Now Reading: Supreme Court Says Settlements Will Not Halt CBI Realty Probe
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Supreme Court Says Settlements Will Not Halt CBI Realty Probe
The Supreme Court has said realtors cannot avoid Central Bureau of Investigation probes by settling with a few homebuyers. Investigations into alleged cheating and diversion of deposits will continue until all affected…
The Story in Brief
The Supreme Court has said realtors cannot avoid Central Bureau of Investigation probes by settling with a few homebuyers. Investigations into alleged cheating and diversion of deposits will continue until all affected buyers receive flats or refunds. The CBI has registered 50 FIRs on the court’s orders, completed investigations in 18 cases, and filed 17 chargesheets and one closure report, the Times of India reports.
The court directed SBI, Bank of India, UCO Bank, HDFC and ICICI to sanction prosecution of officials allegedly involved with builders within two weeks, or explain delays. It also asked the CBI to share money-trail records with the Enforcement Directorate and sought additional police staff from five states within 10 days. The court ordered further inquiries into allegations involving Ozone, Vivansaa, Rudra Buildwell and Omaxe.
The Indian Opinion
The lazy narrative is that a few private settlements fix a broken housing project. They do not, especially where banks, land titles and many buyers may be involved. The opposite exaggeration, that every delayed project proves criminal collusion, is just as weak. The useful test is whether investigators can connect money trails, approvals and individual decisions to specific offences. The next court status reports, and the number of sanctions actually granted within two weeks, will show whether this scrutiny produces accountability.
Sources (2): timesofindia.indiatimes.com, realty.economictimes.indiatimes.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
