diversion, financial irregularities and other fraudulent practices in the housing sector.
Investigators said they recovered documents, digital devices and other material considered relevant to the cases. These items are now being examined as the probe progresses.
The investigation could have wider implications for homebuyers in stalled or financially distressed housing projects, particularly where alleged coordination between developers and financial institutions may have contributed to prolonged losses and de
Source: Hindustan Times
