Crackdown On Builders: CBI Searches 47 Locations In Delhi-NCR 22 Cases Registered For 'Cheating' Homebuyers

(MENAFN- Live Mint) The Central Bureau of Investigation (CBI) has registered 22 FIRs in connection with an alleged nexus between banks/housing financial corporations and builders to dupe homebuyers in the National Capital Region (NCR). As part of the investigation, the CBI conducted searches at 47 locations across Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, and other NCR areas. These searches led to the recovery of various incriminating documents and digital evidence.
This comes a week after the Supreme Court's direction to investigate the "unholy nexus" of builders.

Jaypee Sports International Ltd, Jaiprakash Associates Ltd, Ajnara India Ltd, Vatika Ltd, Jaypee Infratech Ltd, Supertech, and Idea Builders, among others, are named by the investigative agency in the FIR, PTI reported.

Bankers and financial institutions like 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.

A bench comprising Justices Surya Kant and N Kotiswar Singh had on April 29 permitted the agency to convert six preliminary enquiries into formal investigations.

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The probe focuses on a subvention scheme introduced by several banks and financial institutions. Under this scheme, loans were sanctioned to homebuyers but disbursed directly to builders, who were responsible for paying the EMIs until possession of the flats was handed over.

However, after many developers defaulted on their commitments, banks began demanding repayments from the homebuyers-despite them not having received their homes.

Recognising the seriousness of the alleged fraud, the apex court praised the CBI for its“diligence”, noting that the agency had questioned over 1,000 individuals and inspected 58 project sites as part of its investigation.

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The court also noted that a seventh preliminary enquiry is still underway. This relates to projects by various builders-excluding Supertech Ltd-located outside the National Capital Region, including Mumbai, Bengaluru, Kolkata, Mohali, and Allahabad.

The court was hearing a set of petitions filed by more than 1,200 homebuyers who had booked flats under the subvention scheme in projects across Noida, Greater Noida, and Gurugram. The petitioners allege they are being“coerced” by financial institutions to pay EMIs, even though they have not yet been given possession of their homes.
(With agency inputs)

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