Chander Prakash Wadhwa disclosed to the SC in an affidavit that it was at the instance of the foreign direct investment (FDI) partner JP Morgan that a new CFO for one of the Amrapali group companies was appointed.
Distressed realty firm Amrapali Group's foreign direct investment and joint venture partnerships could next come under the Supreme Court's scanner, with its former chief financial officer deposing in the top court that funds invested by homebuyers were diverted by group directors through shell companies.
Chander Prakash Wadhwa disclosed to the SC in an affidavit that it was at the instance of the foreign direct investment (FDI) partner JP Morgan that a new CFO for one of the Amrapali group companies was appointed.
The disclosure came during the hearing of a batch of petitions by homebuyers who are seeking possession of nearly 42,000 apartments. They have accused the developer of siphoning off their money.
Wadhwa, who was the CFO of the Amrapali Group from 2008 to 2016 told the SC that as CFO, he was not privy to any decision taken with regard to transfer of funds within group companies, to third parties, or advances paid to individual agents or contractors.
Trying to dispel the notion that he was equal party to the crime that took place in the company with regard to diversion of homebuyers' money, Wadhwa said, "I was used to implement the decisions and directions of the board of directors and/or its wholetime directors."
The decisions he took included transfer of money from one company to another of the group firm by way of advances. He even introduced new directors in Amrapali group companies and opened a new company overseas in United Kingdom by the name "Amrapali Developer UK Limited" of which he was the sole director/promoter. This was done with the knowledge of Amrapali Group's promoters to launch consultancy services in the field of real estate funding.
But what was more shocking was the revelation made by him with regard to joint venture partners. He said, "Besides these group companies, there were certain companies which are not exactly group companies but the Amrapali Group made certain investments as Joint Venture Partner and/or with some other understanding."
He further disclosed, "Aashish Garg, CA, was appointed as CFO of Amrapali Silicon City Private Limited by FDI partner JP Morgan in the month of October 2013 and he continued to act as CFO until Wadhwa resigned from Amrapali Group." Wadhwa left the group on April 1, 2016.
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