Supreme Court Orders CBI Probe into Alleged Builder-Bank Nexus

The Supreme Court has directed the CBI to open preliminary probes into an alleged 'builder-bank nexus' affecting homebuyers in multiple regions. The investigation involves major builders and development authorities with claims of irregularities and systemic failures impacting homebuyers' rights.

The Supreme Court has mandated the Central Bureau of Investigation (CBI) to conduct several preliminary inquiries into an alleged 'builder-bank nexus'. This directive stems from a plea by homebuyers forced to pay EMIs despite not receiving their flats due to developer delays.

Justices Surya Kant and N. Kotiswar Singh have instructed a comprehensive CBI probe into projects by M/s Supertech Limited in the Delhi NCR region and other real estate developers across several regions. The court has ordered seven preliminary inquiries, highlighting irregularities in projects linked to Noida, Greater Noida, Yamuna Expressway, and others.

The investigation, also covering builders in Mumbai, Bengaluru, and other cities, demands cooperation from state law enforcement and civic bodies. The Supreme Court emphasized the necessity for coordination among authorities to address over 170 petitions from 1,200 homebuyers, illustrating systemic regulatory failures.

(With inputs from agencies.)