Supreme Court Pushes for Action in Defrauding Homebuyers Case: CBI Chargesheets Recognized

The Supreme Court has urged a special court to examine chargesheets highlighting a fraudulent collaboration between banks and developers targeting homebuyers in the NCR. The CBI is making strides in investigating 25 cases, aiming to provide justice for those affected by builder-bank subvention schemes.

The Supreme Court has directed a special CBI court to acknowledge and proceed swiftly with three chargesheets involving the alleged fraudulent relationship between banks and developers that has affected homebuyers in the National Capital Region (NCR). This directive comes as part of a broader push for justice in a case that has impacted many homebuyers.

Chief Justice Surya Kant, alongside Justices Joymalya Bagchi and Vipul M Pancholi, was informed by Additional Solicitor General Aishwarya Bhati that significant investigative progress is expected by March. Thus far, the CBI has registered 25 cases under the Homebuyers scheme, which allows banks to release loans directly to builders, ultimately burdening buyers upon builders' defaults.

The court emphasized the necessity for the CBI to file further FIRs, if warranted, and urged banks involved to contribute financially towards judicial costs. The investigation spans across multiple states and builders, with Supertech Limited identified as a principal defaulter in exploiting homebuyers under subvention schemes.

(With inputs from agencies.)