Probe into ‘collusion’ between builders, banks complete in 3 of 28 cases, CBI tells SC; trial court told to take cognizance of chargesheets in 2 weeks

Finding a prima facie nexus between renowned banks and builders in the execution of projects in Noida, Greater Noida, Yamuna Expressway,Gurgaon, and Ghaziabad, the SC had on April 29, 2025, asked the CBI to investigate the matter.  It then passed comprehensive directions on July 22, 2025, and September 21, 2025.

The orders came on a batch of petitions filed by over 1,200 homebuyers, who booked flats under subvention plans in various housing projects in the National Capital Region (NCR), especially Noida, Greater Noida and Gurgaon, alleging that they were being forced by banks to pay EMIs though they were yet to be granted possession.

On Tuesday, Additional Solicitor General Aishwarya Bhati told the court, which is monitoring the progress in the matter that pursuant to the July 22, 2025, directions, that 22 regular cases were registered on July 28, 2025, as per the provisions of law. “Thereafter, searches were carried out at the offices or residential premises of the accused. Of these 22, investigation in three cases is complete and chargesheets have been filed against the builder companies and their directors,” the CBI submitted.

The agency also said that pursuant to the September 21, 2025, order, it registered six more regular cases on September 25, and carried out searches at the residence or official premises of the suspects. It said that “all these cases are still under active investigation.” The court was also told that the extract of the status report has been shared with the amicus curiae advocate Rajiv Jain.

The agency also explained that the requisite police officers have been taken on deputation from state police of Uttar Pradesh and Haryana to assist with the investigation.

Bati also said that investigation would be completed promptly and a fresh status report will be filed before the next date of hearing.
The bench noted that the Amicus Curiae “has compiled a very comprehensive status report comprising 2 volumes” and that it “shockingly reveals as to how unfair treatment has been given to the home buyers or the land owners.”

The court asked the amicus to share a copy with the CBI saying it will be extremely helpful for the agency to take the investigation to a logical conclusion.

As per the CBI, the bench said, 25 cases are still under active consideration, which pertain to only those cases which came up for consideration before it when the orders dated July 22, 2025, and September 21. 2025, were passed.

The court noted that various other homebuyers had approached it after this through independent writ petitions as well seeking to be impleaded as intervenors. It directed their counsel to share soft copies of their petitions with Bhati so that the CBI can examine them and register further regular cases wherever required.