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Court Allows CBI to Investigate More Fraud Cases Against Builders

On September 23, 2023, the Supreme Court of India made an important decision.

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Court Allows CBI to Investigate More Fraud Cases Against Builders
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On September 23, 2023, the Supreme Court of India made an important ruling.  The court allows CBI to investigate more fraud cases, giving permission to register six new cases linked to real estate scams in cities like Mumbai, Bengaluru, Kolkata, Mohali, and Prayagraj. This decision matters because thousands of homebuyers have lost money to builders who failed to deliver promised homes.

The Central Bureau of Investigation (CBI) has been probing what it calls an “unholy nexus” between banks and builders. In many cases, builders collected money through housing projects but never handed over the properties. Some banks also allegedly worked with builders, which left homebuyers paying for homes they never received.

A bench of three judges, Justices Surya Kant, Ujjal Bhuyan, and N. Kotiswar Singh, heard the matter. They listened to Additional Solicitor General Aishwarya Bhati, who represented the CBI. She explained that initial investigations showed strong evidence of fraud. With the court’s order, the CBI can now register new cases and even carry out searches and seizures to collect more proof.

The court also told Bhati to share confidential details with lawyer Rajiv Jain, who is assisting in the case. This move follows an earlier order in July 2023, when the court allowed 22 cases to be registered against builders in Delhi-NCR. That earlier decision focused on scams that left thousands of homebuyers stuck with loans but without homes.

The problem often begins with a subvention scheme. Under this system, banks give money directly to builders, and homebuyers are supposed to pay only after getting their homes. But when builders fail to complete the projects, banks start asking buyers to pay EMIs even though they don’t own the property. This has created a nightmare for many families, especially in Noida, Greater Noida, and Gurugram.

Reports show that more than 1,200 homebuyers are struggling under this scheme. Many complain that banks force them to pay monthly installments even though they have not received their flats. In one case, Supertech Ltd, a major builder, has faced 84 appeals from homebuyers in eight cities. Since 1998, Supertech has taken loans worth over Rs 5,100 crore, making it one of the most controversial names in the sector.

The court has also noted the huge role of banks. For example, Corporation Bank alone has given more than Rs 2,700 crore in loans to builders using these schemes. If builders don’t repay, banks transfer the burden to buyers, leaving ordinary people stuck with debts.

Earlier, in March 2023, the court had already approved five preliminary probes against builders in Noida, Greater Noida, Gurugram, Yamuna Expressway, and Ghaziabad. The July 2023 report from the CBI further confirmed that enough evidence existed to dig deeper into these frauds.

The Supreme Court is now working to protect homebuyers’ rights. It wants builders and banks to answer for their actions. The amicus curiae, or advisor to the court, even called Supertech one of the worst offenders. The decision is seen as a strong step toward justice in India’s troubled real estate market.

This case is more than a legal fight; it is about restoring trust in the home-buying process. With fresh investigations, the hope is that homebuyers across India will get relief, and wrongdoers will face strict action. In the end, the court allows CBI to investigate more fraud cases, ensuring that families cheated by unfair practices may finally see justice.

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UAE Visa Ban Pakistan: Rising Rejections Leave Travelers Stranded

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UAE Visa Ban Pakistan
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The UAE visa ban Pakistan has intensified as Pakistani citizens face unprecedented challenges obtaining travel permits to the Gulf nation. Additional Interior Secretary Salman Chaudhry revealed Thursday that the UAE has stopped issuing visas to most Pakistani passport holders, though no formal ban exists.

Currently, the UAE only processes visas for blue and diplomatic passport holders. Blue passports are reserved for government officials, while ordinary citizens carry green passports. Senator Samina Mumtaz Zehri confirmed that authorities linked these restrictions to concerns about travelers “getting involved in criminal activities.”

Travel agents report alarming statistics. First-time and single-entry visa applications for Dubai now face rejection rates between 70 to 80 percent. Consequently, many Pakistani travelers find themselves in limbo despite having legitimate travel plans.

