CBI launches massive crackdown on builders and banks over homebuyer fraud in NCR

CBI Crackdown on Builders Cheating the Homebuyers in NCR

The Central Bureau of Investigation (CBI) has launched a major crackdown on real estate developers and financial institutions allegedly involved in cheating homebuyers across the National Capital Region (NCR).

As part of the crackdown, the agency has registered 22 cases linked to a suspected nexus between builders and certain financial entities, CBI said in a statement.

The allegations involve fraudulent practices related to project financing and diversion of funds, “cheating” thousands of homebuyers.

The CBI has named Supertech, Ajnara India Ltd, Vatika Ltd, Jaypee Infratech Ltd, Jaypee Sports International Ltd, Jaiprakash Associates Ltd among others, in its FIRs.

“CBI conducted searches at 47 locations across NCR, across Delhi Gurugram, Noida, Greater Noida and Ghaziabad. Various incriminating documents and some electronic evidences have been seized during the searches,” the CBI said in a statement issued on July 30.

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The raid targeted offices and residences associated with the accused parties.

The CBI's action follows a Supreme Court directive allowing the agency to convert six preliminary enquiries against builders and banks into 22 regular cases for further investigation. The apex court was hearing petitions from over 1,200 homebuyers who booked flats under subvention plans in NCR housing projects, particularly in Noida, Greater Noida, and Gurugram.

“Thousands of homebuyers in NCR, being cheated by the builders/developers and further aggrieved by the coercive action of financial institutions against them, approached the Supreme Court by way of filing SLPs, seeking relief. The Supreme Court observing the unholy nexus between the builders and the financial institutions in cheating the homebuyers by innovating and introducing 'Subvention Scheme of home loans, in the month of April 2025, directed CBI to register 7 Preliminary Enquiries (PEs),” the statement said.

Following the directives of Supreme Court, CBI had registered seven PEs and within the time period of three months completed enquiry in six PEs and submitted the status report before the Supreme Court.

“Upon perusal of the status report submitted by the CBI, the SC directed CBI to register 22 Regular Cases, against different builders in NCR area and unknown officials of financial institutions,” the statement said.

There was no immediate response available from the developers named in the crackdown. The copy will be updated after receiving a response. The investigation is expected to widen as more evidence is gathered.