Subvention Scheme: CBI Files Six FIRs After Raids In Kolkata, Bengaluru, And Mumbai

The Central Bureau of Investigation, Saturday, carried out searches at twelve locations and filed new six cases to probe the nexus between builders and officials of financial institutions. CBI officials carried out raids

in Kolkata Bengaluru and Mumbai.With today's searches and registration of fresh cases, the CBI has now spread its investigation across India as thousands of home buyers have suffered enormous hardships because of 'subvention scheme'.In subvention scheme a tripartite agreement was signed between the builder, home buyers and financial institutions. The financial institution transferred the amount to builder.The builder paid the EMI on these loans till the flat was handed over to the buyer. however, several builders failed to construct the projects and defaulted on EMIs, resulting in FIs directly asking the buyers to pay the amount who did not even have the possession of homes."The Central Bureau of Investigation has registered 06 cases against different builders of Kolkata, Bangalore and Mumbai and unknown officials of various financial institutions in compliance of directions of the Supreme Court and conducted searches at 12 premises at Kolkata, Mumbai and Bangalore," the CBI said today.

Names of Six companies:

1. Ithaca Estate Private Limited, Regd office Bangalore2. LGCL Urban Homes (India) LLP, Regd office, Bangalore3. Ozone Urbana Infra Developers Pvt. Ltd Regd. Office, Bangalore4. Shashwati Realty Pvt. Ltd., Regd, Mumbai (Project in Bangalore).5. MKHS Housing LLP, Kolkata6. ACME Realities Pvt. Ltd MumbaiThe probe agency said thousands of home buyers across India were cheated and coerced by builders, real estate developers nexus with financial institutions. Writ petitions were filed in the Apex Courts highlighting this "coercion and hardships.""The Supreme Court observing the unholy nexus between the builders and the financial institutions in cheating the home buyers by innovating and introducing ‘Subvention Scheme’ of home loans, in April 2025, directed CBI to register 7 Preliminary Enquiries," the CBI said.On directions of Supreme Court, the anti corruption federal probe agency filed seven Preliminary Enquiries. It filed a status report on six Preliminary Enquiries this was regarding builders in National Capital Region.In July CBI carried out searches at 47 locations across NCR and filed 22 cases against top real estate developers and builders in NCR. The Enforcement Directorate has also filed 22 separate money laundering cases which stems from CBI FIRs."On completion of the 7th Preliminary Enquiry which was against various builders outside NCR, CBI has submitted the status report before the Hon’ble Supreme Court. Upon perusal of the report submitted by the CBI, the Supreme Court directed CBI to register 06 Regular Cases against different builders in Kolkata, Bangalore and Mumbai and unknown officials of financial institutions," the officials said.