 Saher Nazeer from Visa Express Karachi explained that applicants with family ties in the UAE have better approval chances. Meanwhile, single visa applications see only 20 percent acceptance rates. Furthermore, family visas achieve approximately 80 percent approval.

Twenty-eight-year-old Nadeem from Lahore experienced rejection twice this year. First in January, then again in November. His travel agency blamed his age, stating that applicants “under 40” face higher scrutiny. Despite being employed full-time and providing bank statements, his applications failed.

“I don’t understand it. What does my age have to do with anything? My friend, a freelancer, got it on the first attempt,” Nadeem told reporters. He has since applied a third time, hoping for different results.

Similarly, sports journalist Muzamil Asif couldn’t cover the Asia Cup in Dubai after rejection. Despite having proper accreditation and documentation, his visa failed because he was “a single man under 35.” His news outlet lost nearly Rs 100,000 on cancelled bookings.

Travel agents cite strict financial criteria as major rejection factors. Ubaid Sajjad from AEG-Visa stated that applicants need six-month bank statements showing approximately Rs 3 million for better chances. Additionally, insufficient funds remain the primary reason for single visa rejections.

Moreover, Quratulain from Premio Travel & Tours highlighted that previous overstaying and unclear financial documentation cause many rejections. These stringent requirements create significant barriers for ordinary Pakistani citizens.

Overseas Employment Promoter Aisam Baig explained that UAE authorities worry about Pakistanis on visit visas potentially “resorting to begging.” In January 2025, the Senate Standing Committee learned that officials had ‘unofficially closed’ some UAE visas for this reason.

Furthermore, Pakistan’s former UAE ambassador Faisal Niaz Tirmizi described the situation as “serious and significant.” He noted that Emirati authorities raised concerns about document authenticity, including educational credentials. Even genuine documents with improper attestation trigger rejections.

Timeline of Events

Month Development
January 2025 Senate informed that UAE visas are “unofficially closed.”
February 2025 Ambassador calls visa refusal “a serious issue.”
April 2025 UAE announces visa issues resolved
July 2025 Interior Minister raises concerns again
November 2025 Full passport ban revealed as consideration

In April, UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi announced that the UAE and Pakistan resolved the visa issues. Pakistanis could now avail five-year visas, he stated. However, problems persisted despite these assurances.

Subsequently, Interior Minister Mohsin Naqvi raised the issue with his UAE counterpart in July. During a meeting, UAE Lt Gen Sheikh Saif bin Zayed Al Nahyan assured full support in expediting visas. Nevertheless, travelers continued facing obstacles.

Interestingly, the same Thursday that the ban on revelations emerged, UAE Ambassador Salem M. Salem Al Bawab Al Zaabi briefed Finance Minister Muhammad Aurangzeb on visa facilitation reforms. These include online processing, e-visas without passport stamping, and faster digital linkages.

According to official statements, nearly 500 visas are processed daily at the newly launched UAE Visa Centre in Pakistan. Additionally, the UAE embassy established three biometric desks, ensuring transparency in applications.

The UAE hosts 2.27 million Pakistani residents who can sponsor families under new laws. Moreover, the Gulf nation serves as Pakistan’s major trading partner in the Middle East and a key remittance source. Over 800,000 Pakistanis apply for Gulf country visas annually.

A senior UAE embassy diplomat dismissed speculation, stating, “There is no ban on UAE visas for Pakistani citizens.” He explained that some Pakistani travel agents had tampered with applicant data previously, leading to a centralized visa system.

The uncertainty creates significant financial and emotional stress. A tech entrepreneur from Karachi lost $550 (Rs 155,000) despite eventual approval. Journalist Fatima Attarwala faced double rejection despite corporate sponsorship for a major Dubai event.

Social media discussions reveal widespread frustration. Reddit users describe blocked transit visas and contradictory messages from agencies. Some users report an effective “ban on visit visas for Pakistanis in Dubai.”

