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5d ago

Supreme Court Orders CBI Probe Into Builder-Bank Nexus in Delhi-NCR

The court directs seven preliminary inquiries, starting with Supertech Limited, and mandates a multi-agency SIT to investigate systemic irregularities in real estate financing.

The role of banks which have loaned more than ₹5,000 crore for multiple housing projects will also be probed.
Supreme Court orders CBI probe into Supertech builder projects in NCR (Arvind Yadav/HT Photo)
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Overview

  • The Supreme Court identified an 'unholy nexus' between real estate developers and banks under subvention schemes, impacting thousands of homebuyers in Delhi-NCR.
  • A Special Investigation Team (SIT) will be formed by the CBI, with support from state police, RBI nodal officers, chartered accountants, and development authorities.
  • Supertech Limited, which has received over ₹5,157 crore in loans and is under insolvency proceedings, will be the initial focus of the investigation.
  • Five additional preliminary inquiries will investigate the roles of development authorities in Noida, Greater Noida, Yamuna Expressway, Gurugram, and Ghaziabad.
  • The Supreme Court will monitor the investigation monthly, with an interim report from the CBI expected within one month.