The Supreme Court on Tuesday allowed the Central Bureau of Investigation (CBI) to register 22 cases in connection with the nexus between banks and real estate companies for cheating home buyers at NCR.

A bench of Justice Suryakant and Justice N. Kotishwar Singh allowed the CBI to convert six preliminary investigation against various builders and banks into 22 regular cases similar to an FIR. NCR builder and development authority of Uttar Pradesh and Haryana are included in the scope of investigation.

Under the Financial Assistance Scheme, banks deposit money directly to the builders’ accounts, which have to be paid EMI (monthly installment) on the sanctioned loan amount until the flat home is handed over to the buyers. When the builders did not start paying installments to the banks, according to the trilateral agreement, banks asked home buyers to deposit EMIs.

Keeping in mind the severity of the case, the bench appreciated the efforts of the Central Agency to investigate more than 1,000 persons and take the matter into their hands by visiting 58 projects and asked them to complete the investigation and conclude the matter to its conclusion.

What did the apex court say in the investigation case

The apex court said that the CBI lodged Seventh Preliminary Investigation, which relates to the projects of several builders except Supertech Limited and is still in Mumbai, Bangalore, Kolkata, Mohali and Allahabad outside the NCR region.

The court is hearing petitions filed by more than 1,200 home buyers, who booked flats under subsidy schemes in various housing projects in NCR sector, especially Noida, Greater Noida and Gurugram. They allege that despite the non -possession of the flats, they are being pressurized by banks to pay EMI.

Court had allowed CBI to investigate

The apex court on March 29, allowed the CBI to register five initial investigations in the cases of builders and projects in the NCR region, ie Noida, Greater Noida, Gurugram, Yamuna Expressway and Ghaziabad. It had allowed a preliminary inquiry against the reality sector’s leading company Supetech Limited, against which 799 home buyers moved the apex court through 84 appeals related to projects in eight different cities.

The CBI submitted a report to the apex court in a sealed envelope, the court has seen it. In report It was suggested that after preliminary investigation into cases to find out a cognizable offense by builders and financial institutions, 22 regular cases are required to be registered for further investigation.

Supertech: The CBI has lodged an FIR against Noida’s well-known construction company Supertech Limited and its promoter RK Arora and others. They are accused of cheating Rs 126.07 crore from IDBI Bank. CBI officials said on Monday that the FIR includes Arora as well as Sangeeta Arora, Mohit Arora, Parul Arora, Vikas Kansal, Pradeep Kumar, Anil Kumar Sharma and Anil Kumar Jain.

CBI raided on Thursday

The CBI on Saturday searched the bases associated with the accused in Noida and Ghaziabad in connection with the case. During the raid, the agency seized cash worth Rs 28.5 lakh. Action was taken against them after the complaint of IDBI Bank. The bank has alleged that the company and its directors took a loan of 200 crores from the bank by submitting fake documents and a total of Rs 126.07 crore was wrongly grabbed. The bank, terming this account as ‘willful defaulter’, has put it in the fraud category. ‘Willful defaulters’ are called those who do not deliberately repay the debt.

200 crore loan was approved in 2014

According to the IANS report, the CBI on Thursday lodged an FIR based on the complaint lodged by Hari Kumar Meena, Deputy General Manager of NPA Management Group of IDBI Bank, New Delhi through its bank Securities and Fraud Branch. According to this, under the Consortium Banking system with Union Bank of India, the bank sanctioned a term loan of Rs 200 crore to Supertech in 2014. However, since March 2017, they are missing out on paying the loan amount. It also has an outstanding amount of Rs 126.07 crore of IDBI Bank.

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