Homebuyers’ Ordeal Deepens: Central Bureau of Investigation Charges Builder, SBI Officials in 9th Chargesheet
(By Syed Ali Taher Abedi)
20, May, 2026-The Central Bureau of Investigation (CBI) has filed its ninth chargesheet in a large-scale homebuyer’s fraud, implicating M/s Manju J Homes India Ltd., its directors, and officers of the State Bank of India for alleged collusion and criminal misconduct relating to a housing project in Ghaziabad, Uttar Pradesh.
According to the charge sheet submitted to the competent court, the accused are charged with criminal conspiracy (Section 120B, Indian Penal Code), cheating and fraudulent inducement of homebuyers (Sections 415 and 420, IPC), criminal breach of trust (Section 406, IPC), forgery for the purpose of cheating and using forged documents as genuine (Sections 468 and 471, IPC), and criminal misconduct by public servants under Section 13(1)(d) read with Section 13(2) of the Prevention of Corruption Act.
CBI investigators allege that the builder and its directors, in concert with bank officials and other private actors, induced purchasers and investors through false assurances and fraudulent representations, obtaining illicit financial gains by deceptive means.
The probe further indicates that certain bank officers abused their official positions and flouted established norms and procedures to facilitate the builder’s illegal acts, thereby conferring undue pecuniary advantage on the company and causing wrongful loss to financial institutions and homebuyers.
The investigation has uncovered substantial evidence suggesting a wider conspiracy involving diversion and misutilisation of funds and systemic fraudulent conduct against homebuyers.
The CBI is currently probing 50 cases registered pursuant to directions of the Supreme Court, targeting various builders and unidentified officials of financial institutions nationwide in matters of alleged cheating and diversion of homebuyers’ funds.
Earlier prosecutions in this sweep include chargesheets filed against M/s Rudra Build well Constructions Pvt. Ltd., M/s Dream Procon Pvt. Ltd., M/s Jaypee Infratech Ltd., M/s AVJ Developers (India) Pvt. Ltd., M/s CHD Developers Pvt. Ltd., M/s Shubh Kamna Build tech Pvt. Ltd., M/s Sequel Buildcon Pvt. Ltd., and M/s Logix City Developers Pvt. Ltd., along with their directors and selected bank and financial-institution officers.
