CBI Cracks Down on Builders-Banks Nexus in NCR

The CBI has launched 22 FIRs to probe alleged fraud involving builders and banks deceiving homebuyers in NCR, following a Supreme Court directive. Various prominent banks and builders are named in the FIRs due to defaults on subvention schemes resulting in buyers paying EMIs without property possession.

In a significant move, the Central Bureau of Investigation (CBI) has initiated 22 First Information Reports (FIRs) based on the Supreme Court's orders to scrutinize the alleged collusion between builders and banks that reportedly cheated homebuyers in the National Capital Region (NCR).

The investigation targets several major builders, including Jaypee Sports International Ltd and Supertech, alongside key financial institutions such as State Bank of India and HDFC Bank. These entities are accused of participating in a subvention scheme wherein loan amounts disbursed to developers left homebuyers liable for EMIs sans possession.

The Supreme Court, applauding the CBI's rigorous inquiry, highlighted the agency's comprehensive examination of numerous individuals and project sites. The probe also extends to regions beyond NCR, emphasizing its national scope and significance.

(With inputs from agencies.)