Forensic Auditors Notify SC Over 9.5k Crore Can be Retrieved from Amrapali Group

Highlights

  1. Forensic auditors have informed the Supreme Court that INR 9,590 crore can be retrieved from Amrapali Group
  2. The Supreme Court also ordered attachment of private properties of the CMD, Anil Sharma and directors – Shiv Priya and Ajay Kumar
  3. The court also appointed a valuer to calculate the accurate value of 5,229 unsold flats including those booked by Amrapali for mere INR 1, 11 and 12.

Forensic auditors have informed the Supreme Court that INR 9,590 crore can be retrieved from Amrapali Group. The Group known to be redirected INR 3,523 crore of home buyers money. Out of which INR 455 crore can be recovered from individuals including the directors of the realty firm and individuals holding key managerial position.

Forensic auditors – Pawan Agarwal and Ravi Bhatia informed a bench of Justices that firm sold 5,856 flats at a relatively cheap price and INR 321.31 crore can be retrieved considering the current market value.

It was also said that INR 3,487 crore is recoverable from buyers of the flats and taken the possession in 14 Amrapali projects.

The auditors created 8-volume report which was submitted to the court said that so far they have identified INR 152.24 crore which the company’s directors and their family members have utilized to pay income taxes, advances for share purchases and under other heads.

The report also observed that out of 35 group companies, individuals holding key managerial positions including directors siphoned off INR 69.36 crore, that was cash in hand with the companies.

“Amounts given as advances without any business transactions which have not been adjusted along with the amount received/paid for the non-genuine transactions amount to Rs 234.31 crores and should be recovered from the management of the Amrapali Group of companies,” the report said, which included only the companies audited by Bhatia.

The auditors also said that there were 5,229 flats remain unsold in 11 different projects and can be sold for INR 1,958.82 crore.

The auditors pointed out that fake purchases amounted to about INR 1,446.68 crore and Amrapali Group has a liability of INR 6,004.06 crore due towards Noida and Greater Noida Authority.

The apex court has observed and accepted reports by the auditors and has sought clarification from the group and its associates.

On February 28, the Supreme Court allowed Delhi Police to arrest CMD Anil Sharma and 2 directors from Amrapali Group on the basis of home-buyers complaint that they were deceived and duped of their funds.

The Supreme Court also ordered attachment of private properties of the CMD, Anil Sharma and directors – Shiv Priya and Ajay Kumar.   

The alleged culprits were under detention of Uttar Pradesh Police and kept in a hotel in Noida since October 9, 2018, for not complying with Supreme Court orders. It came in as a shock when the court ordered the arrest on an appeal by the Economic Offence Wing (EOW) of Delhi Police.

The court also appointed a valuer to calculate the accurate value of 5,229 unsold flats including those booked by Amrapali for mere INR 1, 11 and 12.

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Important Links

  1. Over Rs 9.5K cr can be recovered from Amrapali Group, Forensic auditors inform SC
  2. List of Amrapali Group and its Key Members

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