The Directorate of Enforcement (ED) conducted search operations at multiple locations in Delhi-NCR on Thursday in connection with its ongoing investigations into two builder-bank nexus cases involving the alleged cheating of homebuyers through ‘Subvention Schemes’, namely M/s AVJ Developers (India) Pvt Ltd. and M/s Rudra Buildwell Construction Pvt Ltd.⁠The investigations under the Prevention of Money Laundering Act (PMLA) were initiated from Enforcement Case Information Reports (ECIRs) recorded by the ED’s Delhi zone. The ECIRs stemmed from two FIRs registered by the Central Bureau of Investigation (CBI) in July 2025 in compliance with a Supreme Court order dated April 29, 2025.Investigation conducted by CBI revealed that the builders allegedly had cheated the homebuyers in the name of ‘Subvention Schemes’.It is further revealed that the builders reportedly floated ‘no EMI till possession’ schemes under which the homebuyers availed themselves of housing loans and booked apartments in the projects.However, even after the lapse of several years, possession of the flats has not been handed over to the buyers, causing wrongful loss to them, ED sources said.