New Delhi — The Supreme Court on Tuesday allowed the Central Bureau of Investigation (CBI) to register six additional regular cases probing an alleged “unholy nexus” between banks and real estate developers that has reportedly defrauded homebuyers in Mumbai, Bengaluru, Kolkata, Mohali, and Prayagraj.
A bench comprising Justices Surya Kant, Ujjal Bhuyan, and N Kotiswar Singh granted the CBI permission to proceed after the agency informed the court that it had completed preliminary inquiries in projects of several builders, excluding Supertech Ltd, outside the Delhi-NCR region.
Additional Solicitor General Aishwarya Bhati, representing the CBI, said the agency intends to register the six regular cases for a speedy investigation, including search and seizure operations. The court directed portions of the sealed cover report submitted by the CBI to be shared with amicus curiae advocate Rajiv Jain.
The cases fall under scrutiny due to the subvention scheme, in which banks disburse sanctioned loan amounts directly to builders, who are then required to pay EMIs until flats are handed over to buyers. Allegations arose after builders defaulted on EMIs, prompting banks to demand payments directly from homebuyers despite no possession of flats.
The Supreme Court is hearing petitions from over 1,200 homebuyers across NCR cities such as Noida, Greater Noida, and Gurugram, claiming they were forced to pay EMIs under these subvention plans. Earlier, on March 29, the court had allowed CBI to register five preliminary inquiries into projects in Noida, Greater Noida, Gurugram, Yamuna Expressway, and Ghaziabad, including one against Supertech Ltd.
The court had also noted a prima facie collusion between banks, builders, and officials of development authorities across NCR, Mumbai, Kolkata, Prayagraj, and Mohali. Reports from the amicus curiae identified Supertech Ltd as the “main culprit” in defrauding homebuyers, with Corporation Bank reportedly advancing more than ₹2,700 crore to builders under subvention schemes. Supertech Ltd alone had secured loans totaling ₹5,157.86 crore since 1998.
The Supreme Court had earlier allowed the registration of 22 cases in NCR following preliminary inquiries and continues to monitor ongoing investigations.
