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It was preserved as a record on September 14; the timeline below shows how it unfolded, with sources. Get the briefing to follow the top situations still developing: three emails a week, sourced and in order.

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2 clusters · 3 sources · 17 days · First seen · Last updated

Real estate fraud investigations in Delhi-NCR

Overview

The Enforcement Directorate (ED) conducted raids in the Delhi-NCR region targeting builders involved in fraudulent ‘subvention schemes’. The investigations focus on a builder-bank nexus involving AVJ Developers (India) Private Limited and Rudra Buildwell Construction Private Limited.

According to the ED, these companies promoted schemes promising ‘no EMI until possession.’ However, homebuyers and investors reportedly failed to receive possession even after several years, leading to significant financial losses. The investigations were initiated under the Prevention of Money Laundering Act (PMLA) following cases referred by the Central Bureau of Investigation (CBI) pursuant to a Supreme Court order.

Entities

AVJ Developers (India) Private Limited · Narendra Modi · Piyush Goyal · Supreme Court of India · Rudra Buildwell Construction Private Limited

Timeline

  1. about 1 month ago

    [CRIME] 3 sources
    Enforcement Directorate raids Delhi-NCR builders over subvention scheme fraud

    The Enforcement Directorate raided developers in Delhi-NCR over fraudulent subvention schemes that deceived homebuyers with false promises of no EMI payments until property possession.

  2. about 2 months ago

    [BUSINESS] 3 sources
    Prime Minister Narendra Modi marks Guru Purnima and touts FTAs opening $60 trillion markets

    PM Narendra Modi wished a happy Guru Purnima on X, while Commerce Minister Piyush Goyal said recent FTAs give India access to $60 trillion of global markets, driving export and manufacturing growth.

Sources

bhaskarhindi.com · indias.news · samacharnama.com