Supreme Court Orders CBI Probe into Supertech Projects, Citing Builder-Bank Nexus

Supreme Court: A Supreme Court order yesterday directed the CBI to register seven preliminary enquiries in connection with the builders and banks nexus under the subvention schemes.

The federal agency will be visiting several Supertech projects and the corresponding roles of banks that have extended loans for these housing projects located in national capital region (NCR) and other Indian states.

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One of the preliminary enquiry 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.

Meanwhile, another enquiry will be registered to look into 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.

The CBI will constitute a special investigation team consisting of personnel from Uttar Pradesh and Haryana state police to take up investigation since most of the projects are based in NCR, which have caught the agency's eyes.

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Nodal officers, CAs to help probe

Moreover, the court directed land development authorities, ministry of housing and urban affairs, RERA of UP and Haryana, and Reserve Bank of India (RBI), to appoint nodal officers for providing all such information prescribed by CBI or SIT.

The Institute of Chartered Accountants of India has been also directed to provide services of three CAs to help the SIT in investigating the 'builder-banker' nexus.

The Supreme Court has asked for the first interim report within a month, indicating that the matter will be monitored on a monthly basis.

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