CBI Registers 5 New Fraud Cases Against Real Estate Developers and Raids 12 Locations in Bengaluru, Mumbai and Pune

Pursuant to directions from the Supreme Court, the Central Bureau of Investigation (CBI) has registered five new criminal cases against real estate developers and unidentified officials of financial institutions in connection with widespread homebuyer fraud. The investigation focuses on housing projects in Bengaluru and Mumbai managed by prominent real estate firms, including the Ozone Group and M/s Vivansaa Baalsam. On September 10, CBI investigative teams executed coordinated searches across 12 locations in Bengaluru, Mumbai, and Pune. The raids yielded substantial digital evidence, financial documents, and banking records, which are currently under forensic examination. The registered FIRs detail allegations of criminal conspiracy, cheating, criminal breach of trust, and misconduct involving financial institution officials who facilitated loan disbursements or approvals despite irregularities. Numerous homebuyers had approached the apex court seeking judicial intervention after suffering multi-year delays, non-delivery of properties, and systemic fund diversion by developers. With these five new cases, the total number of builder fraud investigations registered nationwide by the CBI under Supreme Court orders has risen to 55. The federal probe agency stated that the ongoing investigations aim to uncover the full scope of collusion between real estate companies and banking officials to ensure accountability and restitution.