Overview

• The CBI filed six regular cases against developers and unknown officials of financial institutions after a Supreme Court directive converting a completed preliminary enquiry.
• Searches at 12 locations across Kolkata, Bengaluru and Mumbai led to the seizure of various incriminating documents and digital evidence, the agency said.
• The named entities are Ithaca Estate Pvt. Ltd., LGCL Urban Homes (India) LLP and Ozone Urbana Infra Developers Pvt. Ltd. in Bengaluru, Shashwati Realty Pvt. Ltd. and ACME Realities Pvt. Ltd. in Mumbai, and MKHS Housing LLP in Kolkata.
• These cases extend an earlier tranche of 22 FIRs registered in the Delhi-NCR region that remain under active investigation.
• The investigation stems from petitions by aggrieved homebuyers and focuses on an alleged 'unholy nexus' around subvention schemes in which developers defaulted and buyers were pressed to continue EMIs.