The Central Bureau of Investigation (CBI) has filed a chargesheet against Logix City Developers Pvt. Ltd., its directors, and officials from ICICI Bank and HDFC Bank in connection with an alleged homebuyers fraud case linked to a housing project in Noida.

According to the CBI, the accused allegedly conspired to cheat homebuyers and financial institutions through false promises, fraudulent representations, and illegal financial practices. Investigators stated that buyers and investors were allegedly misled into investing in the project while funds were improperly handled, causing significant financial losses.

The agency also alleged that certain bank officials abused their official positions to facilitate irregularities and violations of established procedures, enabling the builder to secure financial benefits unlawfully. The chargesheet has been filed under sections related to criminal conspiracy, cheating, criminal breach of trust, and provisions of the Prevention of Corruption Act.

The case is part of a broader investigation into alleged builder-bank collusion and homebuyers fraud cases across Noida and Greater Noida, following directions from the Supreme Court. The CBI is currently investigating multiple similar cases involving delayed housing projects, diversion of funds, and alleged financial misconduct in the real estate sector.

Key Highlights

• CBI files chargesheet against Logix City Developers Pvt. Ltd. and its directors
• Officials from ICICI Bank and HDFC Bank also named
• Case linked to a housing project in Noida
• Allegations include:
  • cheating homebuyers
  • fraudulent representations
  • criminal conspiracy
  • misuse of funds
• Bank officials accused of violating procedures and facilitating irregularities
• Charges filed under IPC and Prevention of Corruption Act provisions
• Investigation part of wider crackdown on builder-bank fraud nexus
• Multiple similar homebuyer fraud cases under CBI investigation

The development highlights increasing regulatory scrutiny on financial transparency and accountability in India’s real estate sector, especially in delayed and disputed housing projects.

 Original Report Source (Published by Realty):

https://realty.economictimes.indiatimes.com

Disclaimer: The insights referenced above are based on the report published by ET Realty. Rooftr does not claim ownership of this research and is sharing it for industry awareness purposes.