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Real estate firm Amrapali Leisure Valley booked under bank fraud case, CBI takes action

By Ruchi Upadhyay 
Updated Date

New Delhi: Amrapali Leisure Valley Developers Private Limited seems to be tightening the noose once again. The CBI has registered a case against the company and its director Anil Sharma, among others, in connection with an alleged fraud of over Rs 230 crore from Bank of Maharashtra and Andhra Bank. The FIR alleges that the company has not repaid any loan after the banks sanctioned loan facilities to develop a housing building on a plot of 1.06 lakh square meters in Tech Zone IV in Greater Noida, Uttar Pradesh.

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The banks had sanctioned credit facilities to develop a housing building at at Tech Zone IV in Uttar Pradesh’s Greater Noida on a plot measuring 1.06 lakh square meter, the FIR alleged.

The company failed to maintain financial discipline following which the account was declared a non-performing asset on March 31, 2017, the complaint from Bank of Maharashtra, now part of the FIR, has alleged, adding that “it has resulted in the loss of over Rs 230.97 crore”.

A group of flat buyers of Amrapali Group had approached the Supreme Court owing to non-delivery of promised flats to them in Noida and Greater Noida area where the company had promised to develop and sell 42,000 flats.

The Supreme Court had ordered a forensic audit in the affairs of the company, the complaint has alleged.

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In the forensic audit, it surfaced that the group allegedly diverted Rs 5,619 crore through different companies — Amrapali Leisure Valley Developers Pvt Ltd, Amrapali Homes Projects Pvt Ltd, Ultra Home Constructions Pvt Ltd and Amrapali Grand, it said.

The bank asked the auditor to find out the amount of its money that has been diverted which showed that Rs 52.01 was transferred to Kapil Buildhome Pvt Ltd and Gaurisuta Infrastructure Pvt Ltd between 2013 and 2016 from the term loan sanctioned by Bank of Maharashtra, it said.

“The modus operandi followed by the accused person(s) actively portrays criminal conspiracy hatched between the accused person(s) with mala fide intention to cheat, defraud, deceive and cause wrongful loss to the banks and the accused persons have committed cheating, criminal breach of trust,” the bank has alleged in the complaint.

Besides Sharma, the CBI has also named other directors Shiv Priya and Suvash Chandra Kumar, erstwhile director Pankaj Mehta, Atul Mittal and Ashish Jain — both directors in Chintapurni Estate Pvt Limited (Corporate Guarantor) and Gagandeep Singh, authorised signatory in Chintapurni Estate, they said.

The CBI has filed the FIR under sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code and provisions of Prevention of Corruption Act.

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