Supreme Court Demands Swift CBI Probe into 'Unholy Nexus'

The Supreme Court urged the CBI to expedite its investigation into the alleged collusion between banks and developers that has defrauded homebuyers in Delhi-NCR. The court criticized delays in the probe and insisted on CBI’s continued involvement, spotlighting Supertech Limited and Corporation Bank's major roles.

The Supreme Court has expressed dissatisfaction with the Central Bureau of Investigation (CBI) over delays in its probe concerning the fraudulent alliance between banks and developers. This malpractice allegedly exploited homebuyers in Delhi-NCR and other regions across India.

A bench led by Chief Justice Surya Kant has mandated the CBI to hasten and convert preliminary enquiries into regular cases, rejecting suggestions to transfer the investigation to state agencies. Concerns were raised about the substantial suffering prolongation inflicts on homebuyers.

The lead petition, which represents over 1,200 homebuyers, singled out Supertech Limited and Corporation Bank for allegedly leveraging subvention schemes to siphon funds. The court allowed further CBI cases registration and tasked a responsible officer with reporting on the investigation's progress.

(With inputs from agencies.)