The Supreme Court of India has directed the Central Bureau of Investigation (CBI) to launch a probe into a suspected fraud involving a nexus between real estate developers and banks that allegedly defrauded numerous homebuyers.
Report Alleges Collusion
The Court’s directive comes after a report revealed possible collusion between certain builders and financial institutions. The scheme reportedly involved the misuse of housing loans and resulted in significant financial losses for buyers who were left without homes despite paying large sums.
CBI To Investigate Role
The apex court stressed the need for a full and impartial investigation to identify those responsible. It instructed the CBI to examine how both builders and banks may have jointly participated in or enabled the fraudulent activity.
This development marks a significant move by the judiciary to protect homebuyers, a group that has long suffered due to real estate delays, scams, and lack of accountability. Victims of the alleged fraud are hopeful the investigation will lead to justice and systemic reforms.
Read More: Supreme Court, Delhi High Court, States High Court, International
