In a major crackdown against an alleged nexus between builders and officials of financial institutions in the Delhi-National Capital Region, the Central Bureau of Investigation (CBI) has filed 22 cases in relation to cheating and defrauding of thousands of homebuyers. The cases have been registered against various builders and unnamed officials of several financial institutions.
After registering the 22 cases following directions to this effect from the Supreme Court, the investigation agency also carried out raids at 47 locations across the National Capital Region.
The CBI said in a release on Wednesday that the homebuyers were first cheated by the developers and then faced coercive action by financial institutions, which had disbursed loans to them. The aggrieved persons had knocked at the Supreme Court’s doors and filed special leave petitions (SLPs).
During the hearing of cases, the top court had noted an “unholy nexus” between the builders and the financial institutions and said the homebuyers were cheated using a home loan ‘subvention scheme’ launched by the financial institutions. In April this year, the CBI was directed to register seven Preliminary Enquiries (PEs) in the matter.
The CBI complied and completed inquiries in six of these PEs within a period of three months. The agency filed a status report with the Supreme Court, and it was then directed by the top court to file 22 Regular Cases against various builders in the NCR area and unknown officials of financial institutions.
The 47 places raided by the CBI were located across NCR, including Delhi, Gurugram, Noida, Greater Noida, and Ghaziabad. The agency is said to have found many incriminating documents and digital electronic evidences as well during the searches.
The investigation will continue into the matter.
Top developers and banks named in FIRs
Among the builders/property developers named in the CBI cases include Jaypee Sports International Ltd, Jaiprakash Associates Ltd, Ajnara India Ltd, Vatika Ltd, Jaypee Infratech Ltd, Supertech, and Idea Builders.
Central Bureau of Investigation (CBI) has registered 22 cases against different Builders and unknown officials of various financial institutions involved in cheating and defrauding thousands of Homebuyers in NCR, in compliance of directions of the Hon’ble Supreme Court of India pic.x.com/awq3PGKGLo
— Central Bureau of Investigation (India) (@CBIHeadquarters) July 30, 2025
The State Bank of India, Indiabulls Housing Finance Ltd, Piramal Finance, HDFC Bank, ICICI Bank, Tata Capital Housing Finance and PNB Housing Finance Ltd are among the leading bankers and financial institutions named in the FIRs.
The cases have been registered by the Economic Offences Unit of the CBI.
How homebuyers were cheated
As per the details of the case, the subvention scheme launched by the banks and financial institutions allowed sanctioned loan amounts to be directly transferred to builders, who were then mandated to pay the EMIs till possession of flats was offered to the homebuyers.
However, developers started defaulting on their EMIs, and banks turned to homebuyers to demand repayments. The petitioners have claimed in their pleas that they are being coerced into paying the EMIs despite not being handed over possession of the flats.
A total of more than 1,200 homebuyers had filed several petitions in relation to flats purchased in NCR, especially Noida, Greater Noida, and Gurugram under the subvention scheme.
As per the Supreme Court bench of Justices Surya Kant and N Kotiswar Singh, the scale and severity of the case were huge, and the CBI examined over 1,000 persons and visited 58 project sites during the investigation.
In the case of the seventh PE, which concerns projects outside the NCR area in Mumbai, Bengaluru, Kolkata, Mohali, and Allahabad and involves several builders except Supertech Ltd, the investigation is still underway.