SC Allows CBI to File 22 Cases Against Banks in NCR Housing Scam
In a significant move, the Supreme Court has allowed the Central Bureau of Investigation (CBI) to file 22 cases against banks, builders, and building authorities in the NCR housing scam. The order comes on the petition of over 1,200 homebuyers who had booked flats in Noida, Greater Noida, Gurugram, and Ghaziabad. They alleged that they haven’t received possession of their flats and are being forced to pay Equated Monthly Installments (EMIs) by the banks.
The Supreme Court has flagged an “unholy nexus” between banks, builders, and building authorities, who allegedly colluded to cheat homebuyers. The CBI has been investigating the scam for several years, and now it has received the green signal to file cases against those involved.
The case dates back to 2015 when the homebuyers approached the Supreme Court, complaining that they had booked flats in various projects in NCR, but the builders had failed to deliver the flats. The builders had taken huge advances from the homebuyers, but there was no completion of the projects. The homebuyers alleged that the banks were also complicit in the scam, as they were encouraging the builders to take advances from the homebuyers and then lending the same amount to the builders to complete the projects.
The Supreme Court has now allowed the CBI to investigate the allegations and file cases against the banks, builders, and building authorities. The court has also directed the CBI to conduct a thorough investigation into the scam and take action against those found guilty.
The CBI has already filed chargesheets in several cases against the accused, including builders, bank officials, and others. The agency has also attached properties worth crores of rupees in connection with the scam.
The NCR housing scam is one of the largest scams in the country’s real estate sector. The scam involves several prominent builders, banks, and building authorities, who allegedly colluded to cheat homebuyers. The scam has caused huge financial losses to thousands of homebuyers who had booked flats in various projects in NCR.
The Supreme Court’s order is a major victory for the homebuyers who had been fighting for justice for several years. The court’s verdict has also sent a strong message to the banks, builders, and building authorities that they will not be allowed to collude and cheat homebuyers.
The CBI’s investigation into the scam has revealed that the banks had given huge loans to the builders, despite knowing that the projects were not viable. The builders had used the loans to fund their other business ventures, leaving the homebuyers in the lurch.
The CBI has also found that the building authorities had given approvals to the projects without verifying the credentials of the builders. The authorities had also failed to monitor the progress of the projects, allowing the builders to take advances from the homebuyers and then abscond with the money.
The Supreme Court’s order has also highlighted the need for stricter regulations in the real estate sector. The court has directed the government to take steps to ensure that the buyers are protected and that the builders are held accountable for their actions.
The CBI’s investigation into the scam is ongoing, and the agency is expected to file more chargesheets in the coming months. The Supreme Court’s order has given a new lease of life to the investigation, and the agency is expected to make more progress in the case.
In conclusion, the Supreme Court’s order allowing the CBI to file 22 cases against banks in the NCR housing scam is a significant move in the fight against corruption and cheating in the real estate sector. The court’s verdict has sent a strong message to the banks, builders, and building authorities that they will not be allowed to collude and cheat homebuyers. The CBI’s investigation into the scam is ongoing, and the agency is expected to make more progress in the case in the coming months.
