Funds can be raised for Amrapali flats: forensic accountants appointed by SC

NEW DELHI: Amrapali, The SC Designated Forensic Accountants, Gave Amur The Hope That Around Rs 11,000 Crore Is Recoverable, Much More Than The Money Needed To Complete All Projects.

According To The Report From, Which Took Over The Projects For The Construction Of 46,575 Apartments In Noida And Greater Noida, The Costs For Completing All Housing Projects Amount To Approximately Rs 8,500 Crore.

In A Summary Of Their Report, Auditors Pawan Kumar Aggarwal And Ravi Bhatia Stated That Rs 11,524 Crore Could Be Found Under Different Heads, Including Home Buyers Who Have Not Paid The Full Amount For The Apartments. They Said The Group Sold 5,856 Flats At Low Prices And That More Than Rs 321 Crore Could Be Recovered From Those Buyers.

The Auditors, Who Submitted The Report After Conducting A Forensic Audit Of 46 Registered Companies And Other Shell Companies And Bank Accounts Of Its Directors, Said The Promoters And Directors Had Used Funds For Personal Use And That Amount (Around Rs 455.91 Crore) Could Also Be Recovered. The Report Said Amrapali CMD Anil Kumar Sharma And Other Four Directors - Shiv Priya, Ajay Kumar, Suvash Chandra Kumar And Amresh Kumar - Received Rs 67.13 Crore As Professional Fees Of The Company To Which They Were Entitled

The Report Said That The Total Derivation Of Amrapali Funds By CMD Sharma For Personal Use Is Around 37 Crore, And That Funds Diverted By Directors Shiv Priya And Ajay Kumar Are Rs 18 Crore And Rs 8.2 Crore, Respectively.

The Accountants Have Also Informed The Court That Many Companies Have Paid Money For The Supply Of Building Materials To Amrapali And For The Detection Of False Invoices Amounting To Rs 1,466 Crore (for Which No Material Was Supplied).

The Report Said That There Are Approximately 5,229 Unsold Apartments In Various Projects By Amrapali And That An Amount Of Rs 1,958 Crore Could Be Collected By Selling Them. The Report Says That The Real Estate Giant Collapsed Due To Money Winning For Purposes Other Than The Construction Of Buildings.

It Said That The Amount Paid By The Home Buyers Was Sufficient To Complete The Construction Of All Projects. They Also Told The Bank That The Amount Needed To Build Up The Unfinished Projects Could Be Increased If The Money Diverted By The Group Was Reduced Alongside The Money That Can Be Collected By The Group's Unsold Apartments And Commercial Spaces To Sell.