The Central Bureau of Investigation (CBI) on Saturday registered six regular cases against builders operating in Kolkata, Bengaluru and Mumbai and against unnamed officials of financial institutions, and carried out searches at 12 premises across the three cities as part of a wide-ranging probe into alleged cheating of homebuyers. The operations follow directions issued by the Supreme Court earlier this year, the agency said in a statement.
“It may be recalled that thousands of homebuyers across India being cheated by the builders/developers and further aggrieved by the coercive action of financial institutions against them approached Hon’ble Supreme Court by way of filing SLPs, seeking relief,” the CBI’s statement read
The agency’s statement said the court’s observations about the “unholy nexus” and the role of so-called subvention schemes, arrangements under which repayments on home loans are temporarily borne by the builder to lure buyers, which, the court said, had been misused to the detriment of purchasers. Acting on those observations, the Supreme Court in April directed the CBI to open seven preliminary enquiries; six concerned developers in the National Capital Region (NCR) and one examined builders outside the NCR.
Having completed the seventh preliminary enquiry, the CBI submitted its status report to the Supreme Court. After perusal of the report, the top court directed the central agency to register six regular cases against builders in Kolkata, Bengaluru and Mumbai and against unknown officials of financial institutions, the CBI said. Searches related to those cases were carried out on Saturday and remain under way.
During the searches the agency said it recovered various incriminating documents and seized electronic devices and other digital evidence now being examined. The CBI added that investigations are continuing and further action will be taken as evidence is analysed.
The CBI did not immediately identify the builders or financial-institution officials named in the new FIRs. The agency said it was acting on the Supreme Court’s mandate and will share further details as the investigation progresses and as permitted by the court and investigative protocols.