India, July 30 -- The Central Bureau of Investigation (CBI), acting on Supreme Court directions, has filed 22 cases to investigate a possible nexus between builders and banks in sanctioning huge amounts under so-called subvention schemes without following any due diligence and carried out raids at 47 locations in the national capital region (NCR), officials said on Wednesday.

The apex court had, in April, passed an order on a bunch of over 170 petitions filed by homebuyers who approached the court complaining that huge loans were disbursed by banks to the builders under the scheme even before construction of the underlying projects was complete. After builders/developers defaulted on getting the flats constructed, the banks demanded EMIs...