The directors are in police custody and the audit report will enable investigations to proceed in this direction
The Supreme Court on Monday allowed the Enforcement Directorate (ED) and the Economic Offences Wing (EOW) of the Delhi Police to get access to the forensic audit report containing details of shell companies employed by Amrapali Directors to siphon off innocent homebuyers' money.
This order passed by a bench of Justices Arun Mishra and UU Lalit on Monday follows an earlier decision on July 23 by which the registration of Amrapali Group was cancelled under the Real Estate (Regulation and Development) Act (RERA).
The supplementary order passed by the apex court further directed the Noida and Greater Noida Authorities to create special cell for each project under the Group which was pending construction or completion certificate. The bench, on August 9 had warned the Greater Noida and Noida officials of punitive action if they failed to issue completion certificates and hand over possession to the aggrieved homebuyers.
On July 23, the apex court directed the homebuyers to take possession and asked Noida/Greater Noida authorities to do the needful regardless of the huge dues to the tune of Rs 5,000 crore recoverable from Amrapali. The Court directed the authorities to recover the dues from sale of Amrapali assets.
As regards flats still under construction, the Court had directed the public body National Building Construction Corporation (NBCC) to complete the pending projects at a commission of eight per cent. In two such projects at Noida and Greater Noida, NBCC required a sum of Rs 7.5 crore to complete the work. The bench on Monday directed immediate release of this sum and asked the NBCC to finish the projects in four weeks.
The Court directed persons/firms who have to return money to Amrapali to do so within a months and asked homebuyers to pay their dues as per project agreement within three months. In this regard, the Court directed advocate ML Lahoty, representing homebuyers to prepare a chart of the amounts due from homebuyers to the tune of Rs 261 crore.
In the report of the two forensic auditors – Pawan Kumar Agarwal and Ravi Bhatia, it became clear how the Amrapali Directors – Anil Kumar Sharma, Shiv Priya and Ajay Kumar – created dummy companies, raised bogus bills, sold flats at undervalue price, paid excessive brokerage, and laundered money by getting in foreign investment from JP Morgan in violation of Foreign Exchange Management Act (FEMA) and FDI norms. The Court noted this to be a "device" for siphoning off the money of the home buyers to foreign countries.
Already the Directors are in custody of UP Police and now with the report being shared with the police and ED, it will enable investigations to proceed in this direction.
WHAT THE FINDINGS SAY
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| In the report of the two forensic auditors – Pawan Kumar Agarwal and Ravi Bhatia, it became clear how the Amrapali directors – Anil Kumar Sharma, Shiv Priya and Ajay Kumar – created dummy companies, raised bogus bills, sold flats at undervalue price, paid excessive brokerage |
| This helped them to siphon money by getting in foreign investment from JP Morgan in violation of Foreign Exchange Management Act and FDI norms |
| The directors are in police custody and the audit report will enable investigations to proceed in this direction |
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