<p>The <span class="key-term" data-definition="Supreme Court — India’s apex judicial body that interprets the Constitution and settles disputes (GS2: Polity)">Supreme Court</span> on <strong>27 May 2026</strong> issued notices to the Centre, the <span class="key-term" data-definition="Enforcement Directorate — Agency that enforces economic laws, especially the Prevention of Money Laundering Act (GS3: Economy)">Enforcement Directorate (ED)</span>, the <span class="key-term" data-definition="Reserve Bank of India — India’s central bank responsible for monetary policy, banking regulation and financial stability (GS3: Economy)">RBI</span> and several real‑estate firms. The notices seek replies on a petition alleging that billions of rupees collected from home‑buyers in Noida and Yamuna Expressway projects were diverted to related entities.</p>
<h3>Key Developments</h3>
<ul>
<li>Bench comprising <strong>Chief Justice of India Surya Kant</strong>, Justice Joymalya Bagchi and Justice Vipul M. Pancholi noted the petition of <strong>Vandana Sabharwal</strong> (represented by lawyer Prashant Bhushan) and set a reply deadline of <strong>15 July 2026</strong>.</li>
<li>The petition claims that <span class="key-term" data-definition="Prevention of Money Laundering Act — Law to prevent and punish money laundering and to confiscate proceeds of crime (GS3: Economy)">PMLA</span> investigations revealed that out of roughly <strong>₹14,559 crore</strong> collected from over 25,000 home‑buyers, “substantial amounts” were siphoned off to group companies of the <span class="key-term" data-definition="Jaypee Group — Large Indian conglomerate with interests in infrastructure, power and real‑estate (GS2: Polity)">Jaypee</span> group.</li>
<li>ED has provisionally attached assets worth about <strong>₹400 crore</strong>, while the alleged diversion exceeds <strong>₹14,000 crore</strong>.</li>
<li>Respondents asked to reply include Union Ministries of Housing and Urban Affairs, Corporate Affairs, Uttar Pradesh <span class="key-term" data-definition="Real Estate Regulation and Development Authority — Statutory body that regulates real‑estate transactions and protects homebuyers (GS3: Economy)">RERA</span>, Noida Authority, YEIDA, banks and developers such as CRC Homes, Gaursons, Mahagun, etc.</li>
<li>Petitioner urges RBI to audit banks that financed these stalled projects and seeks direction for faster ED investigation and provisional attachments.</li>
</ul>
<h3>Important Facts</h3>
<p>• Total funds collected from home‑buyers: <strong>₹14,559 crore</strong>.<br/>• Assets attached by ED so far: <strong>₹400 crore</strong>.<br/>• Alleged diverted assets: > <strong>₹14,000 crore</strong>.<br/>• Number of affected home‑buyers: > <strong>25,000</strong>.<br/>• Key agencies involved: <span class="key-term" data-definition="Supreme Court — India’s apex judicial body that interprets the Constitution and settles disputes (GS2: Polity)">Supreme Court</span>, <span class="key-term" da
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