In conclusion, the UAE visa ban Pakistan situation remains fluid despite diplomatic assurances. Travelers face mounting difficulties navigating opaque processes while authorities work toward solutions, balancing security concerns with bilateral relationships.

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Adelaide Weather: Showers and Cool Temperatures Continue Through Weekend

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Adelaide Weather Showers and Cool Temperatures Continue Through Weekend
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Adelaide weather continues to show unpredictable patterns as the city experiences a mix of cool conditions, showers, and occasional thunderstorms. The Bureau of Meteorology reports that a weak ridge of high pressure is moving east. Meanwhile, a low-pressure system brings unsettled conditions across South Australia.

Today, residents can expect showers beginning late morning. Additionally, thunderstorms may develop during the afternoon and evening hours. The maximum temperature will reach around 24 degrees Celsius. Furthermore, moderate winds will blow from the southwest, shifting direction later in the day.

 Looking ahead to the weekend, temperatures will dip slightly. Saturday brings a minimum of 13 degrees and a maximum of 20 degrees. Moreover, a few showers will occur throughout the day, particularly at night when rainfall chances increase significantly. Winds will maintain steady southwesterly speeds between 20 to 30 kilometers per hour.

Sunday follows a similar pattern with temperatures ranging from 12 to 21 degrees. Consequently, residents should prepare for occasional showers throughout the day. Monday continues this cooler trend with temperatures between 12 and 19 degrees and sporadic showers expected.

The Bureau has issued several important warnings. Firstly, a sheep grazier’s warning affects the Mount Lofty Ranges, Kangaroo Island, and the South East districts. Cold, showery, and windy conditions increase risks to vulnerable livestock. Therefore, farmers must take precautions to protect lambs and sheep.

Additionally, marine wind warnings cover multiple coastal areas. Strong winds affect Adelaide Metropolitan Waters, the Far West Coast, and several other regions. Consequently, marine enthusiasts and operators should exercise caution when navigating these waters.

Interestingly, while southern regions face cool conditions, the North East Pastoral District experiences severe heatwave conditions. Residents and travelers in that region should stay hydrated, limit outdoor activities, and seek cool environments.

The AUSX Adelaide Grand Final also felt the impact of inclement weather. Rainfall emerged after qualifying sessions, prompting organizers to postpone remaining events. Consequently, qualifying and heat races will now take place today instead.

Event director Adam Bailey explained the decision. He noted the three-day program allows flexibility to ensure optimal conditions. Moreover, the Protraxx team has maintained the track in prime condition, and organizers prefer not to damage it unnecessarily through muddy conditions.

Looking further ahead, Tuesday should bring some relief. Partly cloudy skies and a maximum of 21 degrees offer a break from showers. Subsequently, Wednesday promises sunny conditions with temperatures climbing to 28 degrees. Thursday will be even warmer, reaching 31 degrees with partly cloudy skies.

Throughout this period, rainfall amounts will vary. Most areas will receive moderate precipitation. However, isolated areas may experience heavier rains, particularly where thunderstorms develop. Therefore, residents should stay informed about weather updates.

In conclusion, Adelaide weather remains unsettled through the weekend with cooler temperatures and regular showers. Residents should plan outdoor activities accordingly and heed Bureau warnings. For the latest updates, visit the official Bureau of Meteorology website regularly.

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Meesho IPO GMP Shows Strong 29.7% Premium Ahead of December Launch

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Meesho IPO GMP Shows Strong 29.7% Premium Ahead of December Launch
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Meesho IPO GMP currently shows strong investor interest with unlisted shares trading at Rs 144, reflecting a grey market premium of Rs 33 or 29.7% over the upper price band. The SoftBank-backed e-commerce platform will launch its initial public offering on December 3, 2025.

The company has set a price band between Rs 105 and Rs 111 per share. The three-day subscription period will conclude on December 5. Meanwhile, anchor investors can place their bids one day earlier, on December 2.

 Issue Size and Structure: The total issue aims to raise Rs 5,421.20 crore. This includes a fresh issue of Rs 4,250 crore and an offer for sale of 105.5 million shares worth Rs 1,171.20 crore. Several major investors will sell their stakes under the OFS.

