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Supreme Court Greenlights 22 CBI Cases in NCR Homebuyer Fraud Probe

The apex court has set a six-week deadline for the CBI to finish its remaining preliminary enquiry outside the NCR, scheduling a mid-August hearing to assess its progress.

The homebuyers booked the flats in NCR under subvention plans
The court was informed that the agency had examined seven preliminary enquiries (PEs) into the builder-bank nexus across housing projects in multiple states, with a specific focus on Delhi-NCR. One PE focused exclusively on developer Supertech, which had 21 projects in six cities under the scheme. (HT Archive)
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Overview

  • Justices Surya Kant and N Kotiswar Singh accepted the CBI’s sealed-cover report and converted six preliminary probes into 22 FIR-equivalent cases for further investigation.
  • The cases allege that banks under subvention schemes routed home loans directly to developers who defaulted on EMIs and then shifted repayment obligations onto buyers without delivering possession.
  • The CBI special investigation team has examined over 1,000 witnesses and inspected 58 project sites across Noida, Greater Noida, Gurugram, Ghaziabad and other NCR areas.
  • The apex court directed the CBI to complete its seventh preliminary enquiry into projects beyond the NCR within six weeks.
  • Investigations also target prominent builders such as Supertech Limited and involve scrutiny of development authorities in Uttar Pradesh and Haryana for their alleged roles in the collusion.