The Central Bureau of Investigation (CBI) on September 28, 2022, registered an FIR against Amrapali Silicon City Pvt Ltd and its promoter Anil Kumar Sharma in a fraud case involving Rs 177 crore. The CBI also conducted searches at 6 various locations in the NCR after booking the embattled developer company in a fraud.
The move by the CBI comes after public lender Bank of Baroda filed a complaint, stating the real estate firm cheated a consortium of banks, including Punjab National Bank and Bank of Maharashtra.
In its complaint the lender has alleged that Amrapali Silicon City committed fraud and forgery, and misappropriated the loan amount, cheating the banks to an extent of Rs 177 crore, excluding interest.
The company is developing its housing project, Amrapali Silicon City, in Noida’s Sector 76 after receiving 1.76 lakh square metre land from the Noida authority. An audit into the company finances has shown that the company has sold over 450 flats in the project at rates much lower than the construction cost. The company has also allegedly diverted over 300 crore of advances received from Amrapali Silicon Valley homebuyers to other group companies.
Recall here that the Supreme Court is still in the middle of resolving issues pertaining to the now-defunct parent company, Amrapali Group, after insolvency proceedings were initiated against the developer in 2017. Anil Kumar Sharma, who had been lodged in Delhi’s Mandoli jail over various charges of fraud and forgery, is currently out on bail after the Supreme Court in August this year granted interim relief because of his medical condition.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
sunita.mishra@proptiger.com
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