The FIR, filed at the Taloja Police Station in Navi Mumbai, names Bhujbal, his son Pankaj, and nephew Samir.
They have been booked under IPC Sections related to cheating, criminal conspiracy, criminal breach of trust and relevant provisions of Maharashtra Ownership Flats Act, police said.
The case involves an amount of Rs 44 crore and concerns 2,300 people who had booked houses in the project promoted by a realty company owned by the Bhujbal family at Kharghar, Navi Mumbai, they said.
The builder, Devisha Infrastructure Pvt Ltd, told buyers that administrative delays have held up the project, 'Hex World'.
In 2010, the developer had collected 10 per cent of the flat's total cost as booking amount but started no work.
Sameer and Pankaj Bhujbal, the men managing the realty firm, allegedly took bookings of 2,600 flats in 'Hex World'. After delays, they offered to refund the amount.
The latest police action comes days after two FIRs were filed against Bhujbal, one in allotment of land in Kalina in Mumbai and another in Maharashtra Sadan scam.
Bhujbal was Public Works Department Minister in the previous Congress-NCP Government in Maharashtra.
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