Supreme Court
Supreme Court orders CBI probe into Supertech projects, cites ‘builder-bank nexus
The Supreme Court has directed the Central Bureau of Investigation (CBI) to register seven preliminary enquiries to investigate the nexus between builders and banks under subvention schemes. The CBI will also investigate the role of banks that have loaned more than ₹5,000 crore for multiple housing projects. The federal agency will investigate several Supertech.
Projects and the roles of banks which have provided loans for these housing projects in the national capital region (NCR) and other states. One of the preliminary enquiries is to probe Supertech projects and the role of banks that have loaned over ₹5,000 crore under the subvention scheme for its multiple housing projects. Another enquiry will be registered.
The projects of builders that fall outside of the NCR range. The remaining five preliminary enquiries will investigate the role five government authorities namely Noida, Greater Noida, Yamuna Expressway Industrial authority, Gurugram authority, and Ghaziabad development authority. For carrying out the investigation, the CBI will form a special investigation team.
Consisting of personnel from Uttar Pradesh and Haryana state police, as most of the projects under the agency’s radar are based in the NCR The Supreme Court of India has directed various authorities, including land development authorities, the Ministry of Housing and Urban Affairs, RERA of UP and Haryana, and the Reserve Bank of India (RBI), to appoint nodal.
Officers to provide information sought by the CBI or the SIT. The Institute of Chartered Accountants of India has also been directed to provide services of three CAs to help the SIT investigate the ‘builder-banker’ nexus. The court has requested the first interim report within a month, indicating that the matter will be monitored on a monthly basis. The iQOO Z9x 5G.
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On April 29, 2025, the Supreme Court of India directed the Central Bureau of Investigation (CBI) to initiate a comprehensive probe into the Supertech Group’s real estate projects, citing a suspected “builder-bank nexus” that may have facilitated large-scale financial irregularities and defrauded homebuyers.
Background
Supertech, a prominent real estate developer, has been under scrutiny since the Supreme Court ordered the demolition of its twin towers in Noida in 2021 for violating building norms. Subsequent investigations revealed potential collusion between the builder and certain financial institutions, raising concerns about systemic corruption in the real estate sector.
Supreme Court’s Observations
The bench, led by Chief Justice [Name], expressed alarm over the alleged malpractice, stating, “The magnitude of the fraud necessitates an independent investigation to uphold the rule of law and protect the interests of homebuyers.” The Court emphasized the need to examine the roles of both the builder and complicit banking officials in facilitating unauthorized.
- Investigating the approval and disbursement of loans to Supertech projects.
- Examining the involvement of bank officials in overlooking regulatory compliances.
- Identifying the flow of funds and potential money laundering activities.
- Assessing the impact on homebuyers and determining restitution mechanisms.
Implications for Stakeholders
- Homebuyers: The probe aims to provide clarity and potential redressal for affected individuals who invested in Supertech projects.
- Banking Sector: Financial institutions may undergo audits to ensure compliance and accountability, potentially leading to reforms in loan approval processes.
- Real Estate Industry: The investigation could set a precedent, prompting stricter regulatory oversight and transparency in real estate dealings.
The Supreme Court’s directive underscores the judiciary’s commitment to addressing corruption and protecting consumer rights. The outcome of the CBI investigation may lead to significant reforms in the real estate and banking trust.
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