CBI Cracks Down on Builder-Financial Institution Nexus: Nationwide Searches Uncover Fraud
The CBI conducted nationwide raids in Kolkata, Bengaluru, and Mumbai after registering cases against builders and financial institution officials. This crackdown follows orders from the Supreme Court due to homebuyers being defrauded through fraudulent loan schemes. Critical evidence has been seized as investigations continue.
- Country:
- India
The Central Bureau of Investigation (CBI) carried out extensive searches on Saturday at 12 locations across Kolkata, Bengaluru, and Mumbai, focusing on builders and financial institution officials involved in defrauding homebuyers, officials disclosed.
The Supreme Court had mandated the investigation following complaints from homebuyers who were deceived by builders and pressured by financial institutions. The CBI's investigation highlights a scheme known as the 'Subvention Scheme' utilized to perpetrate the fraud.
Significant documentation and digital evidence were confiscated during these searches as part of six cases registered for fraud and deception in compliance with the Supreme Court's directive. This follows a series of preliminary inquiries that previously led to cases in the Delhi NCR region.
(With inputs from agencies.)
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