'CBI court should take cognizance of the charge sheet on the builder-bank nexus', Supreme Court orders:The Supreme Court directed for speedy proceedings in the cases

News Topical, Digital Desk : The Supreme Court on Friday directed a special CBI court to take cognizance within two weeks of three charge sheets filed by the CBI in connection with the unethical nexus between banks and builders to defraud home buyers in the National Capital Region (NCR) and proceed with the trial.

Additional Solicitor General Aishwarya Bhati, appearing for the CBI, told a bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M. Pancholi that the central agency would make significant progress in the investigation in all 25 cases of home buyers by March.

In July last year, the court had allowed the CBI to register 22 cases in connection with the unethical nexus between banks and builders to defraud home buyers in the NCR using the subsidy scheme.

Under this scheme, banks transfer the sanctioned loan amount directly to the accounts of builders, who have to pay monthly installments on that amount until the flats are handed over to the buyers.

After builders failed to pay installments, banks demanded money from home buyers as per the tripartite agreement. Hearing petitions filed by over 1,200 aggrieved home buyers on Tuesday, the bench passed the fresh directions after considering arguments by Bhati and amicus curiae Rajiv Jain.

Bhati said the CBI has filed three charge sheets in Delhi's Rouse Avenue court, but they have not yet been taken cognizance of. The bench directed the subordinate court to take cognizance of the charge sheets within two weeks and expedite proceedings in the cases.

The bench directed the CBI to share copies of the chargesheets with the amicus curiae, who in turn will brief the bench on the status and fairness of the investigations conducted so far. The Supreme Court also asked the central agency to file more FIRs if necessary.

The bench also directed 23 banks and financial institutions to deposit Rs 10 lakh each in a special account of Union Bank of India to reimburse the expenses incurred by the amicus curiae and his office in assisting the bench.