SC notices on Noida, Yamuna Expressway fund siphoning

The India — Supreme Court of India>>> has issued notices to the Centre, India — Enforcement Directorate>>>, State Bank of India>>>, and several real estate firms, including Jaypee Group>>> and Jaypee Group>>>, following a plea by Vandana Sabharwal>>>. The plea alleges that thousands of crores collected from homebuyers in India — Noida and Yamuna Expressway projects were siphoned off and diverted for non-construction purposes. Prashant Bose>>>, representing the petitioner, highlighted a systemic pattern of developers diverting funds, transferring assets to related entities, and pushing projects into insolvency, leaving over 25,000 homebuyers stranded. The India — Enforcement Directorate>>> is investigating the matter under the Prevention of Money Laundering Act (PMLA) and has provisionally attached assets worth approximately Rs 400 crore, though the alleged diversion exceeds Rs 14,000 crore. The India — Supreme Court of India>>> has urged the India — Enforcement Directorate>>> to expedite its investigation and issue provisional attachment orders for diverted funds. Additionally, there's a call for the State Bank of India>>> to audit banks that financed these stalled projects, as they are also incurring significant losses. Homebuyers seeking refunds are reportedly being offered only the principal amount paid years ago, without interest, despite a sharp rise in property prices.