Amrapali’s forensic audit report must be given to ED, police: Supreme Courthttps://indianexpress.com/article/india/amrapalis-forensic-audit-report-must-be-given-to-ed-police-supreme-court-5939554/

Amrapali’s forensic audit report must be given to ED, police: Supreme Court

The court also directed that Rs 7.16 crore out of the amount deposited by the Amrapali group in its Registry be given to the National Buildings Construction Corporation (NBCC), which has been entrusted with completing the group’s unfinished projects.

Amrapali’s forensic audit report must be given to ED, police: Supreme Court
Deciding a petition filed by homebuyers who had invested in 42,000 flats of the group and were duped, the court also ordered a probe by the ED into diversion of funds and money laundering by Amrapali. (Express Photos by Gajendra Yadav/File)

Continuing its action against the Amrapali real estate group, the Supreme Court Monday ordered that the report of the forensic audit of its accounts be given to the Enforcement Directorate, Delhi Police and the Institute of Chartered Accountants in India to enable them to proceed against its management.

A bench of Justice Arun Mishra and Justice U U Lalit also directed that Rs 7.16 crore out of the amount deposited by the Amrapali group in its Registry be given to the National Buildings Construction Corporation (NBCC), which has been entrusted with completing the group’s unfinished projects. It also asked the Noida and Greater Noida authorities to set up a nodal cell for issuing completion certificates to homebuyers who had invested in Amrapali properties.

Underlining the “serious kind of fraud played upon the buyers in active connivance with officials of the Noida and Greater Noida authorities and that of the banks”, the Supreme Court had on July 23 cancelled the group’s registration under The Real Estate (Regulation and Development) Act, 2016, and asked the state-run NBCC to complete all pending projects and hand them over to homebuyers.

Deciding a petition filed by homebuyers who had invested in 42,000 flats of the group and were duped, the court also ordered a probe by the ED into diversion of funds and money laundering by Amrapali.

The bench concluded that Rs 5,619.47 crore of homebuyers’ money had been diverted by the group, and that a forensic audit had prima facie found violation of the Foreign Exchange Management Act, money laundering by “Amrapali Group/ Directors” and other fraudulent activities.

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