CBI conducts raids across 12 locations following Supreme Court orders into builder-financier collusion

The Central Bureau of Investigation (CBI) on Thursday conducted simultaneous raids across 12 locations in Bengaluru, Mumbai and Pune following Supreme Court directions into alleged collusion between builders and financial institution officials. The action relates to five newly registered criminal cases.

Four cases have been filed against Ozon Group and related entities involving projects in Bengaluru and Mumbai, with a fifth case against M/s Vivansa Balsam over a Bengaluru project. Unknown officials from various financial institutions are also under investigation in these matters.

The CBI suspects large-scale fraud against homebuyers through the alleged nexus between builders and financial officials. Charges include criminal conspiracy, fraud, criminal breach of trust and misconduct by institution officers. Multiple homebuyers had approached the Supreme Court over years alleging builder fraud and project irregularities before the investigation scope was expanded.