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Homebuyer’s Money Misappropriated By Amrapali Group.

Courtesy/By: Jayant Upadhyay | 06 May 2019

After a forensic audit of 46 registered companies and numerous shell companies of Amrapali group by auditors Pawan Kumar Agrawal and Ravi Bhatia, revealed that the CMD and Directors of the company misused homebuyer’s money for purchasing luxuries and meeting personal expenses rather than construction activity.

Auditors in their Statement before the SC declared about the misuse of the company’s funds by CMD and directors to meet wedding expenses and in the purchase of luxury cars, jewellery and Shares. The amount of Rs 3,500 Crore which was given to the company by homebuyers was diverted for other personal purposes. The CMD of Amrapali group Anil Sharma spent Rs 1.38 Crore of homebuyer’s funds on his daughter’s wedding

Company’s CMD Anil Sharma and other directors have also been alleged of receiving 67 Crore as a part of professional fees despite being employed in the firm on a salary basis. The auditors claimed that there is no substantial reasoning behind or any proof of work done by partners to receive such professional fee. An individual employed in a company cannot simultaneously claim professional fee along with the salary. Also, further the report submitted by auditors states that payment of professional fees was made at the same time when personal expenses were to be incurred.

Courtesy/By: Jayant Upadhyay | 06 May 2019