CBI Cracks Down on Builders-Banks Nexus in NCR: 22 FIRs Registered

The CBI has registered 22 First Information Reports (FIRs) against builders and banks following the Supreme Court’s orders. Accused of colluding to deceive homebuyers in the NCR region, investigations involved searches at 47 locations. Major financers and developers face scrutiny over subvention scheme allegations.

The Central Bureau of Investigation (CBI) has registered 22 FIRs on the directive of the Supreme Court, targeting a collusion between builders and banks that allegedly defrauded homebuyers in the National Capital Region (NCR), officials announced on Wednesday.

The investigative agency executed searches at 47 sites across Delhi and NCR, as reported by a CBI spokesperson. Companies targeted include Jaypee Sports International Ltd, Jaiprakash Associates Ltd, Ajnara India Ltd, and various financial entities like the State Bank of India and HDFC Bank.

The Supreme Court, led by Justices Surya Kant and N Kotiswar Singh, had authorized the CBI to escalate preliminary inquiries into formal cases. The investigation focuses on a scheme wherein banks disbursed loans directly to developers with the promise of covering EMIs until properties were transferred, leading to accusations of unpaid commitments.

(With inputs from agencies.)