Supreme Court expands CBI probe into builder-bank subvention scam, brings ED into fold
Supreme Court orders CBI to expand probe into subvention scheme scam sharing details of criminal cases with ED, emphasizing timely investigations.
The Supreme Court has expanded the probe into the subvention scheme scam involving builders and banks, bringing the Enforcement Directorate (ED) into the fold. The court directed the Central Bureau of Investigation (CBI) to share details of alleged proceeds of crime with the ED in 50 criminal cases currently being investigated. Only 18 cases have been completed by the CBI so far, and the court emphasized the need for a "time-bound, expedient" probe.
Six banks and financial corporations have been instructed to process prosecution sanctions against officials found guilty within two weeks. The court also directed the CBI to investigate additional complaints involving subvention-related allegations and examine potential lapses in the subvention scheme. The bench criticized the CBI's slow pace of investigation and directed the agency to improve its efficiency.
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