In a case of duping a bank, the CBI registered a case against Amrapali Smart City Developers for having duped the consortium of banks comprising Oriental Bank of Commerce (currently Punjab National Bank) and Union Bank of India to the tune of Rs 472.24 crore.
The Corporation Bank has lodged a complaint with the CBI that the real estate firm was negligent in repayment of loan (Rs 472 crore) since availing it and not making payments as per the agreement. As Amrapali Smart City Developers evaded payment of loan intentionally, the loan account became a non-performing asset of the bank, the bank contended. Moreover, the Supreme Court ordered a forensic audit of the accounts of the realtor. It asked the auditors to submit their report directly to the apex court.
The Amrapali Developers diverted the loan amount to its dummy concerns and created bogus bills. It sold flats at lower prices and showed receipts of receiving higher brokerage amounts in its accounts. The company violated the FEMA and FDI rules through resorting to money laundering causing a loss to the tune of Rs 472.24 crore. The CBI probed the complaint and registered a case against three of its directors Anil Kumar Sarma, Sivapriya and Ajay Kumar and auditor Amit Mittal.
