The Central Bureau of Investigation (CBI) has registered six cases and is conducting searches at 12 locations, in a major crackdown on builders allegedly involved in cheating thousands of homebuyers in Kolkata, Bengaluru, and Mumbai. The agency is also probing the nexus of builders with officials of financial institutions.
The cases have been registered following a Supreme Court directive.
The builders have been identified as Bengaluru-based Ithaca Estate Private Limited, LGCL Urban Homes (India) LLP, and Ozone Urbana Infra Developers Pvt. Ltd.; Mumbai-based Shashwati Realty Pvt. Ltd. (project in Bengaluru) and ACME Realities Pvt. Ltd.; and MKHS Housing LLP, Kolkata.
“It may be recalled that thousands of homebuyers across India being cheated by the builders/developers and further aggrieved by the coercive action of financial institutions against them approached the Supreme Court by way of filing SLPs (Special Leave Petitions), seeking relief,” the agency said.
The Supreme Court, observing the unholy nexus between the builders and the financial institutions in cheating the homebuyers by innovating and introducing ‘Subvention Scheme’ of home loans, in April 2025 directed the CBI to register seven preliminary enquiries.
“Following the directions of the Supreme Court, CBI had registered the preliminary enquiries and after completion of six preliminary enquiries — which were pertaining to builders in the NCR (National Capital Region), the CBI had earlier submitted the status report before the Supreme Court,” it said.
On the directions of the Supreme Court, the agency then registered 22 cases against various builders of NCR, which are under active investigation.
“Now, on completion of the 7th preliminary enquiry, which was against various builders outside NCR, the CBI has submitted the status report before the Supreme Court. Upon perusal of the report…, the Court directed the CBI to register six regular cases against different builders in Kolkata, Bengaluru, and Mumbai and unknown officials of financial institutions,” said the agency, adding that the searches were under way.
