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NEW DELHI: In a major crackdown on real estate fraud in the National Capital Region (NCR), the Central Bureau of Investigation (CBI) has registered 22 FIRs against several builders and unidentified officials of various financial institutions for allegedly cheating thousands of homebuyers.
CBI Crackdown On Builders Cheating Homebuyers In NCR; 22 Cases Registered - Supertech, Jaypee, Logix Among Accused
The investigation stems from multiple petitions filed by aggrieved homebuyers in the Supreme Court. Thousands of buyers, defrauded by developers and further harassed by coercive actions from financial institutions, had approached the apex court seeking justice.
NEW DELHI: In a major crackdown on real estate fraud in the National Capital Region (NCR), the Central Bureau of Investigation (CBI) has registered 22 FIRs against several builders and unidentified officials of various financial institutions for allegedly cheating thousands of homebuyers.
The move comes in compliance with directions from the Supreme Court. The CBI also carried out searches at 47 locations across Delhi, Gurugram, Noida, Greater Noida, and Ghaziabad in connection with the cases. Several incriminating documents and digital evidence were seized during the raids, the agency said.
The investigation stems from multiple petitions filed by aggrieved homebuyers in the Supreme Court. Thousands of buyers, defrauded by developers and further harassed by coercive actions from financial institutions, had approached the apex court seeking justice.
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Taking cognisance of the complaints, the Supreme Court in April 2025 ordered the CBI to conduct a thorough probe into the alleged nexus between builders and financial institutions.
The court specifically flagged the misuse of the ‘subvention scheme' -- a home loan model under which buyers were lured into projects with promises of no EMI until possession of the property, often leading to large-scale defaults and incomplete projects.
In line with the SC directive, the CBI initially registered seven Preliminary Enquiries (PEs). Within three months, it completed six of these and submitted a status report to the court.
After reviewing the CBI's findings, the Supreme Court directed the agency to convert the findings into 22 regular FIRs. Accordingly, the CBI registered the cases and launched a massive search operation across multiple cities in the NCR.
Among the builders named in the FIRs are M/s Supertech Limited, M/s AVJ Developers (India) Pvt. Ltd / "AVJ Heights", M/s Earthcon Universal Infratech Pvt. Ltd / “Casa Royale”, M/s Rudra Buildwell Projects Pvt. Ltd / “Rudra Palace Heights”, M/s Geotech Promoters Pvt. Ltd / “Geotech Blessings”, M/s Shubhkamna Buildtech Pvt. Ltd / “Shubhkamna City”, M/s Bulland Buildtech Pvt. Ltd / “Bulland Elevates”, M/s Jaypee Infratech Ltd / ‘Orchards', M/s Decent Buildwell Pvt. Ltd. / "Shri Radha Aqua Gardens”, M/s Rudra Buildwell Construction Pvt. Ltd. / “KBNOWS Apartments”, M/s Saha Infratech Pvt. Ltd. /‘Amadeus', M/s Dream Procon Pvt. Ltd. / 'Victory Ace', M/s Logix City Developers Pvt. Ltd. / ‘Blossom Zest' among others.
The CBI stated that the investigation is ongoing and more action could follow based on findings.
Source: ZeeNews
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