CBI Crackdown: Unraveling Builders-Financial Nexus

The Central Bureau of Investigation conducted searches at 77 locations in connection with a builders-financial institutions nexus case. Alleged financial irregularities and fraudulent activities in real estate led to homebuyers being defrauded. A Supreme Court directive resulted in the registration of 22 new cases, totaling 50 ongoing investigations.

The Central Bureau of Investigation (CBI) executed a sweeping operation on Tuesday, conducting raids across 77 locations in eight states, including key cities like Delhi and Bengaluru. This action is part of an ongoing investigation into allegations of a nexus between builders and financial institutions.

Officials reported that the operation aims to uncover evidence of financial irregularities in the real estate sector, where homebuyers have allegedly been cheated in various schemes. The raids resulted in the seizure of documents and digital evidence that are vital for the investigation.

The CBI's latest move follows a directive from the Supreme Court to probe into these allegations, focusing on builders in the National Capital Region and other major cities. With 22 new cases registered, the investigation now encompasses a total of 50 First Information Reports (FIRs), indicating the vast scope of the alleged conspiracy.

(With inputs from agencies.)