Supreme Court–ordered probe exposes alleged bank–developer nexus, leaving homebuyers in distress.

CBI Books Ozone Projects, Bank Officials for Alleged Subvention Scheme Fraud.

The Central Bureau of Investigation has registered a corruption and cheating case against Ozone Projects Pvt Ltd, its promoters and directors, along with unknown officials of Axis Bank Ltd and Axis Finance Ltd, following directions from the Supreme Court of India. The case concerns the Metrozone housing project in Koyambedu, Chennai, and alleges violations of subvention schemes that caused severe financial hardship for homebuyers. According to the FIR, Ozone Projects, currently under the Corporate Insolvency Resolution Process, allegedly conspired with lenders to withdraw full home loan amounts in buyers’ names, contrary to Reserve Bank of India and National Housing Bank norms. The developer reportedly defaulted on pre-EMI payments it was contractually obligated to pay until possession, pushing buyers into repayment burdens without receiving homes. The Supreme Court has directed the CBI to register multiple such cases nationwide, with state police mandated to assist. Investigations also extend to two Ozone projects in Bengaluru.