SC pulls up banks over alleged nexus with builders in real estate cases
The Supreme Court of India ordered several banks, including State Bank of India and HDFC Bank, to sanction the prosecution of officers allegedly involved in a nexus with builders in real estate cases. The Central Bureau of Investigation is probing these financial institutions for their roles in projects where homebuyers have invested but construction has not commenced. The court mandated that banks respond within two weeks and directed police from five states to assist the CBI in the investigation.