The Lucknow bench of the court also issued a notice to Yadav Singh, who was newly impleaded as respondent in the PIL and fixed January 20 as the next date of hearing the matter.
A division bench of Chief Justice Dr D Y Chandrachud and Justice Manoj Mishra passed the order on a PIL filed by social activist Nutan Thakur.
The facts and the circumstances warrant that the matter be investigated not by a state agency but by CBI, the petitioner said.
On behalf of the state government, Advocate General Vijay Bahadur Singh assured the court that state government will take action, if prima facie it will get any input from the agencies involved in the probe.
"We are just waiting for some inputs from agencies like ED, SIT constituted for black money and income tax department", the AG contended.
As per allegations, between November 27 and 29, during raid and search, around Rs 10 crore cash and 2 kg jewelry was recovered from the premises of Yadav Singh's properties.
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