Supreme Courts orders CBI probe into Supertech builder projects, cites ‘builder-bank nexus’

SC had then ordered the CBI to submit a roadmap on how it planned to unravel the “builder-banks nexus”. File

Observing an “unholy” nexus between the banks and developers, the Supreme Court on Tuesday (April 29, 2025) directed the CBI to register a preliminary inquiry into projects of realty major Supertech Limited in NCR.

A Bench of Justices Surya Kant and N. Kotiswar Singh took into account an affidavit filed by CBI and directed the U.P., Haryana DGPs to give a list of DSPs, inspector, constables to the agency to constitute a special investigation team (SIT).

The top court further directed 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 RBI to notify one nodal officer from among their senior-most officers within a week to extend necessary assistance to the SIT.

The apex court previously said thousands of homebuyers were affected by the subvention scheme, where banks paid 60 to 70 per cent of the home loan amount to the builders without projects being completed within the stipulated time.

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The apex court had then ordered the CBI to submit a roadmap on how it planned to unravel the “builder-banks nexus”, which duped thousands of homebuyers in the NCR and proposed to go into the root of the matter.

The top court was hearing a batch of petitions filed by several homebuyers, who booked flats under subvention plans in various housing projects in the NCR region, especially Noida, Greater Noida and Gurugram, alleging that they were being forced by banks to pay EMIs despite no possession of flats.