Supreme Court
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According to the latest development in the Amrapali Case, Forensic auditors have informed the Supreme Court that more than 9500 crores can be recovered from the beleaguered group. Till now, the group has diverted Rs 3523 crores of the home buyers. The auditors also informed that out of the whole 9590 cr, Rs 455 cr can be recuperated from directors, family members and individuals who are holding a key managerial position in the group.

The information was floated to SC by forensic auditors, Pawan Agarwal, and Ravi Bhatia. According to them, the company sold around 5,856 flats at cheaper rates, so we can recover Rs 321.31 crore from them also.

The 8-volume report also stated, “Much of the amount is also given in advance to those who are holding a key position in the firm. These amounts were adjusted without any authorized business transaction. From it, Rs 234.31 crores more can be recovered,”

Elaborating more on the above, Pawan Agarwal said that there are around 5,229 unsold flats across 11 different group housing projects. All of them can be sold at a combined rate of Rs 1,958.82 crore.

“Further, Non-genuine and bogus purchases amounted to Rs 1,446.68 crore. The Group also has a liability of Rs 6,004.6 crore towards the Noida and Greater Noida authority.” Aggarwal added.

At present, the court has accepted this report of the forensic auditors and has now sought an explanation from the company heads and other associates.

Earlier, the Supreme Court has ordered Delhi Police to arrest the CMD of Amrapali Group Anil Sharma and two directors on the repeated complaints of duped and cheated home buyers. The court has also ordered to attach the personal properties of the CMD and directors.