Alleged conspiracy led to losses for investors and financial institutions.

CBI Chargesheets Logix City Developers, Bank Officials in Noida Homebuyers’ Fraud Case.

The Central Bureau of Investigation has filed a chargesheet against Logix City Developers Pvt. Ltd., its directors, and officials of ICICI Bank and HDFC Bank for allegedly conspiring to cheat homebuyers and financial institutions in a housing project in Noida. According to the agency, the builder and its directors lured homebuyers and investors through false assurances and fraudulent representations, securing financial benefits through illegal and deceptive means. The investigation further revealed that certain bank officials allegedly abused their official positions, bypassed established norms, and facilitated the builder’s illegal activities. The CBI stated that these actions resulted in undue pecuniary advantage to the builder while causing wrongful loss to banks and homebuyers. The chargesheet has been filed under provisions of criminal conspiracy, cheating, criminal breach of trust, and criminal misconduct under the Prevention of Corruption Act. The agency is currently investigating around 50 similar cases registered at the direction of the Supreme Court of India, involving multiple builders and bank officials across the country.