CBI Cracks Down on NCR Builders Amidst Fraud Allegations

In an unprecedented enforcement effort, the Central Bureau of Investigation (CBI) has initiated 22 cases targeting builders across the National Capital Region (NCR). This action comes in response to allegations of fraud and deceit involving thousands of homebuyers, as well as potential collusive activities with financial institutions.

The crackdown, mandated by a Supreme Court order, has led to comprehensive searches at 47 specific locations within the NCR. Victims of this alleged fraud had petitioned the apex court, seeking intervention after suffering financial losses and coercion by financial bodies.

The Supreme Court's scrutiny into the suspected collusion highlighted the misuse of the 'Subvention Scheme' for home loans. Prompted by these findings, the CBI promptly registered and investigated several Preliminary Enquiries (PEs), culminating in the formal registration of 22 cases. The investigation, now intensified by the discovery of various documents and electronic evidence, continues to unfold across key cities including Delhi, Gurugram, and Noida.

(With inputs from agencies.)