New Delhi: The Enforcement Directorate (ED) has filed 22 separate complaints against the builders in the National Capital Region and the bank officials have investigated the case of possible collusion by the Central Bureau of Investigation (CBI) to investigate allegations of money laundering.
On July 28, the CBI registered 22 criminal cases against the builders and bank officials on the order of the Supreme Court that the agency should investigate a potential “impure” nexus between them, which without following any proper hard work to approve the amount on a large scale under the so -called welfare schemes without following any proper hard work.
Officials said that the Financial Crime Investigation Agency has registered 22 separate enforcement case information report (ECIRS) – equal to FIR in ED – under the Money Laundering Act or prevention of PMLA.
“As part of the money laundering check, we will find out the funds withdrawn by the builders and help homebuilds to fix their invested money,” said an official.
He said that the total amount can be to the tune of “thousands of crores”.
Ed is already investigating about 162 cases related to real estate fraud across the country.
FIR registered by a dozen developers named CBI and ED, Supertech Limited, Logics City Developers Pvt. Ltd., JP Infratech Limited, JP Sports International Limited.
In April this year, the Supreme Court ordered a CBI inquiry after a group of more than 170 petitions filed by more than 1,200 homebukers, alleging that banks had given huge loans to the builders under a plan before the banks started the projects. After the default of the builders/developers, banks demanded equal monthly installments (EMIs) to recover the loan amount from homebuilders.
Subvention plans include a tripartite agreement between buyers, banks and developers. Under these, buyers usually pay between 5% and 20% up-fronts, while the bank pays the remaining loan to the developer in installments. The developer pays interest on the loan for a certain period of time, usually two to four years, until the buyer occupies. The buyer then starts returning the loan in the EMIS.
“In most of the projects, launched in 2013-15, most of the builders/developers started defaulting on the payment of EMI in 2018-19. Next, the builders stopped promising pre-Mis before 2018-19, and the banks made buyers incomplete, while the projects remained incomplete,” said a second ED officer.
The CBI FIR includes the designated builders and their projects Supertech Limited, AVJ Developers (India) Private Limited, Earthcon Universal Infratech Private. Ltd., Rudra Buildwell Projects Pvt. Ltd., Geotech Promoters Pvt. Ltd., Belongs Buildtech Pvt. Ltd., Buland Buildtech Pvt. Ltd., Civilized Buildwell Pvt. Ltd., Rudra Buildwell Construction Pvt. Ltd., Saha Infratech Pvt. Ltd., Dream Prokon Pvt. Ltd., Logics City Developers Pvt. Ltd., Belongs Buildtech Pvt. Limited, Jaypee Infratech Ltd, Sequel Buildcon Private. The agency said that Limited, Ajnara India Limited, Vatika Limited, CHD Developers Limited, Ninex Developers Limited, JP Sports International Limited, Idea Builders Private Limited and Manju J Homals India Limited, said the agency.
The second official said that directors or promoters of several real estate firms have also been nominated in the FIR.
Among banking and other financial institutions, unknown officials of State Bank of India, Indiabulls Housing Finance Limited, Piramal Finance, HDFC Bank, ICICI Bank, Tata Capital Housing Finance and PNB Housing Finance Limited were nominated in various FIRs.
To ensure this, a status report submitted by the CBI earlier this year stated that most of the 1,200 homebukers/borrowers represented before SC related to Supertech, which is facing bankrupt proceedings.
