SC Orders CBI Probe Into Supertech Projects In NCR, Flags ‘Unholy Nexus’ Between Banks & DevelopersCurated By : News DeskNews18.comLast Updated:April 29, 2025, 16:47 ISTThe top court was hearing petitions from homebuyers in NCR, who allege being forced by banks to pay EMIs for flats under subvention plans despite not receiving possessionresetFollow us on FlipboardFollow us on Google NewsIn a previous ruling, the Supreme Court had stated that thousands of homebuyers were affected by the subvention scheme. (PTI file photo)
The Supreme Court on Tuesday directed the Central Bureau of Investigation (CBI) to start a preliminary inquiry into the projects of real estate giant Supertech Limited in the NCR.During the ruling, the court observed an “unholy nexus" between banks and developers. A bench of Justices Surya Kant and N. Kotiswar Singh considered an affidavit filed by the CBI and instructed the DGPs of Uttar Pradesh and Haryana to provide a list of DSPs, inspectors, and constables to help form a special investigation team (SIT).related storiesThe court also ordered the CEOs and administrators of Greater Noida Authority, Noida Authority, the Ministry of Housing and Urban Affairs, the Institute of Chartered Accountants of India, and the RBI to designate one senior officer from each body within a week to assist the SIT.This ruling followed a series of petitions from homebuyers who had booked flats under subvention plans in various housing projects in the NCR, particularly in Noida, Greater Noida, and Gurugram. They alleged that banks were forcing them to pay EMIs despite not receiving possession of their flats.In a previous ruling, the Supreme Court had stated that thousands of homebuyers were affected by the subvention scheme, where banks paid 60 to 70 per cent of home loan amounts to builders, even though the projects were not completed on time.top videosView allSwipe Left For Next VideoView allThe top court had also instructed the CBI to outline its plan for investigating the “builder-banks nexus," which it believes has defrauded thousands of homebuyers in the NCR, and to dig deeper into the issue.(With inputs from PTI)Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated!Location : New Delhi, India, IndiaFirst Published:April 29, 2025, 16:12 ISTNews india SC Orders CBI Probe Into Supertech Projects In NCR, Flags ‘Unholy Nexus’ Between Banks & DevelopersRead More
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