The Central Bureau of Investigation (CBI) has registered 22 fresh cases in its ongoing probe into a suspected “unholy nexus” between builders and financial institutions in sanctioning large sums under subvention schemes without due diligence.
Extensive searches were carried out at 77 locations spread across eight states/Union Territories in connection with these 22 cases, resulting in the seizure of incriminating documents, digital devices and other materials.
The action is aimed at gathering crucial evidence to unravel the larger conspiracy involving alleged diversion of funds, financial irregularities, and fraudulent practices in the housing real estate sector.
The probe follows over 170 petitions filed by more than 1,200 homebuyers, who alleged that banks had disbursed large loans to builders under subvention schemes even before projects had commenced.
