The CBI cracks down on builders cheating homebuyers in Kolkata, Bengaluru, and Mumbai after receiving a Supreme Court directive. The agency has registered six cases and launched searches at 12 locations across the three cities.
According to officials, thousands of homebuyers lost money to fraudulent projects and delayed construction. The CBI stated that it is not only targeting builders but also probing their nexus with officials in financial institutions who allegedly facilitated the scams.
The crackdown marks one of the largest actions against builder fraud in recent years. Investigators believe that the accused siphoned off funds meant for housing projects, leaving buyers in distress. Many victims have been waiting for years for possession of their homes.
The agency revealed that multiple shell companies and fake documents were allegedly used to mislead both investors and lenders. The probe aims to uncover how funds were diverted and who benefitted from the schemes.
By intensifying searches, the CBI seeks to ensure accountability and restore faith among homebuyers. The CBI cracks down on builders cheating homebuyers in Kolkata, Bengaluru, and Mumbai at a time when real estate transparency has become a pressing concern in India.
