CBI files charges against AVJ, bankers

The Central Bureau of Investigation (CBI) has filed a charge sheet against a Delhi-based real estate company and its subsidiaries, directors of the companies, officials of three public and private sector banks as well as proxy homebuyers as part of its ongoing probe into the builder-bank nexus, the agency said on Wednesday.

- HT Correspondent

CBI is investigating at least 50 cases across the country against various builders, bankers and other financial institutions. Registered on the directions of the Supreme Court, the agency is looking into the alleged “unholy” nexus between builders and financial institutions in sanctioning huge amounts under so-called subvention schemes without due diligence. In April 2025, the Supreme Court ordered a CBI probe after a group of over 170 petitions filed by more than 1,200 homebuyers alleged that banks had disbursed huge loans to builders under a scheme even before the projects were started. After builders/developers defaulted, the banks demanded equated monthly instalments (EMIs) to recover loan amounts from the homebuyers.