Amrapali diverted crores via shady transactions
Bank of Baroda told the Supreme Court on Tuesday that Amrapali Infrastructure Private Limited was involved in dubious transactions and diverted Rs 2,156 crore with some of the amount transferred to companies managed by family members of the group chairman.
The report was prepared under proceedings of Insolvency and Bankruptcy Code initiated against the company by the creditor bank after the company failed to pay it back. Appearing before a bench of Justices Arun Mishra and U Lalit, additional solicitor general Maninder Singh placed findings of the report on behalf of the bank and pleaded the bench to direct independent audit of all companies of the group.
“It is evident from a perusal of the forensic audit report that certain linkages can be established between AIPL and other related parties used for routing of funds amounting to Rs 2,1 56cr. All these transactions appear dubious and merit further investigation by an independent auditor,” the bank said in its affidavit.
It said the transaction review report identified certain transactions which would require further investigation and examination of further documents which had not been made available to RP (resolution professional) despite repeated requests. “This proves the mala fides of the promoters and substantiates the fact that fraudulent transactions had taken place which had not been highlighted by statutory auditors of the company,” it said.