Paid EMIs but got no home? SC steps in to probe builder-bank scams in NCR

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Paid EMIs but got no home? SC steps in to probe builder-bank scams in NCR - Business Standard

Quick Summary:

The Supreme Court has ordered a CBI investigation into builder-bank frauds affecting homebuyers in NCR, particularly focusing on stalled housing projects and failed subvention schemes.

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 apex court directed the CBI to initiate seven preliminary inquiries involving major developers like Supertech and financial institutions operating in Noida, Greater Noida, Gurugram, and surrounding NCR areas.