A foray into the real estate business with a modest 140 flats, a swift rise to becoming the industry frontrunner, and a swift fall that left 46,000 home buyers in the lurch — Amrapali’s fortunes have seen quite the turnaround. The Indian Express reports on the troubled group and the man behind it
The Supreme Court Thursday allowed the Delhi Police to arrest beleaguered real-estate firm Amrapali’s Chairman and Managing Director (CMD) Anil Sharma and directors Shiv Priya and Ajay Kumar in connection with cheating cases.
Earlier, following a case registered by EOW against Amrapali Dream Valley Private Limited and two directors for allegedly cheating their buyers, the court had asked the Amrapali Group to deposit Rs 200 crores.
Taking note, the SC bench quizzed the real estate group’s Chief Financial Officer (CFO) and internal auditors, and ordered that the company's CMD and two directors would continue to remain under police surveillance at a hotel in Noida.