CBI Searches 12 Locations in Builder-Banker Nexus Case

Five fresh FIRs filed as probe into alleged homebuyer fraud expands.

The CBI conducted searches at 12 locations across Bengaluru, Mumbai and Pune after registering five fresh FIRs against real estate developers and financial institution officials over alleged fraud involving homebuyers. Four cases relate to Ozone Group and its associated entities, while one concerns Vivansaa Baalsam’s Bengaluru project. The accused face allegations including criminal conspiracy, cheating, criminal breach of trust and financial misconduct. The searches, carried out following Supreme Court directions on complaints by homebuyers, led to the seizure of incriminating documents, digital devices and other materials. The CBI said it is examining the evidence to uncover alleged fund diversion, financial irregularities, and fraudulent practices in the housing sector. With the latest FIRs, the total number of builder-related cases registered by the agency has risen to 55. Separately, the CBI filed its 20th chargesheet against Ajnara India Ltd, its promoters and directors, along with 15 public servants linked to various financial institutions, concerning the Ajnara Ambrosia project in Noida.