SC orders CBI probe into 'builder-bank' nexus involving Supertech projects in NCR, other realtor projects outside Delhi

New Delhi [India], April 29 (ANI): The Supreme Court on Tuesday directed the CBI to register and conduct multiple preliminary inquiries into an alleged "builder-bank nexus", on a plea filed by a large number of homebuyers who claimed they were forced to pay EMIs despite not receiving possession of their flats due to delays by developers.
A bench of Justices Surya Kant and N. Kotiswar Singh issued a slew of directions, including a CBI probe in relation to the projects launched by M/s Supertech limited in Delhi NCR region and on other projects by different realtors outside the Delhi NCR.
"We deem it appropriate to direct the CBI to register seven preliminary inquiries in the manner suggested in the affidavit submitted on behalf of the CBI", the bench stated in its order.
Besides the two preliminary inquiries over Supertech projects in NCR, the top court bench also directed the CBI to conduct five preliminary inquiries into alleged irregularities involving projects linked to development authorities in Noida, Greater Noida, Yamuna Expressway, Ghaziabad, and Haryana.

It also ordered an additional inquiry into projects in Mumbai, Bengaluru, Mohali, Allahabad, and Kolkata involving other builders.
The DGPs of Uttar Pradesh and Haryana must shortlist police personnel for an SIT, which will be formed by the CBI. Relevant development authorities and RERA must appoint senior nodal officers within a week to assist the investigation.
Moreover, the Supreme Court has also directed the Chief Secretaries of UP and Haryana to fully cooperate and assist the CBI in the SIT probe, in this regard. The bench also directed the Institute of Chartered Accountants in India and the Reserve Bank of India to also cooperate and assist the CBI, by appointing their respective personnel, in their large scale probe.
The bench also directed the Secretary of Ministry of Housing and Urban Affairs along with RERA (in Haryana and UP) to assist the CBI in their SIT probe.
The court also clarified that it will issue further directions in this regard, from time to time.
The Court noted that the case involves over 170 petitions filed by more than 1,200 homebuyers, who raised a critical issue of the systematic failure of statutory and governmental authorities and the circumvention of regulatory frameworks by banks and housing finance companies (HFCs) that resulted in alleged undue benefits gained by builders at the expense of homebuyers. (ANI)