CBI Files 18th Chargesheet in Homebuyers Fraud Case, Names Indiabulls Entities

The Central Bureau of Investigation (CBI) has filed its 18th chargesheet in a large-scale homebuyers fraud case, naming a builder company, its directors and officials, along with officials associated with financial institutions, in connection with a housing project in West Bengal.

According to the agency, the chargesheet has been filed against MKHS Housing LLP, its designated partner Indiabulls Distribution Services Limited, now known as Indiabulls Nests Limited, and their directors and officials. Indiabulls Investment Advisors Limited, now known as Indiabulls Urban Residency Limited, and its directors have also been named as accused.

The case relates to alleged fraudulent activities involving a housing project in Rajarhat, located in West Bengal’s North 24 Parganas district. The chargesheet was submitted before the CBI Special Court-II in Alipore.

The investigating agency alleged that the accused builder company and its directors, in conspiracy with officials of a non-banking financial company (NBFC), induced homebuyers and investors through false assurances and misleading representations. They allegedly obtained financial benefits through illegal and deceptive means, causing losses to those who had invested in the project.

The CBI said its investigation has uncovered substantial evidence supporting the allegations. The chargesheet has been filed under provisions of the Indian Penal Code dealing with criminal conspiracy, abetment, cheating and criminal breach of trust.

The latest filing is part of a wider investigation being conducted under the directions of the Supreme Court. The CBI is currently probing 31 other cases registered against various builder companies and unidentified officials of banks and financial institutions over alleged cheating of homebuyers and diversion of funds.

The agency had previously filed 17 chargesheets against several builders, their directors and officials of banks and financial institutions in similar cases.