NEW DELHI
The Supreme Court on Tuesday permitted the CBI to register six additional cases into the alleged nexus between banks and developers accused of duping homebuyers in real estate projects across Mumbai, Bengaluru, Kolkata, Mohali and Prayagraj.
A bench of Justices Surya Kant, Ujjal Bhuyan and N Kotiswar Singh allowed the move after Additional Solicitor General Aishwarya Bhati informed the court that the agency had completed its preliminary inquiry into projects outside Delhi-NCR, except those involving Supertech Ltd. The bench noted the CBI had found cognisable offences and could now proceed under law with registration, investigation and search operations.
The court also directed Bhati to share parts of the sealed cover report with amicus curiae Rajiv Jain. Earlier, on July 22, the court had authorised the CBI to register 22 similar cases concerning projects in Delhi-NCR and given six weeks to complete inquiries on projects elsewhere.
The investigations focus on subvention schemes, under which banks disbursed funds directly to developers who were supposed to pay EMIs until handing over flats. Defaults by builders left homebuyers liable for EMIs despite no possession of homes. Over 1,200 affected buyers have petitioned the court.
The amicus curiae has identified Supertech Ltd as a key offender, noting banks advanced thousands of crores to developers through these schemes
