New Delhi, May 20 -- In a significant breakthrough in a case involving large-scale cheating of homebuyers and criminal misconduct by public servants, the Central Bureau of Investigation (CBI) has filed a chargesheet against Manju J Homes India Ltd., its directors, and officials of the State Bank of India for their alleged involvement in a criminal conspiracy that caused wrongful loss to financial institutions and innocent homebuyers in connection with a housing project located in Ghaziabad, Uttar Pradesh.
The investigation conducted by the CBI revealed that the accused builder company and its directors, in conspiracy with bank officials and other private persons, allegedly induced homebuyers and investors through false assurances and fraud...