SC Lets CBI To Probe Six More Cases Of Realty-Bank Nexus
The Supreme Court expressed concern over the prima facie nexus between reputed banks and developers across Noida, Gurugram, Greater Noida, Yamuna Expressway, Mohali, Mumbai, Kolkata, and Prayagraj: Reports
NEW DELHI: The Supreme Court on Tuesday permitted the CBI to register six additional regular cases into the “unholy nexus” between banks and developers accused of duping homebuyers in real estate projects across Mumbai, Bengaluru, Kolkata, Prayagraj, and Mohali.
A three-judge bench of Justices Surya Kant, Ujjal Bhuyan, and N. Kotiswar Singh allowed the agency to proceed after Additional Solicitor General Aishwarya Bhati, appearing for the CBI, said preliminary inquiries in these projects (except Supertech Ltd) had been completed.
The bench recorded the CBI’s submission that cognisable offences had been found and authorised the agency to proceed with registering regular cases, including search and seizure operations. The court also directed Bhati to share portions of the sealed cover report with amicus curiae Rajiv Jain.
Earlier, on July 22, the apex court had allowed the CBI to register 22 cases against builders and development authorities in Delhi-NCR, granting six weeks to complete inquiries into projects outside NCR. These cases involve allegations that banks, under the subvention scheme, disbursed loan amounts directly to builders, who later defaulted on EMIs, forcing banks to recover dues from homebuyers despite flats not being delivered.
Over 1,200 homebuyers, mainly from Noida, Greater Noida, and Gurugram, have petitioned the court, alleging collusion between banks, builders, and development authorities. The amicus curiae termed Supertech Ltd the “main culprit,” noting that it alone had availed loans worth ₹5,157.86 crore since 1998, while Corporation Bank extended more than ₹2,700 crore to various builders through subvention schemes.
The Supreme Court expressed concern over the prima facie nexus between reputed banks and developers across Noida, Gurugram, Greater Noida, Yamuna Expressway, Mohali, Mumbai, Kolkata, and Prayagraj.
