CBI raids builders and financiers over alleged homebuyer fraud

In a major crackdown on builders involved in cheating and defrauding thousands of homebuyers in metro cities and to investigate the nexus of builders and officials of financial institutions, Central Bureau of Investigation (CBI) has registered 06 cases against different builders of Kolkata, Bangalore and Mumbai and unknown officials of various financial institutions in compliance of directions of the Supreme Court and conducted searches at 12 premises at Kolkata, Mumbai and Bangalore on Saturday.

It may be recalled that thousands of homebuyers across India being cheated by the builders/developers and further aggrieved by the coercive action of financial institutions against them approached Supreme Court by way of filing SLPs, seeking relief. The Apex Court observing the unholy nexus between the builders and the financial institutions in cheating the homebuyers by innovating and introducing ‘Subvention Scheme’ of home loans, in April 2025, directed CBI to register 7 Preliminary Enquiries. Following the directions of the Top Court, CBI had registered 7 Preliminary Enquiries and after completion of 6 Preliminary Enquiries which were pertaining to builders in NCR, CBI had earlier submitted the status report before the Supreme Court and on the directions of the Supreme Court, Central Bureau of Investigation had registered 22 cases against various builders of National Capital Region (NCR), which are under active investigation. Now, on completion of the 7th Preliminary Enquiry which was against various buil

After registering cases, the CBI conducted searches at 12 locations/places at Kolkata, Bangalore and Mumbai.Various incriminating documents and some digital electronic evidences have been seized during searches. As per CBI statement,Bengaluru-based Ithaca Estate Private Limited, LGCL Urban Homes and Ozone Urbana Infra Developers Pvt. Ltd, Mumbai based Shashwati Realty Pvt. Ltd which has projects in Bengaluru, Mumbai-based ACME Realties Pvt. Ltd, and Kolkata based MKHS Housing LLP were booked in the FIRs.

(Freelance Journalist)