CBI raids 8 States after 22 new FIRs in builder-bank nexus case

The CBI on Tuesday conducted searches at 77 locations across eight States after registering 22 new cases in connection with the builders-financial institutions nexus case, officials said.

The searches were spread across Delhi, Chennai, Puducherry, Bengaluru, among other locations, they said. “The cases relate to an alleged nexus between certain builders and officials of financial institutions, leading to the cheating and defrauding of innocent homebuyers,” a Central Bureau of Investigation (CBI) spokesperson said in a statement.

These coordinated search operations conducted across different States are part of a nationwide crackdown, the statement said, adding that the operation resulted in the seizure of incriminating documents, digital devices and other materials, which are being examined.

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 statement said.

The case was handed over to the CBI by the Supreme Court, which on April 29, 2025, had directed the agency to register seven preliminary enquiries against builders in NCR, including Supertech Limited. Later in the year, the court directed it to register 22 cases in which homebuyers were duped in the NCR by using the subvention scheme.

In September 23, last year, the top court had allowed the CBI to register six more regular cases into the “unholy nexus” between banks and developers to dupe homebuyers in real estate projects in Mumbai, Bengaluru, Kolkata, Mohali and Prayagraj.

With the registration of 22 new cases, the total number of FIRs registered by the agency has now increased to 50. “The Central Bureau of Investigation has registered 22 new cases based on the Supreme Court’s directions against various builders,” the statement said.