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3h ago

Supreme Court Clears Six More CBI Cases Outside NCR in Builder–Bank Subvention Probe

The bench accepted CBI findings that cognisable offences were disclosed, enabling searches under continued court oversight.

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The court had ordered a CBI inquiry in April after a report by court-appointed amicus curiae advocate Rajiv Jain revealed that builders had siphoned off large sums from bank loans under the subvention scheme. (Representational image)
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Overview

  • A three-judge bench of Justices Surya Kant, Ujjal Bhuyan and N Kotiswar Singh authorized the CBI to register additional regular cases and proceed with investigation.
  • The fresh cases arise from the seventh preliminary enquiry and cover projects in Mumbai, Bengaluru, Kolkata, Mohali and Prayagraj.
  • The court directed the agency to share relevant portions of its sealed-cover material with amicus curiae Rajiv Jain and to provide the criminal inquiry report to him after search and seizure.
  • The new registrations add to 22 regular cases already underway from July concerning Delhi-NCR projects under the court-monitored probe.
  • The investigations center on alleged misuse of subvention schemes that left over 1,200 homebuyers paying EMIs without possession, with the next hearing listed for October 16.