India's CBI raids Mumbai firm and charges Bengaluru builder in multi‑crore fraud cases

The Central Bureau of Investigation (CBI) conducted searches on July 8 at a Mumbai‑based communication company and the premises of its directors after a complaint by Punjab National Bank. The agency alleges the firm obtained cash‑credit facilities and a term loan by inflating debtor figures and submitting false financial information, causing an estimated loss of Rs 30.63 crore. CBI investigators seized bank records, property papers and documents related to the alleged inflation of debtor figures.

In a separate action, the CBI filed a chargesheet against Ithaca Estate Pvt Ltd, its director, and officials of HDFC Bank, ICICI Bank, Indiabulls Housing Finance and LGCL Urban Homes (India) LLP over a housing‑project fraud in Bengaluru. The agency says the builder and bank officials conspired to deceive homebuyers with false assurances, diverting funds and breaching trust. This case forms part of a wider probe covering 34 fraud cases across the country, with the CBI having already filed 13 chargesheets against various builders and financiers.