The Enforcement Directorate is conducting search operations at five premises in Delhi NCR in connection with ongoing investigations into three cases involving cheating of homebuyers through Subvention Schemes.

The investigation conducted by CBI revealed that the builders have cheated the homebuyers and investors in the name of Subvention Schemes. It is further revealed that the builders floated no EMI till possession schemes, whereby the homebuyers availed housing loans and booked flats.

However, even after the lapse of several years, possession of the flats has not been delivered to them, causing wrongful loss to the homebuyers. The proceeds of crime were generated through diversion of payments made by the homebuyers to other projects.