CBI raids 12 locations in India over builder-bank collusion

The Central Bureau of Investigation (CBI) has registered five new criminal cases involving alleged collusion between builders and financial institutions. Following orders from the Supreme Court, the agency conducted raids at 12 locations across Bengaluru, Mumbai, and Pune.

Four of the new cases pertain to projects managed by the Ozone Group and its associated entities in Bengaluru and Mumbai, while a fifth case involves a Bengaluru project by M/s Vivansa Balsam. The charges include criminal conspiracy, fraud, and criminal breach of trust. The investigation aims to address allegations that officials from financial institutions and builders conspired to defraud homebuyers through financial irregularities and the misappropriation of funds.

During the raids, the CBI seized digital devices and various incriminating documents. This latest action brings the total number of cases registered by the CBI against various builders following Supreme Court directives to 55.