Builders and Bankers Under Scrutiny: CBI Raids Uncover Fraud

The CBI conducted raids in three major Indian cities after registering six new cases against builders and financial institution officials accused of deceiving homebuyers. These actions follow a Supreme Court directive to investigate this 'unholy nexus' and its fraudulent home loan schemes. Searches revealed substantial incriminating evidence.

The Central Bureau of Investigation (CBI) on Saturday carried out extensive raids across 12 locations in Kolkata, Bengaluru, and Mumbai. These raids come after six new cases were registered against prominent builders and officials from financial institutions, who are accused of defrauding homebuyers.

The investigation, guided by a Supreme Court directive, seeks to expose the joint operations between builders and financial institutions in deceiving homebuyers through fraudulent schemes. The builders involved in the probe include Bengaluru-based Ithaca Estate Private Limited, LGCL Urban Homes, and Ozone Urbana Infra Developers Pvt. Ltd, among others.

As the raids continue, the CBI has uncovered various incriminating documents and digital evidence. The fresh cases have been initiated in line with Supreme Court orders, as part of ongoing efforts to dismantle the corrupt nexus exploiting homebuyers across India.

(With inputs from agencies.)