Randolph Palmer New Delhi: The forensic auditors appointed to song the diversion of homebuyers’ money advised the Supreme Court in a detailed document how Amrapali CMD and administrators used homebuyers’ money to fund a marriage, to buy luxury vehicles, jewelry, houses, or even for investments in mutual finances and stocks. This comes after the auditors told the court that the promoters and directors of Amrapali group did not invest even a penny out of their pocket within the commercial enterprise and had built the empire out of the cash obtained from domestic consumers. So, I started the record filed via auditors Pawan Kumar Aggarwal and Ravi Bhatia. The file becomes filed after a forensic audit is performed on 46 registered businesses and numerous different shell corporations of the realty company. The monetary report cited how the auditors targeted their report that Rs three 500 of homebuyers’ cash was diverted for purposes apart from creation.
It also referred to how Amrapali CMD Anil Sharma and director Shiv Priya received Rs 12 crore unexplained coins deposit for the duration of demonetization in 2016. The report, which is 2,500 pages long, also noted that the administrators and their family members were the beneficiaries. Also, auditors pointed out that Amrapali directors and CMD acquired Rs 67 crore as expert costs, no matter the fact that they had been salaried people of the employer. The countrywide daily report stated, “A man or woman can either be employed whole-time by an organization or provide expert services to agencies. However, a person can’t enjoy earnings and earn expert income simultaneously from an identical corporation. Therefore, directors obtained huge amounts of money in the form of expert costs from Amprapali organization for which neither any settlement nor any proof of provider turned into furnished via them.”
The auditors also targeted their document, saying, “The primary cause of the professional charge changed into meeting their necessities of cash for paying housing loans, buying automobiles, buying jewelry, and so forth.” Homebuyers’ cash was diverted for those motives to a private account. The auditors also discovered in their records that Sharma was given Rs fifty-two crores from the employer as salary for professional services between 2008 and 2016, while Shiv Priya, on the other hand, obtained Rs 35.91 crore. The document also found that Sharma used Rs 1.38 crore of the agency’s finances for his daughter’s wedding ceremony.
Worth bringing up here is that after carrying out a forensic audit of forty-six registered agencies and other shell companies of the group, auditors Pawan Kumar Aggarwal and Ravi Bhatia that the actual estate large collapsed because of diversion of money for functions apart from the creation of homes through the amount paid via the homebuyers become sufficient to complete all its tasks. The forensic record found documentary proof to expose that finances were transferred to more than one hundred shell companies outside the Amrapali organization via dubious transactions. The money became invested in mutual price range, LIC, and for the enlargement of groups aside from creative activities.
