SC orders CBI probe against projects of Supertech Limited in NCR to unravel 'builder-banks' nexus

The Supreme Court has also asked the Directors General of Police (DGPs) of Uttar Pradesh and Haryana to provide a list of officers, including Deputy Superintendents of Police (DSPs), inspectors, and constables, to help form a Special Investigation Team (SIT). The SIT will be tasked with investigating the alleged fraudulent activities connected to these real estate projects.

Furthermore, the Court has instructed several key authorities, including the CEOs/administrators of the Greater Noida Authority, Noida Authority, the Ministry of Housing and Urban Affairs, the Institute of Chartered Accountants of India, and the Reserve Bank of India (RBI), to appoint senior officials as nodal officers to assist the SIT in its investigation.

This action follows a previous Supreme Court order in which it was revealed that thousands of homebuyers had been affected by the subvention scheme, under which banks reportedly paid 60-70% of the home loan amounts directly to builders before the completion of projects. In many cases, buyers were forced to pay Equated Monthly Installments (EMIs) despite not receiving possession of their flats.

The petitioners, a group of home buyers who had booked apartments under these subvention schemes in various NCR regions, including Noida, Greater Noida, and Gurugram, have been seeking justice. They allege that they were coerced by banks into making payments despite the incomplete status of their properties.

In response to the ongoing legal battles, the Supreme Court had previously ordered the CBI to submit a roadmap for addressing the builder-bank nexus and to investigate how these fraudulent activities were carried out at the cost of vulnerable homebuyers.

This landmark decision is expected to bring much-needed accountability to the real estate and banking sectors in NCR and provide relief to thousands of affected homebuyers, who have been left in limbo with unfinished properties.

(PTI inputs)