CBI books builders, bank officials in 22 FIRs for cheating buyers

CBI registers 22 FIRs against real estate developers and unnamed financial officials in NCR, alleging subvention scheme misuse and fraud under Supreme Court orders

In a major crackdown on builders accused of defrauding thousands of homebuyers in the National Capital Region (NCR), the Central Bureau of Investigation (CBI) has registered 22 FIRs against various real estate developers and unknown officials of financial institutions.

 

According to a CBI statement, acting on the directions of the Supreme Court, the agency also conducted searches at 47 locations across Delhi, Gurugram, Noida, Greater Noida, and Ghaziabad, seizing incriminating documents and digital evidence.

 

The Supreme Court’s intervention came after numerous homebuyers approached it through special leave petitions (SLPs), highlighting how they were cheated by developers and then subjected to coercive recovery actions by financial institutions.

 

 

The CBI further said that many complaints centred around the misuse of the “subvention scheme” — a loan model in which builders took loans in the name of homebuyers and promised to pay EMIs until possession — promises that were often broken, leaving buyers saddled with debt and without homes.

 

In April 2025, the Supreme Court observed a nexus between builders and financial institutions and directed the CBI to register seven preliminary enquiries (PEs). The CBI submitted its status report within three months after completing six PEs, upon which the court ordered registration of 22 regular cases.

 

The builders and projects named in the FIRs include Supertech Ltd; AVJ Developers (AVJ Heights); Earthcon Universal Infratech (Casa Royale); Rudra Buildwell Projects (Rudra Palace Height); Geotech Promoters (Geotech Blessing); Shubhkamna Buildtech (Shubhkamna City and Advert Tech Homes); Bulland Buildtech (Bulland Elevates); Decent Buildwell (Shri Radha Aqua Gardens); Rudra Buildwell Construction (KBNOWS Apartments); Saha Infratech (Amadeus); Dream Procon (Victory Ace); Logix City Developers (Blossom Zest); Jaypee Infratech (Orchards); Sequel Buildcon (The Belvedere); Ajnara India (Ajnara Ambrosia); Vatika Ltd (Vatika Turning Point); CHD Developers (106 Golf-Avenue); Ninex Developers (Ninex City); Jaypee Sports International and Jaiprakash Associates (Kove and Kassia projects); Idea Builders (Red Apple Residency); and Manju J Homes India Ltd (Red Apple Homez).

 

The FIRs allege that these developers, in connivance with unknown bank officials, created fake or fraudulent loan agreements and diverted buyer funds for personal gain, violating Reserve Bank of India norms and banking regulations. The CBI has said that investigations are ongoing to identify and prosecute all parties involved in the conspiracy.

 

This court-monitored probe represents one of the most extensive enforcement actions against real estate fraud in the NCR and is expected to bring much-needed accountability to the housing sector.