Daijiworld Media Network – New Delhi

New Delhi, Apr 15: The Central Bureau of Investigation on Tuesday launched a massive nationwide operation, conducting raids at 77 locations across eight States and Union Territories, following directions from the Supreme Court of India to probe an alleged nexus between builders and financial institutions.

As part of the crackdown, the agency registered 22 fresh cases linked to “subvention plans,” under which homebuyers were allegedly cheated due to collusion between real estate developers and officials of financial institutions.

With this, the total number of cases registered by the CBI in the matter has risen to 50. Earlier, 28 cases were filed last year against multiple real estate companies and banks.

Officials said extensive searches led to the seizure of crucial documents, digital devices and other materials, which are now under examination.

Preliminary findings suggest a larger conspiracy involving diversion of funds, financial irregularities and fraudulent practices in the housing sector, leaving several homebuyers duped.

The agency said the ongoing probe aims to uncover the full scale of the alleged scam and fix accountability on those involved.