Tue Apr 29 11:19:18 UTC 2025: ## Supreme Court Orders CBI Probe into Supertech-Bank Nexus
**New Delhi, April 29, 2025** – The Supreme Court of India has ordered a preliminary inquiry by the Central Bureau of Investigation (CBI) into the dealings of real estate major Supertech Limited in the National Capital Region (NCR). The court’s decision, announced Tuesday, follows concerns over a suspected “builder-banks nexus” that allegedly defrauded thousands of homebuyers.
The investigation will focus on subvention schemes where banks reportedly paid a significant portion (60-70%) of home loan amounts to builders before projects were completed, leaving homebuyers burdened with EMIs despite lacking possession of their flats. The court’s order directs the CBI to form a Special Investigation Team (SIT) with assistance from Uttar Pradesh and Haryana police, as well as several government agencies including the Greater Noida and Noida Authorities, the Ministry of Housing and Urban Affairs, the Institute of Chartered Accountants of India, and the Reserve Bank of India (RBI). Each agency is mandated to appoint a nodal officer within a week to cooperate with the SIT.
The Supreme Court previously instructed the CBI to present a roadmap for unraveling the alleged nexus. This latest order signifies a significant step towards addressing the concerns of numerous homebuyers who filed petitions alleging coercion and financial distress due to the incomplete projects and the bank’s involvement. The court’s action underscores its commitment to protecting homebuyers and holding accountable those involved in fraudulent practices within the real estate sector.
First Piper 