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Amrapali Group’s Top Officials Handed Over To Delhi Police

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Amrapali Group’s Top Officials Handed Over To Delhi Police

Amrapali Group officials finally land in police custody as Supreme Court is keen to provide immediate relief to cheated homebuyers

Real estate firms that think they can get away easily by cheating homebuyers need to be cautious henceforth. The Supreme court has been trying hard to solve buyers’ grievances since the last 18 months and sent Amrapali Group CMD and directors Shiv Priya and Ajay Kumar to police custody for deceiving innocent buyers.

The CMD and the directors were under the custody of the Supreme Court since October 2018. They were under the UP police supervision without being arrested.

The officials failed to cooperate with the police and this forced the Supreme Court to handover their custody to the Delhi Police to go ahead with criminal proceedings.

The Supreme Court also directed the Delhi police to look into similar cases of fraud in an attempt to provide relief to all buyers.

The officials, when under the custody of the court, stayed at a hotel in Noida and were denied permission to visit their homes. The forensic auditors appointed by the court were in charge of investigating the financial fraud.

The apex court also ordered to attach the directors’ assets. The court ordered seizing of personal properties of Sharma and other directors. The CMD’s bungalow in South Delhi, as well as agricultural land and flats, were attached following the arrest.

Previously, Sanjay Chandra and Ajay Chandra of Unitech had been sent to custody for cheating the home buyers. The Unitech promoters are in jail since August 2017.

A company that had invested Rs 6.6 crore for buying 26 flats in Amrapali Silicon City project had filed a criminal complaint against the real estate firm with the Delhi Police. But the police were unable to conduct the probe when the officials were under the Supreme Court custody. Hence advocate Mukul Singh appearing for Delhi Police expressed its concerns before the court and requested to allow custodial interrogation.

A bench of Justice Arun Mishra and Justice U U Lalit gave nod and handed them over to Delhi Police.

Senior advocate Geeta Luthra on behalf of the Amrapali group gave assurance that the officials would cooperate with the investigation and should not be arrested, but in vain. The Supreme Court also ordered the police to conduct probe against statutory auditor Anil Mittal and CFO Chander Wadhwa.

All those who were involved in financial transactions with the group were issued notice by the court to appear before the court-appointed forensic auditors.  These include 200-odd people and companies. The notice came after they had initially refused to appear before the auditors.

The homebuyers’ situation is truly miserable. Around 46,000 home buyers invested in Amrapali projects a decade ago. But they are clueless about the delivery of the flats. The group has incomplete housing projects in Noida and Greater Noida which includes 170 towers.

The liabilities of Amrapali are Rs 3,000 crore to government agencies and Rs 1,000 crore to 10 banks.

Two persons had also filed a complaint in 2016 against the group stating that they failed to receive commercial space booked in Amrapali projects despite full payment. The group didn’t have permission from the Noida Authority to build the commercial space that was booked in 2011 by the complainants.

 

ALSO READ: Directors Of Amrapali Penalised Rs 94 Crore By Supreme Court

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