CBI Crackdown: Builders, Banks & Bureaucracy Collude to Crush Homebuyers’ Dreams
In a significant move ordered by the Supreme Court, the Central Bureau of Investigation (CBI) has registered 22 FIRs to probe a massive scam involving some of the biggest names in the real estate and banking sectors.
The scam lays bare a disturbing nexus between builders, banks, housing finance companies, and administrative agencies, all of whom allegedly colluded to defraud thousands of unsuspecting homebuyers across the National Capital Region (NCR).
The FIRs, filed by the CBI’s Economic Offences Unit, name Jaypee Infratech Ltd, Ajnara India Ltd, Logix City Developers Ltd, Saha Infratech Pvt Ltd, Manju Homes India Ltd, Idea Builders Pvt Ltd, CHD Developers Ltd, Jaypee Associates Ltd, and several others.
These builders are accused of siphoning off crores while leaving projects incomplete, despite collecting full payments from homebuyers.
Shockingly, the fraud couldn’t have happened without the cooperation—or wilful ignorance—of major banks and financial institutions.
Entities such as State Bank of India, HDFC Bank, ICICI Bank, Indiabulls Housing Finance, Piramal Finance, PNB Housing Finance Ltd, Tata Capital Housing Finance, and others have been named for allegedly financing these fraudulent projects and coercing buyers into paying EMIs even when they never received possession.
The CBI’s move follows the Supreme Court’s green light to convert six preliminary inquiries into 22 full-fledged investigations.
This came in response to a group of petitions filed by over 1,200 homebuyers, many of whom had invested their life savings, bank loans, and even borrowed from friends and relatives to secure their dream homes—only to be left devastated.
Victims say they were lured into subvention schemes and false promises of early possession. Instead, they are now saddled with monthly EMIs for homes that either don’t exist or are uninhabitable.
Even where possession has been given, the quality of construction remains highly questionable, raising fears about safety and long-term durability.
This episode once again underscores the plight of the Indian middle class—families who, after years of financial struggle, fall into the trap of fraudulent builders and compromised banks, only to be left with shattered dreams and lifelong debt.
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