The Central Board of Investigation (CBI) on September 27 conducted searches at 12 locations across Kolkata, Bengaluru and Mumbai after registering six new cases against real estate developers and officials of financial institutions for allegedly cheating and defrauding homebuyers, officials told PTI.

CBI conducts raids on 12 sites in Kolkata, Bengaluru, and Mumbai after filing six cases against developers and financers for allegedly defrauding homebuyers (Photo for representational purposes only) (HT photo)

The agency is investigating the nexus of the builders and officials of financial institutions to cheat the homebuyers in Kolkata, Bengaluru and Mumbai on the directions of the Supreme Court, they said.

Companies under the scanner

Bengaluru-based Ithaca Estate Private Limited, LGCL Urban Homes and Ozone Urbana Infra Developers Pvt. Ltd, Mumbai based Shashwati Realty Pvt. Ltd which has projects in Bengaluru, Mumbai-based ACME Realties Pvt. Ltd, and Kolkata based MKHS Housing LLP were booked in the FIRs, the PTI report said.

The homebuyers had approached the Supreme Court after being cheated by the builders and developers and further aggrieved by the coercive action of financial institutions against them, they said.

Subvention Scheme core of the matter

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 April 2025, the Supreme Court directed the CBI to register seven preliminary enquiries, CBI’s spokesperson said in a statement.

The CBI had earlier registered seven preliminary enquiries on the directions of the apex court.

It had earlier registered 22 cases against builders in the Delhi NCR region on the basis of findings of six preliminary enquiries. A status report was also submitted in the Supreme Court, the PTI report said.

“Now, on completion of the 7th preliminary enquiry which was against various builders outside NCR, CBI has submitted the status report before the Supreme Court. Upon perusal of the report submitted by the CBI, the Supreme Court directed CBI to register 06 Regular Cases against different builders in Kolkata, Bengaluru and Mumbai and unknown officials of financial institutions,” the spokesperson was quoted as saying by PTI.

The spokesperson said the fresh six cases and searches were undertaken in compliance of the Supreme Court orders.

“Searches are still in progress. Various incriminating documents and some digital electronic evidences have been seized during searches,” the spokesperson was quoted as saying by PTI.