Supreme Court directs CBI to proceed with 6 more cases in builder-bank nexus fraud against homebuyers
NEW DELHI, Sep 23: The Supreme Court on Tuesday gave a green signal to the Central Bureau of Investigation (CBI) to register six more regular cases into the alleged “unholy nexus” between banks and developers to dupe homebuyers in real estate projects in Mumbai, Bengaluru, Kolkata, Mohali and Prayagraj.
A bench of Justices Surya Kant, Ujjal Bhuyan and N Kotiswar Singh permitted the CBI to proceed after Additional Solicitor General Aishwarya Bhati, appearing for the agency, confirmed that preliminary inquiries were complete in projects outside Delhi-NCR, except for Supertech Ltd. The court noted that cognisable offences were made out and directed the agency to act according to law.
Bhati informed the bench that the CBI is ready to register six cases immediately for speedy investigation and search-and-seizure operations. The top court directed her to share parts of the sealed report with amicus curiae advocate Rajiv Jain.
Earlier, on July 22, the apex court had allowed the CBI to register 22 cases in the Delhi-NCR region against builders and banks accused of defrauding homebuyers under the subvention scheme, under which banks disbursed sanctioned amounts directly to builders who were required to pay EMIs until possession of flats. When builders defaulted, banks forced homebuyers to bear the EMI burden despite no possession.
The petitions were filed by over 1,200 homebuyers, mainly from Noida, Greater Noida and Gurugram, who alleged fraud, corruption, and collusion between banks, builders, and development authorities.
The amicus curiae report has flagged Supertech Ltd as the “main culprit”, revealing that it secured loans of over Rs 5,157 crore since 1998. Corporation Bank alone advanced more than Rs 2,700 crore to builders under these schemes.
The Supreme Court observed that there is a prima facie nexus between officials of development authorities, banks, and builders in multiple states, including Uttar Pradesh, Haryana, Punjab, West Bengal, Maharashtra, and Karnataka, and stressed that homebuyers’ grievances must be addressed urgently.
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Labels: Supreme Court, CBI, Real Estate, Homebuyers
Tags: #SupremeCourt #CBI #HomebuyersFraud #RealEstateScam #Supertech #BuilderBankNexus
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