In a significant development in the long-running Amrapali Group scandal, the Enforcement Directorate (ED) has seized high-value assets with a total worth of nearly one hundred crore rupees. The action targets entities allegedly involved in siphoning off homebuyers' funds.
Major Asset Attachment in Lucknow
The Lucknow Zonal Office of the Enforcement Directorate announced on Saturday that it has provisionally attached immovable properties valued at Rs 99.26 crore. This action falls under the stringent Prevention of Money Laundering Act (PMLA), 2002. The attached assets are connected to the extensive money laundering investigation surrounding the beleaguered Amrapali Group.
The seized properties include office premises, factory land, and buildings. These assets belong to M/s Mauria Udyog Ltd., which is part of the Sureka Group. The ED's probe has named the promoters of the Sureka Group, Navneet Sureka and Akhil Sureka, in its investigation. The agency assessed the aggregate fair market value of these properties at Rs 99.26 crore as of December 30, 2016.
The Trail of Fraud and Siphoning
The ED initiated its money laundering probe based on multiple First Information Reports (FIRs) registered at police stations in Gautam Budh Nagar, Uttar Pradesh, 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 Bikram Chatterji & Others vs Union of India & Others. This case was originally filed by aggrieved homebuyers of the Amrapali Group.
The core allegation is that the Amrapali Group collected vast sums from prospective homeowners but failed to deliver the promised flats on time. The group stands accused of orchestrating a criminal conspiracy to fraudulently divert and misappropriate these funds. The methods allegedly involved bogus transactions, forgery, and outright cheating.
The ED's investigation uncovered that the key accused from Amrapali—directors Anil Kumar Sharma, Shiv Priya, and Ajay Kumar—colluded with Navneet Sureka and Akhil Sureka. The probe found that homebuyers' money was siphoned off through non-genuine transactions disguised as payments for procuring TMT bars and other construction materials.
Complex Web of Shell Entities
Investigators detailed a sophisticated laundering process. The siphoned funds were further layered through a complex network of shell companies and bogus suppliers. Substantial amounts were withdrawn in cash and irreversibly dissipated, making recovery extremely difficult. This elaborate process, the ED stated, led to the generation and laundering of Proceeds of Crime (PoC).
The attachment of properties worth Rs 99.26 crore is a provisional measure, meaning the assets are frozen pending the final outcome of the legal proceedings. Further investigation in the case is actively underway as authorities continue to trace the full extent of the financial fraud and bring all responsible parties to justice.
