The Central Bureau of Investigation (CBI) has filed a chargesheet against AVJ Developers (India) Pvt. Ltd., AVJ Developers Pvt. Ltd., Kesar Builders Pvt. Ltd., their directors, officials from Bank of India, ICICI Bank, and UCO Bank, and proxy homebuyers in a builder-bank fraud case. The allegations include criminal conspiracy, abuse of official positions, and fraudulent loan disbursements facilitated through false documentation and fictitious buyers.

The CBI alleges that bank officials colluded with developers to approve home loans based on forged applications and inflated property valuations, enabling the diversion of funds. Some private individuals acted as proxy buyers, signing off on non-existent transactions to siphon off loan amounts, while Kesar Builders Pvt. Ltd., described as a sister concern of the main developer, was used as a conduit for fund routing.

The agency said the investigation uncovered documentary and oral evidence of a broader scheme involving misuse of institutional credit, violations of lending norms, and financial losses to banks and genuine homebuyers. The probe is part of a larger Supreme Court-monitored initiative, with the CBI currently investigating 50 such cases across the real estate sector.

Charge sheets have now been filed in three of these cases, including against Rudra Buildwell Constructions Pvt. Ltd., Dream Procon Pvt. Ltd., and Jaypee Infratech Ltd. and their respective directors. The court is expected to take up the matter for further hearing in the coming weeks.