The Supreme Court has asked the CBI to conduct an investigation into the 'unholy nexus' developed by several builders in tandem with banks for duping the homebuyers.
The Supreme Court on Tuesday asked the Central Bureau of Investigation to register seven preliminary inquiries against several builders in NCR, including Supertech Limited. While directing the agency, the SC observed a nexus between banks and builders established to dupe home buyers.
A bench comprising Justices Surya Kant and N Kotiswar Singh ordered the UP and Haryana DGPs to furnish a list of DSPs, inspectors and constables to the agency for constituting a Special Investigation Team for the matter. The bench determined that a prima facie nexus is operating between banks and builders in NOIDA, Gurugram, Yamuna Expressway, Greater NOIDA, Mohali, Mumbai, Kolkata and Allahabad.
Supertech has been termed as the main culprit by Advocate Rajiv Jain alleging the organization of defrauding home buyers. According to him, the Corporation bank advanced sums over Rs 2700 crore to builders through subvention schemes. Reports have revealed that Supertech has solely secured a loan amount of Rs 5,157.86 crore since 1998.
The apex court has ordered for the appointment of one nodal officer from among the most senior officers of the CEOs/administrators of Greater Noida Authority, Noida Authority, secretary, Ministry of Housing and Urban Affairs, the Institute of Chartered Accountants of India and the Reserve Bank of India within a week.
Under the subvention scheme, the Banks provide the sanctioned amount directly to the buyers who are then supposed to pay an EMI until possession is delivered to the homebuyers. The court observed that banks delivered 60-70 percent of the loan amount to builders without most of the projects being completed on time. Once the builders defaulted in their payments, the banks began demanding the EMIs from the homebuyers.
The progress and status of the investigation will be tracked by the court on a monthly basis.