![\"Settling](\"https:\/\/static.toiimg.com\/thumb\/msid-133018423,imgsize-254982,width-400,height-225,resizemode-4\/a-real-estate-project-in-bhubaneswar.jpg\" "\\"SC")
<\/div>\n<\/div>\n<\/div>\nNEW DELHI: The Supreme Court has put a spoke in efforts of defaulting realtors to escape CBI probe by settling with a few homebuyers. The court said these builders would continue to be investigated for cheating homebuyers and siphoning off their deposits till the last of the flat purchasers get their property or refund.Many homebuyers had become parties to petitions filed by groups of homebuyers pleading similar cause \u2013 enormous delay in project completion by builders who have already received money through banks under subvention and the banks insisting on repayment in disregard of the fact that the flats are yet to be delivered.<\/p>\n <\/p>\n Advocate Pranav Sachdeva told a bench of CJI Surya Kant and Justices Joymalya Bagchi and V Mohana that the court may allow those homebuyers, with whom defaulting builders has settled, to withdraw from petition and continue proceedings for the remaining homebuyers left high and dry by builders.Additional solicitor general Aishwarya Bhati, appearing for CBI, informed that the agency had completed probe in 18 of 50 cases in which CBI registered FIRs on SC\u2019s orders. A total of 17 chargesheets and a closure report have been filed before competent courts.She said the chargesheets name several bank officials who were found to have colluded with builders. The agency has invoked provisions of the Prevention of Corruption Act against them and CBI has sought sanction to prosecute the officials from State Bank of India, Bank of India, Uco Bank, HDFC and ICICI.SC said in court monitored investigations, sanctions for prosecution should be granted promptly and directed these banks to give necessary permissions within two weeks for prosecution of the accused bank officials. \u201cFailure to accord sanction within two weeks would require banks to submit explanations to the court,\u201d it said and asked CBI to share documents on money trail to ED for initiation of inquiry under PMLA.On some complaints regarding alleged defaulting builders in other states, across states, the bench directed the CBI to conduct a thorough investigation into the allegations of misrepresentation and other irregularities by entities such as Ozone group in Karnataka, Maharashtra, Tamil Nadu; Vivansaa in Bengaluru; Rudra Buildwell Pvt Ltd in Greater Noida, and Omaxe group in Chandigarh. A separate status report in respect of investigations into these builders and related banking institutions shall be submitted to the court.<\/p>\n Share your thoughts in the comments<\/p>\n<\/div>\n![\"Settling](\"https:\/\/static.toiimg.com\/photo\/msid-133015962\/settling-with-a-few-wont-stop-probe-sc-to-realtors.jpg\" "\\"\\"")
<\/div>\n<\/div>\nMany bank officials found to have colluded with realtors, Supreme Court told<\/h2>\n<\/p>\n