CBI files Rs 230-crore bank fraud case against real estate developer Amrapali Leisure Valley

New Delhi, May 20

The CBI has filed an FIR against Amrapali Leisure Valley Developers Pvt Ltd, its director Anil Sharma and others for allegedly cheating Bank of Maharashtra and Andhra Bank of over Rs 230 crore, officials said on Friday.

The banks had sanctioned credit facilities to develop a housing building at the Tech Zone IV in Uttar Pradesh’s Greater Noida on a plot measuring 1.06 lakh square metre, the FIR alleged.

The company failed to maintain financial discipline following which the account was declared a non-performing asset on March 31, 2017, the complaint from Bank of Maharashtra, now part of the FIR, has alleged, adding that “it has resulted in the loss of over Rs 230.97 crore”.

Following the FIR, the CBI on Thursday conducted searches at four locations in Delhi, Noida and Ghaziabad, they said.

Some Amrapali Group flat buyers had approached the Supreme Court owing to the non-delivery of promised flats to them in Noida and Greater Noida area where the company had promised to develop and sell 42,000 units.

The Supreme Court had ordered a forensic audit in the affairs of the company, the complaint has alleged.

In the forensic audit, it surfaced that the group allegedly diverted Rs 5,619 crore through different companies – Amrapali Leisure Valley Developers Pvt Ltd, Amrapali Homes Projects Pvt Ltd, Ultra Home Constructions Pvt Ltd and Amrapali Grand, it said.

Besides Sharma, the CBI has also named other directors Shiv Priya and Suvash Chandra Kumar, former director Pankaj Mehta, Atul Mittal and Ashish Jain — both directors in Chintapurni Estate Pvt Limited (Corporate Guarantor) and Gagandeep Singh, authorised signatory in Chintapurni Estate, they said.

The CBI has filed the FIR under Sections 120-B (criminal conspiracy) and 420 (cheating) of the IPC and provisions of Prevention of Corruption Act.