The CBI has registered a fresh case against Amrapali Builders and its promoters for cheating a consortium of banks led by Bank of Baroda to the tune of Rs 177 crore.
The case follows a written complaint dated August 10 by the lead bank of the consortium Bank of Baroda to the CBI alleging commission of cheating upon the consortium comprising Bank of Baroda, Bank of Maharashtra and erstwhile Oriental Bank of Commerce (now Punjab National Bank) to the of Rs 177 crore by Amrapali Silicon City Pvt Ltd and others, including its promoter, director and personal guarantor Anil Kumar Sharma. The accused have allegedly defrauded Rs 59.53 crore of Bank of Baroda, Rs 58.05 crore of Bank of Maharashtra and Rs 59.50 crore of erstwhile Oriental Bank of Commerce. The agency has booked the accused entities and individuals for bank fraud, criminal conspiracy and cheating under the Indian Penal Code and criminal misconduct under the Prevention of Corruption Act.
The private company Amrapali Silicon City Pvt Ltd was promoted by a consortium of four companies—Ultra Home Construction Pvt Ltd (lead member), Jotindra Steel & Tubes Ltd, Rinku Clothing Creations Pvt Ltd and Vidya Shree Buildcon Pvt Ltd to execute a group housing project Amrapali Silicon City.
The company acquired land measuring 1,76,758.70 square metre from Noida authority with a cost of Rs 360.96 crore. An amount of 10 percent of the cost was to be paid upfront and the balance amount was payable in 18 half yearly instalments of Rs 19.86 crore each commencing September 2, 2012.
The company allegedly indulged in various fraudulent practices like selling the same residential flat to more than two buyers, selling the flats at rates even lower than the construction cost and the like.