The Central Bureau of Investigation (CBI) has registered 22 cases on the Supreme Court directive, to probe the alleged nexus between builders and financial institutions for cheating homebuyers. 

Hundreds of homebuyers had approached the Supreme Court for relief, alleging cheating by builders/developers through subvention schemes of home loans and coercive action by the financial institutions against them. CBI was earlier asked to do a preliminary enquiry and submitted a status report. On studying this report, the apex court ordered the CBI to register regular cases against different builders in the NCR area and unknown officials of financial institutions. 

The SC allowed CBI to register cases pertaining to a batch of over 1200 homebuyers who booked flats under subvention plans in various housing projects in NCR, especially Noida, Greater Noida and Gurgaon. They had alleged that they were being forced by banks to pay EMIs though they were still not granted possession of their flats by the builders. The developers also defaulted on payment of pre-EMI/EMI as promised under subvention scheme till handing over the possession of flats to homebuyers. Their deposits were also not refunded.  The agency found that the banks started deducting EMI from homebuyers and in the event of default reported their accounts as non-performing assets and as a result of that their CIBIL score was adversely impacted.