The Central Bureau of Investigation (CBI) conducted raids on Wednesday. They searched 47 locations in Delhi-NCR. These sites were linked to real estate firms. The raids followed 22 cases filed just two days prior. A common theme appeared in these cases. Developers advertised a key offer. This was “no pre-EMI until delivery.”
Under this deal, builders paid home loan payments for buyers. Buyers paid only the booking sum. The builders’ promise was to cover EMIs until buyers got their homes. However, many builders failed. They stopped paying EMIs as promised. They also did not finish the projects. This left many homebuyers facing problems.
The CBI filed the 22 cases on Monday. This was a week after the Supreme Court reviewed their work. The court accepted a report on six initial probes. These probes began after many homebuyers filed complaints. The Supreme Court had ordered the CBI to investigate these issues. The order came on April 29th.
Justices Surya Kant and N. Kotiswar Singh praised the CBI’s work. They noted the examination of over 1,000 people. They also mentioned reviewing many documents. The CBI visited 58 project sites. The judges expected prompt investigation. They wanted the CBI to finish its work.
The agency requested six weeks. This was to complete a seventh probe. This final probe looked into developer and bank deals. These were outside Delhi-NCR.
The CBI’s first probe focused on Supertech Ltd. Over 900 people filed complaints. These involved 11 Supertech projects. The complaints named the company’s chairman. They also named his family. Allegations included cheating homebuyers. This was related to the “no EMI until possession” offer.
The scheme involved banks, homebuyers, and Supertech. The properties were in Noida and Greater Noida. Three projects were in Gurugram. These projects started between 2010 and 2017. Supertech began missing EMI payments in 2018-2019. They did not complete construction. They also stopped paying pre-EMIs as promised.
The CBI’s second probe targeted other developers. These included AVJ Developers and Earthcon Universal Infratech. Rudra Buildwell Projects was also named. Eight cases resulted from this probe. Unnamed bank officials were included. These were from State Bank of Travancore and others. Loan companies were also named. These firms allegedly ignored RBI rules. They approved loans with developers.
SahaInfratech and Logix City Developers were also named. Dream Procon and Shubhkamna Buildtech were investigated. Major developer Jaypree Infratech was also on the list.