New Delhi: The CBI has registered 22 FIRs on the Supreme Court’s directions to investigate the “unholy nexus” of builders and banks to cheat homebuyers in NCR, officials on Wednesday said.
The agency conducted searches at 47 locations in Delhi and NCR following registration of the FIRs, a CBI spokesperson said in a statement.
The CBI has named Jaypee Sports International Ltd, Jaiprakash Associates Ltd, Ajnara India Ltd, Vatika Ltd, Jaypee Infratech Ltd, Supertech and Idea Builders among others in its separate FIRs.
The bankers and financial institutions like the State Bank of India, Indiabulls Housing Finance Ltd, Piramal Finance, HDFC Bank, ICICI Bank, Tata Capital Housing Finance and PNB Housing Finance Ltd among others have also been named in the FIRs registered by the Economic Offences unit of the agency, the officials said.
The CBI action followed the directives of the apex court bench of Justices Surya Kant and N Kotiswar Singh which allowed the agency to convert the six preliminary enquiries it conducted against various builders and banks into 22 regular cases for further investigation.
“In this connection, the CBI has registered 22 cases and conducted searches at 47 locations/places in Delhi, Gurugram, Noida, Greater Noida, Ghaziabad etc. Various incriminating documents and some digital electronic evidences have been seized during the searches,” the statement said.
The case centres on a subvention scheme offered by the banks and financial institutions to homebuyers wherein sanctioned loan amounts were directly disbursed to developers who were obligated to pay the EMIs until possession of the flats was handed over to the buyers.
Following widespread defaults by developers on their commitments, the banks began demanding repayment from the purchasers.
Commending the CBI for its diligence in recognising the scale and severity of the alleged fraud, the apex court said that the agency had examined more than 1,000 individuals and visited 58 project sites as part of its investigation.
The top court noted that the investigation in the seventh preliminary enquiry registered by the CBI, which is over projects of various builders except Supertech Ltd falling outside the NCR region in Mumbai, Bangalore, Kolkata, Mohali and Allahabad, was still underway.
It was hearing a batch of petitions filed by over 1,200 homebuyers, who booked flats under the subvention plans in various housing projects in the NCR region, especially Noida, Greater Noida and Gurugram.
The petitioners allege they are being coerced by the financial institutions to remit EMIs despite not having received possession of their flats.
“The Hon’ble Supreme 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 the month of April 2025, directed the CBI to register seven Preliminary Enquiries (PEs),” the spokesperson said. Following the Supreme Court’s directives, the CBI had registered seven PEs and within the time period of three months completed enquiry in six PEs and submitted the status report before the Hon’ble Supreme Court, the statement said.
Upon perusal of the status report, the apex court had directed the CBI to register 22 regular cases against different builders in NCR area and unknown officials of financial institutions, it added.
The builders and projects currently under investigation include Supertech Limited; AVJ Developers (India) Pvt. Ltd. – AVJ Heights; Earthcon Universal Infratech Pvt. Ltd. – Casa Royale; Rudra Buildwell Projects Pvt. Ltd. – Rudra Palace Height; Geotech Promoters Pvt. Ltd. – Geotech Blessing; Shubhkamna Buildtech Pvt. Ltd. – Shubhkamna City; Bulland Buildtech Pvt. Ltd. – Bulland Elevates; Decent Buildwell Pvt. Ltd. – Shri Radha Aqua Gardens; Rudra Buildwell Construction Pvt. Ltd. – KBNOWS Apartments; Saha Infratech Pvt. Ltd. – Amadeus; Dream Procon Pvt. Ltd. – Victory Ace; Logix City Developers Pvt. Ltd. – Blossom Zest; Shubhkamna Buildtech Pvt. Ltd. – Shubhkamna-Advert Tech Homes; Jaypee Infratech Ltd. – Orchards; Sequel Buildcon Pvt. Ltd. – The Belvedere; Ajnara India Ltd. – Ajnara Ambrosia; Vatika Limited – Vatika Turning Point; CHD Developers Limited – 106 Golf Avenue; Ninex Developers Limited – Ninex City; Jaypee Sports International Ltd./Jaiprakash Associates Ltd. – Kove & Kassia Projects; Idea Builders Pvt. Ltd. – Red Apple Residency; and Manju J Homes India Ltd. – Red Apple Homez.