Supreme Court Cracks Down on Builder-Bank Nexus in NCR's Real Estate Scandal

The Supreme Court orders a CBI probe into Supertech Limited's projects, highlighting a nexus between banks and developers affecting homebuyers in NCR. It directs forming a special investigation team and involving top authorities to investigate the misuse of subvention schemes that exploited buyers.

The Supreme Court has taken a firm stance against the alleged 'unholy' alliance between banks and real estate developers, instructing the CBI to initiate a preliminary inquiry into Supertech Limited's projects in the National Capital Region (NCR).

A bench comprised of Justices Surya Kant and N. Kotiswar Singh reviewed a CBI affidavit and directed the police chiefs of Uttar Pradesh and Haryana to provide a list of qualified personnel to aid in forming a special investigation team (SIT).

Further directives were issued to top officials from the Greater Noida and Noida Authorities, as well as entities like the Institute of Chartered Accountants of India and the RBI. Affected homebuyers, facing financial burdens due to delayed projects, prompted repeated calls for an in-depth investigation.

(With inputs from agencies.)