- By Raju Kumar
- Wed, 30 Jul 2025 04:23 PM (IST)
- Source:JND
NCR Builders-Banks Nexus: The Central Bureau of Investigation (CBI) launched a major crackdown against the "unholy nexus" of builders and banks, who cheat homebuyers in the National Capital Region (NCR). The officials on Wednesday said the federal probe agency registered 22 FIRs to investigate the racket run by the builders and bankers. The action comes on the Supreme Court's directions.
Who All Are Named In The FIR?
Builders - Jaiprakash Associates Ltd, Ajnara India Ltd, Jaypee Sports International Ltd, Vatika Ltd, Jaypee Infratech Ltd, Supertech and Idea Builders among others were named in CBI's separate FIRs.
Tob Banks Named In FIRs
The Central probe agency also named the top banks of the country, including the State Bank of India. The State Bank of India, Indiabulls Housing Finance Ltd, Piramal Finance, HDFC Bank, ICICI Bank, Tata Capital Housing Finance and PNB Housing Finance Ltd among others have also been named in the FIRs registered by the Economic Offences unit of the agency.
Earlier, the Supreme Court bench of Justices Surya Kant and N Kotiswar Singh allowed the CBI to convert the six preliminary enquiries it conducted against various builders and banks into 22 regular cases for further investigation, after which the CBI filed the FIRs.
How Banks, Builders Cheated Homebuyers
According to the FIRs, the case centres on a subvention scheme offered by banks and financial institutions to homebuyers wherein sanctioned loan amounts were directly disbursed to developers who were obligated to pay the EMIs until possession of the flats was handed over to the buyers.
The controversy started after builders failed to deliver flats on time. After widespread defaults by developers on their commitments, the banks began demanding repayment from the buyers, prompting them to seek legal action. The Supreme Court praised the CBI for its diligence in recognising the scale and severity of the alleged fraud. The apex court said the CBI had examined more than 1,000 individuals and visited 58 project sites as part of its investigation, highlighting the scale of the scam.
The Supreme Court noted that the investigation in the seventh preliminary enquiry registered by the CBI, which is over projects of various builders except Supertech Ltd, falling outside the NCR region in Mumbai, Bangalore, Kolkata, Mohali and Allahabad, was still underway.
Petitions Filed By Over 1,200 Homebuyers
The Supreme Court heard a batch of petitions filed by over 1,200 homebuyers. They had booked flats under the banks' subvention plans in various housing projects in the NCR region, especially Noida, Greater Noida and Gurugram. The victims allege they are being coerced by the financial institutions to remit EMIs despite not having received possession of their flats.
Earlier on March 29, the top court had allowed the CBI to register five preliminary enquiries into affairs of builders and projects in the NCR region.
It allowed one preliminary enquiry to be registered against reality major Supertech Ltd against whom 799 homebuyers have moved the top court by way of 84 appeals involving projects in eight different cities.
"We accept the recommendation and the CBI shall accordingly register regular cases and proceed in accordance with law," the bench had ordered. The bench granted six weeks to the agency for its investigation into the seventh preliminary enquiry over projects outside the NCR.
(With PTI inputs)