CBI's Seventh Chargesheet Unveils Builder-Banker Nexus Scam

The CBI has filed a seventh chargesheet against Sequel Buildcon Pvt Ltd for allegedly defrauding homebuyers and misusing funds from PNB Housing Finance for a Noida project. The scam, involving multiple companies, is being investigated following a Supreme Court directive. The charges include conspiracy, cheating, and breach of trust.

The Central Bureau of Investigation (CBI) has submitted a seventh chargesheet concerning the builder-banker nexus scam, implicating Sequel Buildcon Private Limited. The company is accused of defrauding homebuyers and misallocating funds provided by PNB Housing Finance for 'The Belvedere' project in Noida, government officials declared on Monday.

The scam is part of a larger investigation into 50 related cases transferred to the CBI by the Supreme Court. Allegations suggest the company failed to fulfill housing contracts and did not return deposits, leading to legal action by 23 affected individuals, according to documents.

The CBI's inquiry uncovered that Sequel Buildcon and its directors, under a planned conspiracy, reportedly misled investors with false promises to unjustly acquire financial benefits. Charges filed include criminal conspiracy, cheating, and breach of trust, reflecting a broader trend across similar cases involving other builders, as highlighted by the CBI spokesperson.