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SC Instructs CBI To Investigate Real Estate Projects Of Supertech In NCR

Additionally, a separate inquiry will be initiated to examine the projects of builders located outside the NCR

On Tuesday, the Supreme Court directed the Central Bureau of Investigation (CBI) to conduct a preliminary investigation into the real estate ventures of Supertech Limited within the National Capital Region (NCR). The court expressed concerns about a troubling โ€˜unholy nexusโ€™ between financial institutions and real estate developers.

A bench led by Justices Surya Kant and N. Kotiswar Singh evaluated an affidavit presented by the CBI and ordered the Directors General of Police (DGPs) from Uttar Pradesh and Haryana to compile a roster of Deputy Superintendents of Police (DSPs), inspectors, and constables to help form a special investigation team (SIT).

One focus of the preliminary investigation will be on Supertechโ€™s projects, particularly regarding the banks that have extended loans exceeding โ‚น5,000 crore through the subvention scheme for various housing projects.

In addition, a separate investigation team will launch an inquiry to scrutinize the projects of builders outside the NCR.

The remaining five preliminary investigations will evaluate the involvement of five governmental agencies. These are Noida, Greater Noida, Yamuna Expressway Industrial Authority, Gurugram Authority, and Ghaziabad Development Authority.

To support the investigation, the CBI will establish a special investigation team. The team includes personnel from the police forces of Uttar Pradesh and Haryana. This is so, as most of the projects in question are located within the NCR.

Moreover, the Supreme Court has instructed land development authorities, the Ministry of Housing and Urban Affairs, the Real Estate Regulatory Authority (RERA) of both Uttar Pradesh and Haryana, along with the Reserve Bank of India (RBI), to appoint nodal officers responsible for providing all necessary information to the CBI or the SIT.

The authorities have instructed the Institute of Chartered Accountants of India to supply the services of three Chartered Accountants. This is to assist the Special Investigation Team in probing the โ€˜builder-bankerโ€™ connection.

Additionally, the authorities have tasked the Institute of Chartered Accountants of India with providing the services of three Chartered Accountants. This is to assist the SIT in investigating the โ€˜builder-bankerโ€™ relationship.

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