Tag: builders-banks nexus

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SC Urges Delhi Court to Consider CBI Charges on Builders-Banks Nexus

NEW DELHI: The Supreme Court directed a special CBI court to take cognizance within two weeks of three chargesheets filed by the agency concerning the “unholy nexus” between banks and developers that has defrauded homebuyers in NCR, and to proceed with the trial. A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi was informed by Additional Solicitor General Aishwarya Bhati, representing the CBI, that significant progress in investigating all 25 homebuyer cases would be achieved by March. Last July, the court permitted the CBI to initiate 22 cases regarding the nexus between banks and…

Latest StoriesRegulatory

ED Files 22 Cases in Builders-Banks Nexus Investigation

NEW DELHI: The Enforcement Directorate (ED) has initiated 22 cases under the anti-money laundering statutes to probe the alleged “unholy nexus” between builders and banks responsible for defrauding homebuyers in the national capital region (NCR), according to officials. The cases, filed under the Prevention of Money Laundering Act (PMLA), arise from an equal number of FIRs by the CBI issued at the end of July, following directives from the Supreme Court. The ED emphasizes that these cases involve significant public interest, with numerous homebuyers allegedly victimized. Investigations will focus on uncovering fraud, corruption, and money laundering activities by builders, banks,…

Latest StoriesRegulatory

CBI Files 22 FIRs on SC’s Order to Probe Builders-Banks Nexus

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…