Auditors to Supreme Court, over Rs 9,500 cr can be recovered from Amrapali Group

New Delhi: Forensic auditors told the Supreme Court that Rs 9,590 cr can be recovered from the embattled Amrapali Group which has diverted Rs 3,523 cr of home buyers money. Of the money diverted as much as Rs 455 cr can be recovered from persons including directors of the realty firm, their family members and individuals holding hey managerial position.

A bench of Justices Arun Mishra and U U Lalit was told by court-appointed forensic auditors, Pawan Agarwal and Ravi Bhatia, that firm sold 5,856 flats at throw-away prices and Rs 321.31 cr can be recovered at the current market value. They also said that Rs 3,487 crore is recoverable from home buyers who have booked flats and taken the possession in 14 Amrapali Projects.

The auditors in their 8-volume report submitted to the court said that till now they have detected Rs 152.24 crore which the company’s directors and their family members have taken for paying income taxes, advances for purchase of share and under other heads. The summary report also pointed that from 35 group companies, persons holding key managerial positions including directors siphoned off Rs 69.36 crore, which was cash in hand with the firms.

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