In the case of Amrapali group, the Supreme Court has allowed access to both the IT department and EoW. The Amrapali group has misused home buyers money of more than Rs. 3,500 crore in other projects.
The case is being heard by the bench of Justices Arun Mishra and U U Lalit in which the forensic auditors Pawan Agrawal and Ravi Bhatia informed about receiving notices from the IT department and the Economic Offence Wing [EoW] as they seek the audit report.
The Supreme Court accepted the report and also gave permission to the forensic auditors to share the the same with these two investigating agencies.
The bench of two judges said that it is brought to our notice that Commissioner of Police, Economic Offences Wing requires Report of the Forensic Auditors. We permit the Forensic Auditors to furnish the Report to the Economic Offences Wing but they shall not be summoned for any purpose whatsoever to aid in the investigation.
The Amrapali group is also directed by the Supreme Court to submit its reply within a day or two to the report submitted by the forensic auditors. One of the forensic auditors, Pawan Agrawal made a point in the recently passed order of the Debt Recovery Tribunal (DRT) that asked by the court to auction or attach all unencumbered properties of the Amrapali group.
“DRT has passed an order day before yesterday seeking our presence and said that we (Agrawal and Bhatia) were hampering the progress of the case,” he told the bench which said that it will clarify the order of DRT and would exempt them from appearing before the tribunal.
In its order, the bench said that we request the DRT for not assuming that Forensic Auditors are hampering the auction proceedings. They are rather assisting this Court in the entire process and we appreciate the able assistance rendered by them.
In a fresh report, the forensic auditors said that till now they have figured that home buyers money that cost more than Rs. 3,500 crore was diverted by the Amrapali Group in multiple projects via different companies. The auditors also said that the promoters of Amrapali didn’t invest a single rupee in the real estate firm and the home buyers money was used to construct high rise buildings.
Apart from this, the auditors also pointed out the irregularities in the sale of Amrapali’s hotel in Bareilly, Uttar Pradesh where the property was actually not sold.
In 2018, the Supreme Court ordered attachment of Amrapali Group’s five properties. These assets include a multi-Speciality hospital in Greater Noida, three residential towers situated in Sector 62, Noida and a villa in Goa.