A Central Bureau of Investigation (CBI) conducted searches across 12 locations in Kolkata, Bengaluru and Mumbai on Saturday after registering six fresh cases against builders and officials of financial institutions on charges of cheating and defrauding homebuyers, officials said.
The agency said it is investigating a nexus of builders and officials of major financial bodies on the directions of the Supreme Court after buyers of private homes approached the apex court after being cheated by the aforementioned. The buyers claimed they are aggrieved by the coercive action of financial institutions against them.
Those under the investigative body’s radar are 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.
Also Read: NCR Homebuyers fraud: SC tells CBI to file criminal cases
“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”, the CBI’s spokesperson said in a statement.
It had earlier registered seven preliminary enquiries and 22 cases on the basis of findings of six preliminary enquiries on the directions of the apex court against builders in the Delhi-NCR region. A status report was also submitted in the Supreme Court.
“Now, on completion of the 7th preliminary enquiry, which was against various builders outside NCR, the 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 informed, adding that 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,” she said.
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