Now Reading: ED raids Delhi builders over ‘No EMI’ housing scheme
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ED raids Delhi builders over ‘No EMI’ housing scheme
The Enforcement Directorate (ED) has raided AVJ Developers and Rudra Buildwell across Delhi-NCR in a money-laundering probe linked to their ‘No EMI Till Possession’ scheme. NDTV Profit reports that investigators suspect the…
The Story in Brief
The Enforcement Directorate (ED) has raided AVJ Developers and Rudra Buildwell across Delhi-NCR in a money-laundering probe linked to their ‘No EMI Till Possession’ scheme. NDTV Profit reports that investigators suspect the builders diverted loan funds meant for homebuyers, leaving many with delayed homes and defaulted EMIs.
The searches under the Prevention of Money Laundering Act (PMLA) are tracing the flow of funds. The builders had promised buyers zero equated monthly instalments until possession, a popular offer that appears to have masked diversion of money. Homebuyers have complained of stalled projects and mounting interest liabilities.
The Indian Opinion
The ‘No EMI’ pitch felt too good to be true, and now the ED is asking hard questions. Builders blame rising costs; buyers say they were misled into loans they cannot service. Whichever side wins, the real test is this: how many of the promised flats will actually be delivered in the next 12 months, and who pays for the interest already accrued? The numbers from the ED’s forensic audit will tell.
Source: ndtvprofit.com
This story was synthesised by AI from the source linked above.
