Supreme Court Takes Strict Stance on Noida Real Estate Scam, Demands Responses from Central Govt, ED, and RBI The Supreme Court has taken a firm stand against a massive real estate fraud involving over ₹14,000 crore siphoned from homebuyers in Noida and Yamuna Expressway projects. The court has issued notices to the Central Government, Enforcement Directorate (ED), Reserve Bank of India (RBI), and other regulatory bodies, demanding their responses to allegations of systematic financial misconduct by developers. The case, filed by advocate Vandana Sabharwal, highlights a pattern of fraud where builders collected funds from buyers and then declared bankruptcy, leaving thousands of families stranded without their homes or money. The court’s three-judge bench, comprising Chief Justice Suryakant, Justice Joyamalya Bagchi, and Justice Vipul M. Pancholi, has ordered all implicated entities to submit their responses by July 15. The case involves major players such as Jaypee Group subsidiaries JAL and JIL, as well as developers like CRC Homes, Gaurans, Gulshan Homes, Mahagun, and Investors Clinic. The court has also directed the Central Government’s Ministry of Housing and Urban Affairs, Corporate Affairs Ministry, UP RERA, Noida Authority, and Yamuna Expressway Industrial Development Authority (YEIDA) to provide detailed accounts. The legal petition alleges that developers followed a calculated strategy: first, they raised substantial funds from buyers, then diverted the money to affiliated companies, and finally declared insolvency to avoid accountability. This left buyers without their properties or refunds, while promoters remained financially secure.#supreme_court #reserve_bank_of_india #enforcement_directorate #jaypee_group #vandana_sabharwal
