NEW DELHI: Following the Supreme Court’s orders, the CBI has filed 22 FIRs to investigate the alleged collusion between builders and banks, which has reportedly defrauded homebuyers in the NCR region, officials announced on Wednesday.
The agency executed searches across 47 locations in Delhi and NCR after filing the FIRs, a spokesperson for the CBI confirmed.
Entities like Jaypee Sports International Ltd, Jaiprakash Associates Ltd, Ajnara India Ltd, Vatika Ltd, Jaypee Infratech Ltd, Supertech, and Idea Builders are among those specifically mentioned in the various FIRs.
The investigation also names several financial institutions, including State Bank of India, Indiabulls Housing Finance Ltd, Piramal Finance, HDFC Bank, ICICI Bank, Tata Capital Housing Finance, and PNB Housing Finance Ltd, as stated by officials from the Economic Offences unit.
This action stems from directives issued by the Supreme Court bench of Justices Surya Kant and N Kotiswar Singh, authorizing the CBI to convert previous preliminary inquiries into 22 formal cases for extensive examination.
“The CBI has registered 22 cases and conducted searches across 47 locations in Delhi, Gurugram, Noida, Greater Noida, and Ghaziabad. During these searches, various incriminating documents and digital evidence were seized,” the statement revealed.
The investigation focuses on a subvention scheme provided by banks and financial institutions to homebuyers, wherein approved loan amounts were paid directly to developers, who were then responsible for covering the EMIs until possession of the properties was granted to the buyers.
However, as many developers defaulted on these commitments, banks began demanding repayments from the buyers.
The Supreme Court praised the CBI for its thorough approach in uncovering the extent of the alleged fraud, indicating that the agency consulted over 1,000 individuals and inspected 58 project sites throughout its investigation.
The Supreme Court also acknowledged ongoing inquiries related to a seventh preliminary investigation, focusing on various builders’ projects outside the NCR region, including those in Mumbai, Bangalore, Kolkata, Mohali, and Allahabad.
This action responds to a series of petitions from over 1,200 homebuyers who engaged in subvention plans for various housing projects in the NCR, mainly in Noida, Greater Noida, and Gurugram.
Petitioners argue that financial institutions are pressuring them to pay EMIs despite not having taken possession of their homes.
“The Supreme Court noted the questionable relationship between builders and financial institutions in deceiving homebuyers through the introduction of ‘Subvention Scheme’ home loans and instructed the CBI in April 2025 to initiate seven preliminary inquiries (PEs),” the spokesperson revealed.
In accordance with the Supreme Court’s guidance, the CBI initiated seven PEs and completed investigations on six within three months, presenting a status report to the court.
After reviewing this report, the Supreme Court ordered the CBI to pursue 22 regular cases against various builders in the NCR, along with unidentified officials from different financial institutions.
