The Supreme Court, on September 23, 2025, heard the matter concerning the completion of the seventh Preliminary Enquiry (PE) by the CBI (Central Bureau of Investigation) into the Builder–Banks “nexus” or connection between banks and real estate developers who allegedly exploited the petitioners by sanctioning huge loans to them as homebuyers and denying them their flats. A Bench comprising Justices Surya Kant, Ujjal Bhuyan, and Nongmeikapam Kotiswar Singh permitted the CBI to register regular criminal cases under the appropriate provisions of law and proceed with the investigation.
The case originated from the Court’s order dated April 29, 2025, directing the CBI to conduct seven preliminary enquiries into the nexus of builders and banks in the NCR region, including Greater Noida, Yamuna Expressway Industrial Development Area, Gurgaon, and Ghaziabad. The Court had earlier appointed an Amicus Curiae to assist in the matter who, examined that 21 housing projects and the involvement of 19 banks and housing finance companies, pointing out that eight major lenders—including HDFC, ICICI Bank, Indiabulls Housing Finance etc had significant project exposures. He further recommended a probe into Supertech Ltd. and its dealings with Punjab & Sind Bank, IDBI Bank, Indian Bank, Corporation Bank, and Punjab National Bank. Furthermore, the seventh PE report submitted by the CBI revealed the commission of a cognizable offence.
The Court accordingly permitted the CBI to register FIRs and proceed with the investigation. It also directed that a copy of the PE report be provided to the Amicus Curiae after the completion of search and seizure operations, so that he may assist the Court at the next hearing. The matter has been listed for October 16, 2025.
Appearances:
For the Petitioners-: Mr. Akshay Srivastava , AOR Mr. Gaurav Goel, AOR Mr. Vijay K. Jain, AOR
For the Respondents-: Ms. Aishwarya Bhati, ASG (mentioned by), Mr. Mukesh Kumar Maroria, AOR Mr. Anurag Tandon, AOR Mr. Ujjal Banerjee, AOR Mr. Kuber Dewan, Adv. Ms. Neeharika Aggarwal, Adv. Mr. Kaustubh Srivastava, Adv. Ms. B. Vijayalakshmi Menon, AOR Mr. Anupam Singh, AOR Mr. Upmanyu Tewari, AOR Mr. Sanjay Kapur, AOR Mr. Deepak Goel, AOR Mr. Nitish Massey, AOR Ms. Amrita Kumari, AOR Mr. Kedar Nath Tripathy, AOR Mr. Anil Kumar, AOR Ms. Poornima Singh, AOR Ms. Rashmi Malhotra, AOR Mr. Md. Ali, AOR Mr. B. Shravanth Shanker, AOR Mr. Ajay Marwah, AOR Mr. Chandra Bhushan Prasad, AOR 1 Ms. Rohini Prasad, AOR Mr. Kunal Malik, AOR Mr. E. C. Agrawala, AOR Ms. Sthavi Asthana, AOR Ms. Sunieta Ojha, AOR Dr. Pratap Singh Nerwal, AOR Mr. Suvidutt M.S., AOR Dr. Sushil Balwada, AOR Mr. Shantanu Awasthi, AOR M/s. Axess Legal Corp, AOR Dr. Sunil Kumar Agarwal, AOR Ms. Abiha Zaidi, AOR Mr. Pushkar Anand, AOR Mr. Suresh Chandra Tripathy, AOR Mr. Ajay Kumar Singh, AOR Mr. Sunil Kumar Sharma, AOR Ms. Sushma Verma, Adv. Mr. Sudarshan Lambha, AOR
