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The Central Bureau of Investigation (CBI) on Wednesday (July 30, 2025) conducted searches at 47 locations in the national capital region (NCR) after registering 22 cases, on the Supreme Court directive, to probe the alleged nexus between builders and financial institutions for cheating homebuyers.
Names of the companies and their top functionaries mentioned in these First Information Reports include Supertech Limited, AVJ Developers (India), Earthcon Universal Infratech, Rudra Buildwell Projects, Geotech Promoters, Shubhkamna Buildtech, Bulland Buildtech, Decent Buildwell, Rudra Buildwell Construction, Saha Infratech, and Dream Procon.
Logix City Developers, Shubhkamna Buildtech, Jaypee Infratech, Sequel Buildcon, Ajnara India, Vatika Limited, CHD Developers Limited, Ninex Developers, Jaypee Sports International Limited/Jaiprakash Associates Limited, Idea Builders, and Manju J Homes India Limited have also been named, according to the agency.
Hundreds of homebuyers in the NCR, being cheated by builders/developers and further aggrieved by the coercive action of financial institutions against them, had approached the Supreme Court seeking relief. Noting that they were cheated by innovating and introducing a “subvention scheme” of home loans, the Court had in April directed the CBI to institute seven preliminary enquiries.
Accordingly, the agency completed its inquiry in six matters within three months and submitted a status report before the Court. “Upon perusal of the status report submitted by the CBI, the Hon’ble SC directed the CBI to register 22 regular cases, against different builders in the NCR area and unknown officials of financial institutions,” the agency said, adding that the searches were conducted in Delhi, Gurugram, Noida, Greater Noida, and Ghaziabad.
In the FIR against Supertech, the agency alleged the builders — in connivance with banks/financial institutions, —innovated the subvention scheme for sale of its nine residential projects stating “No Pre-EMI till delivery of possession of residential unit”, thereby lured homebuyers for booking/purchasing residential units.
While the projects were launched from 2010 to 2017, Supertech started defaulting on payment of EMIs in 2018-2019 and neither constructed/completed the project nor continued to pay pre-EMI/EMI as promised till handing over the possession of flats to homebuyers. Their deposits were also not refunded, as alleged. The agency found that the banks started deducting EMI from homebuyers and in the event of default reported their accounts as non-performing asset and therefore, their CIBIL score were adversely impacted.
Among the accused persons in the case are unknown officials of erstwhile Indian Bank, ICICI Bank, Indiabulls Housing Finance Limited, HDFC Housing Finance Limited, PNB Housing Finance, India Infoline Housing Finance, L&T Housing Finance, and Aditya Birla Housing Finance.
Similar instances were found in other projects in question. In the various FIRs, the role of unknown officials of banks and financial institutions such as the State Bank of India, formerly State Bank of Travancore, UCO Bank, Reliance Housing Finance Limited, Axis Bank, Tata Capital Housing Finance, Diwan Housing Finance Limited, Central Bank of India, Samman Capital Limited, and Punjab National Bank will also be investigated by the agency.
Published – July 31, 2025 03:18 am IST
