NEW DELHI: The Supreme Court on Tuesday directed the CBI to register preliminary enquires against builders in the National Capital Region, including Supertech Limited, as there was an unholy nexus between the real estate developers and the banks to dupe homebuyers.
A bench of Justices Surya Kant and N Kotiswar Singh considered an affidavit filed by the CBI and directed the Uttar Pradesh and Haryana DGPs to give a list of DSPs, inspector, constables to the central agency to constitute a special investigation team (SIT).
The bench favoured probe to unearth the exact modus operandi of these builders in collusion with the financial institutions, and criminality on the part of builders and financial institutions.
"Therefore, it is necessary that PEs are registered and enquired into. The affidavit (by the CBI) explains the details of the proposed seven PEs," the bench said.
A batch of petitions were filed by over 1,200 homebuyers, who booked flats under subvention plans in various housing projects in NCR, especially Noida, Greater Noida, and Gurugram. It was alleged that homebuyers were being forced by banks to pay EMIs despite no possession of flats
The court noted a prima facie nexus between renowned banks and builders in Noida, Gurugram, Yamuna Expressway, Greater Noida, Mohali, Mumbai, Kolkata, and Allahabad.
Advocate Rajiv Jain, who acted as amicus curiae, called Supertech the "main culprit" in defrauding homebuyers, whereas Corporation Bank advanced more than Rs 2,700 crore to builders through subvention schemes.
The court said a nodal officer in the rank of deputy secretary should also be appointed by the Ministry of Housing and Urban Affairs to extend requisite assistance in the course of the enquiry.
The bench also ordered the CEOs/administrators of Greater Noida Authority, Noida Authority, the Secretary, Ministry of Housing and Urban Affairs, the Institute of Chartered Accountants of India (ICAI) and the Reserve Bank of India (RBI) to notify one nodal officer from among their senior-most officers within a week to extend all the necessary assistance to the SIT.
It directed three chartered accountants well versed with forensic audit from ICAI should also assist CBI in this matter.
"We find that the recommendations made by amicus and the suggestions made by CBI (regarding seven PEs) are in tandem. While we propose to issue directions from time to time on other recommendations made by amicus, as of now we deem it appropriate to direct CBI to register seven PEs," the bench ordered.
The court said the first preliminary enquiry would pertain to the projects of M/s Supertech Ltd, one for the projects of builders other than Supertech Ltd, falling outside NCR region (viz Mumbai, Bangalore, Kolkata, Mohali and Allahabad) and five preliminary enquiries, one each, for the projects only under the development authority of Noida, Greater Noida, Yamuna Expressway, Gurugram and Ghaziabad.
