The Supreme Court on Thursday expanded the scope of the probe into the subvention scheme scam involving builders-banks nexus by directing the Central Bureau of Investigation (CBI) to share details of alleged proceeds of crime with the Enforcement Directorate (ED) in the 50 criminal cases being probed by it.The Supreme Court on Thursday expanded the CBI probe into the builder-bank subvention scheme scam and directed the agency to share details of alleged proceeds of crime with the ED. (PTI)The bench headed by Chief Justice of India (CJI) Surya Kant said, “The CBI is to inform ED in respect of details of such cases where ED is to take cognisance of matters with regard to proceeds of crime.”With probe in only 18 of the 50 cases completed by CBI so far, the court passed directions for a “time-bound, expedient” probe by directing six banks and financial corporations to process prosecution sanction within two weeks against their officials found prima facie guilty in the CBI probe conducted so far. The court directed CBI to further probe into additional complaints forwarded to it involving subvention-related allegations by home buyers of Ozone group (Karnataka, Maharashtra, Tamil Nadu), Rudra Buildwell (Greater Noida) among others and submit a status report by the next date of hearing.Also Read | Examine homebuyers’ plaints in subvention scheme scam: SC to CBIIn addition, the agency was directed to examine the lapses in the subvention scheme where the builder and lessee of the land were different entities and yet a tripartite agreement was signed between the builder, buyer and bank without involving the lessee. The court asked the CBI to examine whether such an exclusion was done ignorantly or consciously and whether the same led to any wrongful loss.Court pulls up CBI over slow probeThe bench, also comprising justices Joymalya Bagchi and V Mohana, was critical of the pace of investigation conducted by CBI. It said, “CBI has acquired the reputation of keeping the investigation pending for years and years. We expect they come out with investigations in a time-bound manner.”Additional solicitor general (ASG) Aishwarya Bhati, appearing for CBI, informed the court that the cases involve 25 banks/housing financial companies, 56 builders spread across multiple projects across the country. She pointed out that the Prevention of Corruption Act has been invoked against officials of six banks — Bank of India, State Bank of India, UCO Bank, HDFC, ICICI Bank and Sammaan Capital. In all, she said 34 prosecution sanctions are awaited and till date the banks have not responded.Bhati further stated that CBI even requisitioned for additional personnel from the police forces in the states of Uttar Pradesh, Rajasthan, Tamil Nadu, Maharashtra, Punjab, and Karnataka. However, they have not yet responded.Also Read | ED files 6 more cases to probe builder-banker nexus in ‘subvention scheme’The court told Bhati, “We leave it to you to tell them (CBI) what high quality of investigation we require. You must quickly investigate the matters with you so that the next lot Wherever the CBI feels there is a need to trace proceeds of crime, you can refer the matter to ED.”Banks told to grant prosecution sanctionsThe order by the court said, “In order to facilitate expeditious and time-bound investigation by CBI, we direct the competent authorities of the six banks to expeditiously process and accord necessary sanction under section 19 of PC Act for prosecution of their officials who are prima facie found involved. Let the needful be done in two weeks failing which competent authority will have to submit an explanation to this court.”“Sanction should be promptly granted when it is a court-monitored investigation,” the bench said. It further directed the DGPs of the states supposed to spare personnel for CBI to do so within 10 days.Amicus flags wider irregularitiesAdvocate Rajiv Jain, assisting the court as amicus pointed out that of the 18 cases probed by CBI, charge sheets have been filed in 17 cases and charges framed in three. Jain said that on analysing the three charge sheets he noted several projects belonging to the same builder that may be investigated by the agency.“It has been noticed that CBI is only probing the facts of the petition forwarded to them and not looking into anything beyond it,” Jain said. The court directed CBI to scrutinise and conduct thorough investigation into the aspects highlighted by the amicus.Also Read | Subvention Scheme: Greater Noida, Yeida give details to CBI for probeWhat is the subvention scheme?A subvention scheme is a tripartite agreement between the builder, homebuyer and bank where banks agree to release loans to builders who pay the EMIs till a specified cut-off or till the date of handing over possession of flat.The court had directed a CBI probe after it came across the plight faced by homebuyers who alleged that despite being defrauded by builders who failed to deliver flats in time, they were unnecessarily saddled with the burden of paying EMIs under the subvention scheme.