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Seizure And Sale Of 28 Amrapali Properties

Courtesy/By: Shubham Mathur | 07 Dec 2018

The Supreme Court on Wednesday called the Amrapali Group and its promoters “the worst kind of cheater” and “biggest liar” and ordered the attachment and sale of all its properties created out of homebuyers' money. Though the group admitted before the Supreme Court that it had diverted Rs 3000 crore of homebuyers' money, it failed to satisfy the top court regarding the details of the money trail.

The group diverted homebuyers' money for creating other properties including five-star hotel in Greater Noida, malls, resorts, hospital, setting up FMCG factory and buying plots in different parts of the country. It claimed to have invested Rs 411 crore in those 28 properties which at present are worth of Rs 964 crore. The diversion of investment made by 46,000 homebuyers in Amrapali’s various projects lead to financial crisis and the group was left with no money to complete the projects and left the buyers in the lurch.

Courtesy/By: Shubham Mathur | 07 Dec 2018