Experts appointed by the Supreme Court to carry out forensic audit of the accounts of the beleaguered Amrapali Group Friday told the court that they had found diversion of money collected from home buyers by some of the group’s firms, and that some shell companies were created for this purpose.
Taking note, the bench of Justice Arun Mishra and Justice U U Lalit 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.
The bench directed the company officials to hand over all its laptops, computers and hard-drives used since 2008 to the forensic auditors. It also asked the company’s two internal auditors, Anil Mittal and Ravi Kapoor, to hand over all documents related to the group, warning them of jail term for non-compliance.
The bench also directed the police to seize the documents related to group companies from internal auditors in three days and hand them over to the forensic auditors. “We request the police to collect the documents from Dhavan and company and Anil Mittal and company (internal auditors). In case the documents are not handed over to the police, this will be viewed very seriously and punishment will be imposed,” the court ordered.
The SC asked banks where Amrapali group has accounts to release the statements for the 2008-2018 period, and asked the company to pass it on to the forensic auditors in three days.