NEW DELHI: The CBI conducted searches at 12 locations across Kolkata, Bengaluru, and Mumbai on Saturday, following the registration of six new cases against builders and financial institution officials for allegedly defrauding homebuyers.
The agency is probing a collusion between builders and financial institution officials that deceived homebuyers in these cities, acting on directions from the Supreme Court.
The FIRs include Bengaluru-based Ithaca Estate Private Limited, LGCL Urban Homes, Ozone Urbana Infra Developers Pvt. Ltd, Mumbai’s Shashwati Realty Pvt. Ltd, ACME Realties Pvt. Ltd, and Kolkata’s MKHS Housing LLP.
Homebuyers approached the Supreme Court after being swindled by these developers and facing coercive actions from financial institutions.
In April 2025, the Supreme Court observed a troubling relationship between builders and financial institutions involving the ‘Subvention Scheme’ for home loans, prompting the CBI to initiate seven preliminary inquiries, as stated by a CBI spokesperson.
Previously, the CBI registered seven preliminary inquiries at the apex court’s request.
Additionally, the agency registered 22 cases against builders in the Delhi NCR region based on findings from six preliminary inquiries. A status report was submitted to the Supreme Court.
With the completion of the 7th inquiry against various builders outside the NCR, the CBI submitted a status report, leading the Supreme Court to mandate the registration of six regular cases against different builders in Kolkata, Bengaluru, and Mumbai alongside unidentified financial institution officials.
The spokesperson emphasized that these recent cases and searches align with the Supreme Court’s orders, mentioning that searches are ongoing and several incriminating documents and digital evidence have been recovered.
