In a significant crackdown, the Enforcement Directorate's Lucknow zonal office has provisionally attached immovable assets valued at approximately Rs 100 crore belonging to the embattled real estate giant, Amrapali Group. This action is part of an extensive money laundering investigation linked to the alleged diversion of funds collected from thousands of homebuyers.
Details of the Attached Assets and Investigation
The attached properties include office spaces, factory land, and buildings held by Mauria Udyog, an entity of the Sureka Group. This firm is promoted by Navneet Sureka and Akhil Sureka, who are associated with the Amrapali Group. The probe stems from multiple First Information Reports (FIRs) filed at police stations in Gautam Budh Nagar and by the Economic Offences Wing (EOW) of the Delhi Police.
The investigation gained further momentum following a Supreme Court order dated July 23, 2019, in the case of Bikram Chatterji & Others vs Union of India & Others, which was initiated by aggrieved homebuyers. According to the ED, promoters of the Amrapali Group collected massive amounts from prospective homeowners but failed to deliver the promised flats on time.
The Modus Operandi of Fund Diversion
The agency alleges that the collected funds were fraudulently diverted and misappropriated through a web of criminal conspiracy, bogus transactions, forgery, and cheating. The probe revealed that Amrapali directors Anil Kumar Sharma, Shiv Priya, and Ajay Kumar, in collusion with the Surekas of Mauria Udyog and representatives of Jotindra Steel & Tubes, channeled homebuyers' money through shell entities and fake suppliers.
ED's investigation established that a sum of Rs 110.39 crore from homebuyers was diverted to Mauria Udyog. Since the original proceeds of the crime were no longer traceable or available for direct attachment, the agency invoked the principle of "value thereof" under the Prevention of Money Laundering Act (PMLA) to attach these equivalent properties.
Wider Implications and Total Attachments
This is not an isolated action in the long-running case. Earlier, the ED had arrested senior executives of the Amrapali Group, including its directors, the statutory auditor, and the Chief Financial Officer (CFO). So far, the agency has filed six prosecution complaints against 33 individuals and entities involved in the scandal.
With this latest provisional attachment order, the total value of properties seized in this money laundering case has reached a staggering Rs 303 crore. This underscores the scale of the alleged financial fraud perpetrated against homebuyers who invested their life savings in Amrapali projects.
The action highlights the continued crackdown by investigative agencies on real estate fraud and serves as a warning to developers who misuse funds collected from customers. The case remains ongoing as authorities work to unravel the complete network used for the alleged money laundering.
