The Central Bureau of Investigation (CBI) has initiated an investigation into Ozone Projects Pvt Ltd, the developer of the Metrozone project in Koyambedu, Chennai, along with officials from Axis Bank Ltd and Axis Finance Ltd. This action follows allegations of fraud and corruption, particularly concerning the violation of subvention schemes meant to protect homebuyers. According to the First Information Report (FIR), the directors of Ozone Projects engaged in a conspiracy with banks to secure home loans in the names of prospective buyers, failing to adhere to regulations set by the Reserve Bank of India (RBI) and the National Housing Bank. This resulted in the developer not paying the pre-Equated Monthly Installments (EMIs), causing significant financial distress for homebuyers who were promised timely possession of their flats. The Metrozone project was launched in 2015 but has faced delays, with possession now expected in 2024. The Supreme Court has mandated the CBI to investigate this case alongside others involving the Ozone group in Bengaluru, highlighting a broader issue of collusion between developers and financial institutions.