Amrapali Group committed first-degree crime

Amrapali Group committed first-degree crime
02/05/2019 , by , in News/Views

There are powerful people behind this mess but no matter how powerful they are, we will book and prosecute them- Apex Court.

Amrapali Group has committed a “first degree crime” by cheating thousands of home buyers and no matter how powerful the people behind this mess they will be booked and prosecuted, the Supreme Court said on Tuesday.

“Fate is written on the wall” for the group and its directors, the top court said while declining to hear their claims of no wrong doing.

The embattled real estate firm “cheated everybody including home buyers, banks and authorities and indulged in cartelization to prevent the Debt Recovery Tribunal from auctioning its unencumbered properties”, it said. “The limit of your fraud touched the sky.”

A bench of Justices Arun Mishra and U ULalit said it cannot believe the justification given by Amrapali for alleged diversion of funds of over ₹ 3,500 crore, looking at its dubious conduct.

“You have committed a first degree crime by cheating thousands of home buyers. We should have cancelled the licences of statutory auditors of Amrapali for indulging in fraudulent practise long back and sent them to jail.”

“We are saying in open court that there are powerful people behind this mess but no matter how powerful they are, we will book them and prosecute them. We are not going to spare anybody,” the bench said.

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