Amrapali group has played ‘big fraud’: SC

Source: The Hitavada      Date: 25 Oct 2018 08:54:06


 

NEW DELHI,

THE Supreme Court said on Wednesday that embattled realtor Amrapali Group of companies has played a “big fraud” by diverting money collected from home buyers to other firms and the “big racket” behind this has to be unearthed.


A bench of Justices Arun Mishra and U U Lalit was told by the forensic auditors that from the documents of the group, it appeared that over Rs 100 crore was diverted to a company -- GauriSuta Infrastructures Pvt Ltd -- by one of the group firms and there were “various malfunctionings” by statutory auditors, who have totally failed in their duties.


“The money (diverted by the group) has to be retrieved. Forensic audit is for this purpose and also how to catch the persons behind this and send them behind the bars if needed,” the bench said.


“This is a big racket that needs to be unearthed. They (Amrapali group) have done a big fraud. Let us see what can be done,” it added. At the outset, forensic auditors Ravi Bhatia and Pawan Kumar Aggarwal told the court that they have found diversion of money collected from home buyers by some of the group firms, and some shell companies were also created for this purpose. During the hearing, the forensic auditors said they have not received any threats till now in the matter.


“If there is even a slightest of doubt (of threat), you tell us,” the bench said, adding, “whosoever high, you tell us. We will take care of that”. The forensic auditors further said that Ashish Jain and Vivek Mittal were the Directors of GauriSuta Infrastructures Pvt Ltd and they were stated to be relatives of statutory auditors of the group.