SC warns CBI not to wash eyes in probe of builders, bankers

NEW DELHI: The Supreme Court on Wednesday, without custodial interrogation, questioned CBI charges against officials of financial institutions and builders for cheating homebuyers. The Supreme Court on Wednesday told the agency that no one should be treated as above the law and asked it to complete the investigation within a stipulated time.A bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi said all those builders who siphoned off the income of homebuyers should be arrested to find out where the money went and it should be recovered and refunded. The bench also expressed dissatisfaction with the slow progress of the CBI investigation.“How can you file a chargesheet without holding a custodial interrogation? This will lead to an eyewash,” the judge said.In view of the increasing number of such cases across the country, Solicitor General Aishwarya Bhati has submitted that some of these cases should be investigated by the state police. The SC rejected the request, saying allowing parallel investigations would lead to confusion. The court said that had the state police been competent, the investigation would not have been handed over to the CBI. The SC said the CBI cannot run away from the case and cannot let down millions of suffering home buyers. “We do not agree with the stand taken by the CBI,” the bench said and allowed the agency to seek help from the state DGP for personnel and logistical support.“We do not want to comment on the investigation conducted by the CBI so far but what we would like to observe is that no one should be treated above the law and the investigation must reach its logical conclusion,” the bench said.The court asked the CBI to give a timetable for completion of the investigation as it cannot go on indefinitely. It requires an affidavit from a competent official of the agency. “The court cannot wait indefinitely for the conclusion of the inquiry… Any delay will only cause more pain to homebuyers who are already being harassed by builders and developers, in apparent collusion and connivance with financial institutions and banks,” it said.The court also clarified that affected parties, including homebuyers, banks and builders, should submit their claims, submissions and suggestions to the amicus curiae, who will examine them and submit appropriate materials to the court.It directed the CBI to scrutinize the report submitted by amicus curiae Rajiv Jain last year, especially the areas of investigation identified therein.