The Enforcement Directorate (ED) has provisionally attached a residential property worth Rs 54.71 crore in Delhi's upscale Maharani Bagh locality as part of its money-laundering investigation into the alleged diversion of funds collected from homebuyers by the Amrapali Group and its promoters, the agency said on Friday.
The property, located at A-3 (New), Maharani Bagh, was attached by the ED's Lucknow zonal office under the provisions of the Prevention of Money Laundering Act (PMLA) after investigators identified it as alleged proceeds of crime linked to the real estate group's financial transactions.
The investigation stems from 18 FIRs registered by the Uttar Pradesh Police and the Economic Offences Wing (EOW) of Delhi Police against the Amrapali Group and others over allegations of cheating homebuyers who had invested in residential projects in Noida and Greater Noida.
Funds allegedly diverted
According to the ED, the Amrapali Group launched several housing projects and collected substantial amounts from buyers by promising possession of flats within 36 months, along with assured returns on their investments.
However, the projects remained incomplete, and buyers were neither given possession of their homes nor refunded their investments, the agency alleged.
A forensic audit subsequently revealed that more than Rs 5,000 crore collected from homebuyers had allegedly been diverted to shell entities and group companies instead of being utilised for the construction and completion of the housing projects.
The ED claimed that the group's directors also siphoned off portions of the funds under the guise of professional fees, resulting in substantial financial losses to homebuyers.
Money trail linked to property
During the investigation, the agency traced part of the allegedly diverted funds to transactions involving Anil Kumar Sharma, managing director of the Amrapali Group, and members of his family.
According to the ED, money was routed directly and through Sharma's family members to Surbhaee Advertising in the form of loans.
The agency alleged that these funds were subsequently utilised in connection with the residential property at Maharani Bagh.
Investigators identified the property, valued at Rs 54.71 crore, as proceeds of crime under the PMLA and issued a provisional attachment order to prevent its transfer or disposal during the investigation.
Probe into homebuyers' money
The attachment forms part of the ED's continuing investigation into the alleged misuse of funds collected from thousands of homebuyers who had invested in the Amrapali Group's residential projects.
The agency is examining financial transactions and the movement of funds through associated entities to determine how money meant for housing construction was allegedly diverted.
A provisional attachment under the PMLA restricts dealings in the property while the statutory adjudication process takes its course. It does not, by itself, establish criminal guilt.
An immediate response from the Amrapali Group to the ED's allegations could not be obtained.