The Supreme Court on Tuesday said that the Amrapali Group has committed a first-degree crime by cheating thousands of home buyers. The court also said that all those involved in this mess will be behind the bars soon no matter how powerful they are.
While rejecting the claims of no wrong doings, the Supreme Court said that the Fate is written on the wall for the group and its directors.
In the case of Amrapali group, the SC further said that the realty firm cheated everybody including home buyers, banks and authorities and was also indulged in cartelization to prevent the Debt Recovery Tribunal from auctioning its unencumbered properties. Adding to the same, the Supreme Court said that the limit of your fraud touched the sky.
A bench of two, Justices Arun Mishra and U U Lalit further said that they can’t believe the justification given by the Amrapali group for allegedly diverting home buyers funds of more than Rs. 3,500 crore into other projects.
The Supreme Court also said that you [Amrapali group] committed a first degree crime by cheating thousands of home buyers. The court then said that we should have cancelled the licences of statutory auditors of Amrapali for indulging in fraudulent practice long back and sent them to jail.
The bench of two judges then said that we are saying in open court that there are powerful people behind this mess but no matter how powerful they are, we will book them and prosecute them. We are not going to spare anybody.
Earlier to this, the senior advocates Geeta Luthra and Gaurav Bhatia, appeared in the court for representing the Amrapali group informed about zero wrong doing in the case of diverting Rs. 3,500 crore as it is claimed by the forensic auditors appointed by the court.
The senior counsel, Luthra said that the forensic auditors have erred on various aspects in their report for example, it claimed that the group did not made an investment of single rupee but actually the Amrapali group invested Rs. 60 to Rs. 70 crore.
The bench of Justice UU Lalit and Arun Mishra said that we have to believe the forensic auditors and their report looking at your dubious conduct. We believe them. You (Amrapali) have yourself admitted in your earlier affidavit that Rs 2,990 crore of home buyers money was diverted and now you are claiming that there was no diversion. You have made a peon as your director and he purchases shares worth crores of rupees for Amrapali. Is this not correct.
Luthra then said that the Amrapali group acted in a bonafide manner and in the interest of home buyers but the problems started after the company ran into litigation.
However, the day-long hearing remained inconclusive and would continue tomorrow.