Mumbai: The Central Bureau of Investigation (CBI) has registered cases against two Mumbai-based construction firms following directions from the Supreme Court to investigate allegations of fraud involving builders, financial institutions and homebuyers.
The cases
have been registered against Skylink Hospitality LLP and Ozone Homes Private
Limited. The allegations relate to housing projects in Santa Cruz and Wadala launched
around 2017–18.
According to
the allegations being investigated, the projects were marketed under a “No
Pre-EMI till delivery of possession” scheme. Homebuyers allegedly made payments
but the projects were not completed, and the amounts collected were allegedly
not refunded.
The CBI is
also investigating the alleged involvement of officials of a private
home-finance company in connection with the projects. The probe is examining
whether there was a wider nexus between builders and financial institutions
that resulted in homebuyers being financially affected.
The action
follows a Supreme Court order dated August 6, 2026, directing a thorough
investigation into allegations raised before the court. The court had taken
note of material presented by an amicus curiae concerning alleged criminal
conspiracy, cheating and financial misconduct in housing projects.
The latest
action is part of a wider nationwide investigation. The CBI has registered
multiple cases against builders following the Supreme Court's directions and
has conducted searches at locations in Mumbai, Pune and Bengaluru.
Investigators are examining documents and digital material relating to alleged
fund diversion, financial irregularities and fraudulent practices.
Focus on
Homebuyer Protection
The
investigation highlights the serious consequences that delayed or abandoned
housing projects can have on homebuyers, particularly when buyers continue
paying loans or interest without receiving possession.
The cases
also underline the importance of transparency in builder-financier arrangements
and the need for homebuyers to carefully verify project approvals, financing
arrangements, possession commitments and regulatory records before investing.
The Realty Times News Bureau
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