New Delhi: the Directorate Directorate (ED) has submitted 22 cases under the anti-money laundering law to investigate the “unholy Nexus” of builders and banks that have reportedly led to the cheating of home buyers in the National Capital Region (NCR), said officials.
The cases submitted by the Federal Probary Agency, under the Prevention of Money Launning Act (PMLA), stem from an equal number of CBI FIRs that was submitted by the last agency in July-end on indications of the Supreme Court.
These cases include “enormous” public interest, since countless home buyers are reportedly cheated. The ED will try to investigate the alleged fraud, corruption and money laundering of the builders, banks and others and to attach illegal assets created by the suspect, sources told PTI.
There is a provision for a refund of assets under the PMLA and the ED will want to perform this clause in these cases, where possible, they said.
The CBI had JayPe Sports International LTD, Jaiprakash Associates LTD, Ajnara India Ltd, Vatika LTD, JayPee Infratech Ltd, Supertech and Idea Builders, including in its individual FIRs.
The bankers and financial institutions such as the State Bank of India, Indiabulls Housing Finance LTD, Piramal Finance, HDFC Bank, Icici Bank, Tata Capital Housing Finance and PNB Housing Finance LTD have also been appointed in the CBIs registered by the Economic Citness Unit of the CBI.
The accused in the 22 ED Enforcement Case Information Reports (ECIRs) are the same, according to the sources of the Agency.
An ECIR is the ED equivalent of a CBI or Police Fir.
The CBI promotion followed the guidelines of the Apex Court -Bank of Justices Surya Kant and N Kotiswar Singh, which allowed the Agency to convert the six provisional investigations that it carried out against various builders and banks into 22 regular issues for further investigation.
The cases focus on a subsidy schedule offered by the banks and financial institutions to home buyers where sanctioned loan amounts were paid directly to developers who were obliged to pay the EMIs until the possession of the flats was transferred to the buyers. Following widespread standard values ​​by developers based on their obligations, the banks began to demand the repayment of the buyers.
In these cases, the APEX court had praised the provisional CBI probe and said that the Agency (CBI) investigated more than 1,000 people and visited 58 project sites as part of the investigation.
It heard a series of petitions submitted by more than 1,200 home buyers, who booked flats under the subsubvent plans in various housing projects in the NCR region, especially Noida, Greater Noida and Gurugram.
The petitioners claim that they are forced by the financial institutions to finish Emis, even though they have not received possession of their flats.
“The Hon’ble Supreme Court, which observes the unholy coherence between the builders and the financial institutions in the chief of home buyers by innovating and introducing ‘subsidy schedule’ of home loans, had dedicated the CBI to register seven preliminary investigations (PES), a CBI -Spaak in the month of April 2025,”
#Enforcement #Directorate #Files #cases #BuildersBanks #Nexus #Case