CBI files Rs 230-crore bank fraud case against real estate developer Amrapali Leisure Valley
The CBI FIR has filed bank fraud against Amrapali Leisure Valley Developers Pvt Ltd, its director Anil Sharma and others for alleged corruption of Maharashtra Bank and Andhra Bank for more than Rs 230 crore, officials said on Friday.
Banks approved credit facilities for the development of a residential building in Tech Zone IV in Uttar Pradesh’s Greater Noida on a 1.06 lakh square meter plot, the FIR claims.
The company failed to maintain financial controls and after the account was declared a distressed asset on March 31, 2017, the Bank of Maharashtra, now part of the FIR, complaint added that “the money thereby over Rs 230.97 crore was lost”.
Following the FIR on Thursday for bank fraud, the CBI conducted searches at four locations in Delhi, Noida and Ghaziabad, they said.
Several Amrapali Group home buyers have appealed to the Supreme Court over the failure to deliver promised homes in Noida and the greater Noida area, where the company had pledged to develop and sell 42,000 units.
The Supreme Court ordered a forensic investigation into the company’s affairs alleging the complaint.
The forensic examination found the group allegedly diverted Rs 5,619 crore through various companies – Amrapali Leisure Valley Developers Pvt Ltd, Amrapali Homes Projects Pvt Ltd, Ultra Home Constructions Pvt Ltd and Amrapali Grand, he said.
The bank asked the auditor to ascertain the amount of money diverted, suggesting that Rs 52.01 was remitted to Kapil Buildhome Pvt Ltd and Gaurisuta Infrastructure Pvt Ltd between 2013 and 2016 of the loan term approved by Maharashtra Bank, he said. .
“The modus operandi which the accused person(s) is actively pursuing demonstrates a criminal conspiracy being committed between the accused person(s) with intent to cause fraud, fraud, deception and unfair losses to the banks and corruption, criminal acts of the accused persons. Breach of trust,” the bank alleged in the complaint.
In addition to Sharma, CBI has nominated other directors Shiv Priya and Suvash Chandra Kumar, former director Pankaj Mehta, Atul Mittal and Ashish Jain – both directors of Chintapurni Estate Pvt Limited (Corporate Garant) – and Gagandeep Singh, an officer of Chintapurni Estate. called.
The CBI filed the FIR under Sections 120-B (Criminal Conspiracy) and 420 (Conspiracy) of the Indian Penal Code and the provisions of the Prevention of Corruption Act.