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Supreme Court orders cancellation of registration of companies of Amrapali, check money laundering against CMD

Business

  • 42 thousand customers of Amrapali have not got the position
  • Supreme Court said: NBCC completed the project in Noida-Greater Noida and handed it to the customers.

new Delhi. The Supreme Court has ruled in the case of Amrapali Builder fraud on Tuesday. The court canceled the registration of companies of Amrapali Group. The court said that Amrapali fraudulently cheated customers and diverted their money. The court directed the Enforcement Directorate to investigate allegations of money laundering against Amrapali CMD Anil Sharma, other directors and officers. The court has said that Amrapali Group has violated the rules of the Foreign Exchange Management Act (FEMA) and FDI. The Supreme Court has asked the Central and State Governments to take appropriate action against the builders who do not complete the project on time.

The court also canceled the lease of all the Amrapali projects. Noida and Greater Noida Authorities had issued leases. The court said that Amrapali’s incomplete project will complete the National Building Construction Corporation (NBCC). The Supreme Court has said that noida and Greater Noida Authority have the right to indemnify the properties of Amrapali Group for outstanding recovery.

The bench of Justice Arun Mishra gave this direction. In this case the decision was reserved on May 10. Noida and Greater Noida Authorities had said that they do not have the expertise of resource and construction work to complete Amrapali’s projects. Both of them had taken the decision to hand over the project of Amrapali to a reputable builder under the supervision of a high-level committee.

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