The Central Bureau of Investigation (CBI) has carried out large-scale raids across the country as part of an ongoing probe into an alleged nexus between real estate builders and financial institutions.
Search operations were conducted at 77 locations across eight states and Union Territories after the agency registered 22 new cases. The action follows complaints from thousands of homebuyers who claim they were cheated in housing projects.
According to officials, the investigation is looking into how certain builders and bank officials may have worked together to misuse housing loan schemes. In many cases, banks allegedly released large amounts of money to developers without ensuring that construction work was progressing as required.
A key focus of the probe is on subvention schemes. Under these schemes, homebuyers paid a small initial amount, while banks paid most of the loan directly to builders. Developers were supposed to cover the loan EMIs until the buyer received possession of the property.
However, several projects were delayed or left incomplete. As a result, buyers were left paying EMIs for homes they never received, putting them under financial stress.
The case gained attention after affected homebuyers approached the Supreme Court of India, which directed authorities to investigate the matter. Following this, the CBI began a detailed probe and has now widened its investigation with fresh cases.
During the raids, officials seized documents, electronic devices, and financial records. These are now being examined to understand how funds were used and whether there were violations of rules.
Authorities believe the investigation could reveal a wider pattern of financial irregularities involving multiple projects and institutions. More people may be questioned as the probe moves forward.
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