Supreme Court Greenlights CBI Probe into Builder-Bank Nexus Allegations

The Supreme Court has authorized the Central Bureau of Investigation (CBI) to initiate six further cases related to alleged loan fraud and builder-bank collusion impacting homebuyers in Delhi-NCR and beyond. This decision was made by a bench comprising Justices Surya Kant, Ujjal Bhuyan, and N Kotiswar Singh, following a request from Additional Solicitor General Aishwarya Bhati, representing the CBI.

Bhati highlighted that the CBI's preliminary inquiries into several builders, except for Supertech Ltd, covered areas outside Delhi-NCR, including Mumbai, Bengaluru, Kolkata, Mohali, and Prayagraj. The court acknowledged the CBI's findings of potential cognisable offences and granted permission for case registration.

This ruling stems from petitions by over 1,200 homebuyers alleging massive collusion between developers and financial bodies in housing projects across NCR and other states. Previously, in April, the Supreme Court mandated the CBI to explore seven initial inquiries into what was termed an 'unholy nexus' between banks and developers aiming to deceive homebuyers in the real estate sector.

(With inputs from agencies.)