Inder Vashisth / New Delhi
Acting on the directions of the Supreme Court, the Central Bureau of Investigation (CBI) has registered six cases to investigate the alleged nexus between builders and officials of financial institutions that defrauded thousands of home buyers in Kolkata, Bengaluru, and Mumbai.
The CBI carried out searches at 12 locations across the three cities, seizing incriminating documents and electronic evidence.
The cases have been filed against:
- M/s Ithaca Estates Pvt. Ltd., Bengaluru
- M/s LGCL Urban Homes (India) LLP, Bengaluru
- M/s Ozone Urbana Infra Developers Pvt. Ltd., Bengaluru
- M/s Shashwati Realty Pvt. Ltd., Mumbai (with projects in Bengaluru)
- M/s MKHS Housing LLP, Kolkata
- M/s ACME Realities Pvt. Ltd., Mumbai
Thousands of cheated home buyers had earlier approached the Supreme Court through Special Leave Petitions (SLPs), highlighting how developers lured customers with fraudulent “home loan subsidy schemes” and later colluded with financial institutions to exert coercive recovery actions.
In April 2025, the Supreme Court had noted this “unholy nexus” and directed the CBI to conduct seven preliminary inquiries. Following six inquiries involving builders in the NCR, the CBI filed a status report, leading to 22 FIRs against NCR-based developers, which remain under investigation.
The seventh inquiry, focusing on builders outside the NCR, has now concluded. After reviewing the CBI’s findings, the Supreme Court ordered the agency to register six regular cases against unidentified officials of real estate firms and financial institutions in Kolkata, Bengaluru, and Mumbai.