Existing shareholders participating in the offer for sale include Elevation Capital V, Peak XV Partners Investments V, and Y Combinator Continuity Holdings. Additionally, promoters Vidit Aatrey, Sanjeev Kumar, and Man Hay Tam are also offloading their stakes. Notably, SoftBank will not sell any shares in this IPO.

Key Dates and Timeline

Event

Date

Anchor Bidding December 2, 2025
IPO Opening December 3, 2025
IPO Closing December 5, 2025
Basis of Allotment December 8, 2025
Refund Initiation December 9, 2025
Credit to Demat December 9, 2025
Listing Date December 10, 2025

Investment Requirements: A single lot consists of 135 shares. Consequently, retail investors need a minimum investment of Rs 14,985 at the upper price band. The company has reserved 10% for retail investors, 15% for non-institutional investors, and 75% for qualified institutional buyers.

The company plans strategic utilization of fresh issue proceeds:

  • Rs 1,390 crore for cloud infrastructure investment in subsidiary MTPL
  • Rs 480 crore for salaries of Machine Learning and AI technology teams
  • Rs 1,020 crore for marketing and brand initiatives
  • Remaining funds for acquisitions and general corporate purposes

Company Overview

Meesho operates as India’s largest e-commerce marketplace based on placed orders and annual transacting users. During the twelve months ending September 2025, the platform served 23.42 crore annual transacting users. Impressively, 20.58 crore users came from outside the top eight cities.

Furthermore, women comprise 53.27% of Meesho’s user base. The platform’s value-driven model emphasizes affordability and accessibility. This reflects in declining average order values alongside surging placed orders reaching 183 crore.

Financial Performance: The company’s financial journey shows interesting trends:

Fiscal Year Revenue (Rs Cr) Revenue (Rs Cr)

Margin (%)

FY 2023 5,734.52 (1,671.90) (29.16)
FY 2024 7,615.15 (327.64) (4.30)
FY 2025 9,389.90 (3,941.71) (41.98)

Platform Ecosystem: Meesho connects multiple stakeholders through its technology platform. Currently, 7,06,471 active sellers operate on the marketplace. Moreover, 18,098 logistics partners support delivery operations. Additionally, 50,319 content creators generate Rs 1,208 crore in net merchandise value through content commerce.

The company employs 2,082 people and operates across two segments-Marketplace and New Initiatives. It monetizes through fulfillment services, advertising, and data insights while maintaining a zero-commission policy for sellers.

Technology Infrastructure: The platform leverages AI and ML-powered systems for various functions. These include hyper-personalized recommendations, automated cataloguing, and logistics optimization. This modular, technology-first infrastructure enables low-cost, large-scale e-commerce penetration across India.

Market Position: India’s IPO market continues to break records in 2025. Total fundraising has crossed Rs 1.6 lakh crore, surpassing 2024’s Rs 1.59 lakh crore. Nearly half of this mobilization has occurred since September. Globally, India ranks fourth in IPO volumes this year.

Meesho seeks a valuation of up to Rs 5,01,000 crore ($5.6 billion) through this offering. Moreover, the company competes with Amazon and Walmart-owned Flipkart in India’s e-commerce space. However, Meesho particularly targets value-conscious customers in smaller cities.

Investment Considerations: The company raised Rs 268.5 crore from anchor investors before the public offering. Prominent participants included SBI Mutual Fund, ICICI Prudential MF, HDFC MF, and Nippon India MF. Insurance companies like SBI Life Insurance and Tata AIA Life Insurance also invested.

It’s important to note that the grey market premium is neither regulated by stock exchanges nor recommended by SEBI. Investors should conduct thorough research or consult financial experts before making investment decisions.

In conclusion, Meesho IPO GMP signals strong market sentiment ahead of listing. However, the combination of robust user metrics, an expanding ecosystem, and strategic growth plans positions the company for future development. So, investors can track allotment status through the KFin Technologies website starting December 8.

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