Taking major action on the direction of the Supreme Court, the CBI has registered 6 regular cases against several builders and officials of unknown financial institutions in Kolkata, Bangalore and Mumbai. Along with this, the CBI has raided 12 locations in these three cities.
This action has been taken after the complaints of thousands of houses buyers who were misled with the connivance of builders and financial institutions. Many victims had reached the Supreme Court directly and there was a case of tricks of home loans called ‘Subvention Scheme’.
Supreme Court ordered CBI
In April 2025, the Supreme Court directed the CBI to register 7 preliminary enquiries. Out of these, 6 tests were related to the builders of the NCR area, on which 22 cases have already been registered and the investigation is going on. The seventh investigation was on the builders outside the NCR. After the report of this investigation was submitted to the Supreme Court, the court ordered the CBI to register 6 regular cases.
Among the companies registered on M/s ITHACA Estate Private Limited (Bangalore), M/S LGCL Urban Homes (India) LLP (Bangalore), M/S Ozone Urbana Infra Developers Pvt. LTD (Bangalore), M/S Shashwati Realty Pvt. LTD (in Mumbai-Project Bangalore), M/S MKHS Housing LLP (Kolkata) and M/S Accme Realities Pvt. LTD (Mumbai) includes.
CBI found necessary evidence in search
During the search, CBI has found many important documents and digital evidence. The investigating agency says that the raid is still going on. This step is being considered a major legal initiative against the builders who cheated home buyers across the country and financial institutions in collusion with them.
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