The Supreme Court has taken decisive action in the long-pending matter of alleged collusion between real estate builders and banks in Delhi-NCR.
During the recent hearing, Additional Solicitor General Aishwarya Bhati informed the Court that the CBI had completed its preliminary inquiry and confirmed the presence of cognisable offences.
In response, a three-judge bench comprising Justices Surya Kant, Ujjal Bhuyan, and NK Singh directed the agency to register FIRs and proceed with investigations.
The apex court has authorised the CBI to register six more cases related to the builder-bank nexus, extending beyond Delhi-NCR to cities such as Mumbai, Bengaluru, Kolkata, Mohali, and Prayagraj.
The move aims to uncover systemic malpractice wherein builders and financial institutions allegedly colluded to deceive thousands of homebuyers.
The Court instructed the CBI to work in close coordination with the amicus curiae, senior advocate Rajiv Jain, and to share findings that are necessary for advancing the case.
Supertech and Subvention Scheme Under Scrutiny
According to reports submitted to the Court, Supertech Limited has emerged as one of the primary offenders, accused of accepting substantial advances from banks without delivering completed housing projects.
Corporation Bank reportedly disbursed over ₹2,700 crore under the subvention scheme, directly transferring funds to builders while assuring buyers of possession without requiring upfront EMIs.
Since 1998, Supertech has allegedly secured loans amounting to over ₹5,157 crore. The Court noted that many of its projects remain unfinished, yet builders and banks are now pressuring buyers to repay loans despite not having received possession of their homes.
The Court is hearing petitions from over 1,200 aggrieved homebuyers who allege they were misled into taking loans for undelivered properties.
The CBI, in its initial investigation, examined over 1,000 individuals and conducted inspections of 58 real estate projects.
The probe has also revealed extensive documentation pointing towards financial misconduct and undue pressure on buyers.
The Supreme Court has reiterated its commitment to getting to the root of the scam.
“We will go to any extent to ensure justice,” the bench noted, stating that even if the accused tries to disappear, ‘we will find them’.
The Court added that while it cannot wipe away the tears of victims, it will ensure a thorough investigation by the CBI and uphold accountability for all those involved in the fraud.
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