New Delhi: The Supreme Court on Tuesday permitted the CBI to register six additional regular cases into the alleged “unholy nexus” between banks and real estate developers accused of cheating homebuyers in projects across Mumbai, Bengaluru, Kolkata, Mohali, and Prayagraj.
A bench of Justices Surya Kant, Ujjal Bhuyan, and N Kotiswar Singh granted approval after Additional Solicitor General Aishwarya Bhati, appearing for the CBI, informed the court that the agency had completed preliminary inquiries in projects outside Delhi-NCR, excluding those of Supertech Ltd.
The CBI told the court that its inquiry revealed cognisable offences, prompting the bench to allow it to proceed under law. Bhati added that the agency is prepared to register six cases immediately and conduct search and seizure operations for a speedy probe.
The bench directed Bhati to share relevant portions of the sealed cover report with amicus curiae advocate Rajiv Jain.
Earlier, on July 22, the court had allowed the CBI to register 22 regular cases concerning builders and development authorities in NCR, granting six weeks to finish inquiries into projects outside the region. Those cases involved builders in Uttar Pradesh and Haryana.
The matter arises from petitions by over 1,200 homebuyers who booked flats under subvention schemes in NCR projects—mainly in Noida, Greater Noida, and Gurugram—alleging that banks forced them to pay EMIs despite non-delivery of homes.
Under the scheme, banks disbursed loans directly to builders, who were supposed to service EMIs until handing over possession. However, once builders defaulted, banks shifted the burden onto homebuyers.
On earlier occasions, the apex court had directed the CBI to register multiple preliminary inquiries, including one against Supertech Ltd, facing 84 appeals from 799 homebuyers over projects in eight cities. Reports presented in sealed cover suggested that 22 cases required further investigation.
The court has repeatedly criticized the collusion among development authorities, banks, and builders, observing a prima facie nexus in cities such as Noida, Gurugram, Yamuna Expressway, Greater Noida, Mohali, Mumbai, Kolkata, and Prayagraj.
The amicus curiae identified Supertech Ltd as the “main culprit,” noting that Corporation Bank alone advanced over ₹2,700 crore under subvention schemes, while Supertech secured loans worth ₹5,157.86 crore since 1998.
