Amrapali case: SC accepts forensic report detailing siphoning of homebuyers’ money

The Supreme Court on April 30 accepted the forensic report of the Amrapali Group that details the siphoning off of homebuyers’ money and directed the embattled firm to disclose all its monetary transactions by May 1

A bench of Justices Arun Mishra and UU Lalit, that will be hearing the case for the next three days, also directed the realty firm to disclose its agreements with cricketer Mahendra Singh Dhoni by May 1. Dhoni was its brand ambassador between 2009 to 2015.

"By tomorrow, we want entire picture before us. How much money was transacted between you and Dhoni and what were your agreements with him? How much money you have paid for the advertisements (branding). We want the entire details. You might have cheated him also that's why media houses have recently reported about his case," the bench said.

The Supreme Court has accepted the forensic audit report of the Amrapali group and allowed Delhi police to conduct further probe against Amrapali group promoters and directors basis the report, sources said.

The court-appointed two forensic auditors, Pawan Agrawal and Ravi Bhatia, who told the bench that they have detected 24 transactions between Amrapali Group and M/s Rhiti Sports Management, which manages endorsement and advertisement rights of Dhoni.

In their report, forensic auditors said the total diversion of Amrapali and their key associates amounted to Rs 3,500 crore.

Agrawal told the bench that in one of the transactions around Rs 25 crore was given by Dhoni to Amrapali and there were several transactions between different group companies.

The bench directed senior advocates Geeta Luthra and Gaurav Bhatia, who were appearing for the Amrapali Group, to furnish all the details by May 1.

A few days ago, cricketer Dhoni had moved Supreme Court seeking the protection of his ownership rights on an over 5,500-sq ft penthouse that he booked 10 years ago, in a project of the embattled Amrapali Group. Dhoni filed an application in the court through his lawyer, after receiving a notice from the apex court-appointed forensic auditors, seeking clarification on certain aspects of the purchase.

"This application is being moved by the applicant (Dhoni) to protect his rights qua his ownership and possession of Penthouse apartment...in Amrapali Sapphire phase-1 which was agreed to be sold to him vide agreement dated August 31, 2009," Dhoni had said in the application, filed through advocate Shekhar Kumar.

The apex court on Tuesday also heard arguments on whether the authorities’ had the power to take back the land to recover their dues. The apex court wanted to know what happens in cases where construction has been are completed entirely by the monies of homebuyers and no money is invested by the builder and if the authority can claim any right over such buildings. This issue is likely to be taken up for discussion on Wednesday,

As per forensic auditors, Amrapali reportedly owes Rs 1,900 crore to Noida and Rs 3,200 crore to Greater Noida authorities.

On February 28, the apex court had allowed Delhi police to arrest and interrogate in custody Amrapali Group's CMD Anil Sharma and two directors on a complaint that home buyers of their various housing projects were cheated and duped of their funds.

The top court, which is seized of several pleas of home buyers seeking possession of around 42,000 flats booked in projects of the Amrapali group, had earlier also ordered attachment of personal properties of the company's promoters.