A major step toward accountability for thousands of distressed homebuyers has taken shape after the Central Bureau of Investigation (CBI) registered 22 FIRs against real estate developers and unknown bank officials operating in the National Capital Region. The action follows strict directions from the Supreme Court of India over alleged cheating, collusion, and large-scale fraud linked to stalled housing projects.
The cases stem from the apex court’s observations in April 2025, when it flagged what it termed an “unholy nexus” between builders and financial institutions under subvention home-loan schemes. Under these schemes, banks released loan amounts directly to developers, who promised to pay EMIs until possession. In many projects, flats were never delivered, yet buyers were forced to repay loans.
The Supreme Court acted on petitions filed by more than 1,200 homebuyers from Noida, Greater Noida, Gurugram, Ghaziabad, and other NCR regions. It directed the CBI to conduct 7 preliminary enquiries to determine whether cognisable financial or criminal offences were made out.
After completing 6 enquiries within 3 months, the CBI submitted its findings to the court. On review, the court ordered the agency to convert the enquiries into full criminal cases and proceed with deeper investigation.
On July 30, 2025, the CBI formally registered 22 FIRs against NCR-based builders and unidentified officials of financial institutions alleged to be part of the collusive arrangement. Following this, search operations were carried out at 47 locations across Delhi, Gurugram, Noida, Greater Noida, and Ghaziabad, leading to the seizure of documents and digital evidence.
Builders named in the FIRs include Supertech Limited, Earthcon Universal Infratech Pvt. Ltd., Bulland Buildtech Pvt. Ltd., Rudra Buildwell Construction Pvt. Ltd., Logix City Developers Pvt. Ltd., Jaypee Infratech Ltd., Ajnara India Ltd., and Jaypee Sports International Ltd. along with Jaiprakash Associates Ltd.
Under the subvention model, buyers were assured developers would service EMIs until possession. With projects delayed for years, banks began recovering full amounts from buyers despite no handover, trapping them financially.
Legal experts say the FIRs mark a shift from inquiry to prosecution and could lead to charges of cheating and criminal conspiracy. For homebuyers, the investigation offers a path toward accountability, though proceedings are expected to be lengthy.
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