CBI Files Chargesheet Against AVJ Developers For Alleged Cheating

The CBI has filed a chargesheet against AVJ Developers and associated bank officials, alleging a large-scale scheme to defraud financial institutions and homebuyers through fraudulent practices.

The CBI has filed a chargesheet against Greater Noida-based AVJ Developers (India) Pvt Ltd, bank officials and others for allegedly cheating financial institutions and homebuyers, officials said Wednesday.

Details of the Chargesheet Against AVJ Developers

In its chargesheet filed before a special CBI court here, the agency has listed AVJ Developers, its sister concern Kesar Builders Pvt Ltd, their directors, officials from Bank of India, UCO Bank and ICICI Bank, and proxy homebuyers as accused, they said.

The case pertains to "large-scale cheating of homebuyers" by the builders and public servants causing wrongful loss to financial institutions and innocent homebuyers, a CBI spokesperson said in a statement.

Investigation Reveals Fraudulent Practices

"Investigation conducted by the CBI has revealed that the accused builder company and its directors, in conspiracy with public servants and other private persons, allegedly induced homebuyers/investors through false assurances and fraudulent representations and obtained financial benefits by resorting to illegal and deceptive means," she said.

The accused bank officers allegedly abused their official position to facilitate the illegal acts of the builder extending undue pecuniary advantage to the company causing corresponding wrongful loss to the concerned financial institutions and the homebuyers, the spokesperson said.

The CBI investigation also showed that some of the accused private persons acted as proxy and fictitious homebuyers, and in connivance with the builder, misrepresented facts before the financial institutions to obtain home loans.