Amrapali diverted ₹3,000cr of homebuyers’ money: CMD – ( Big deal if he admitted – there is no Plea Bargain in India but then we are very easy on white collar criminals )

Posted on Dec 5 2018 - 5:48pm by admin

Admission Follows SC’s Jail Threat
AmitAnand.Choudhary@timesgroup.com

New Delhi:

After the Supreme Court threatened to send him behind bars for not “coming out clean” on siphoning off homebuyers’ money, the Amrapali group CMD admitted the diversion of Rs 2,996 crore to other companies to expand the business, which resulted in a financial crunch for completing housing projects.

The real estate giant, which is involved in construction of various housing projects, including 170 towers in Noida and Greater Noida in which 46,000 buyers had invested, said the figure of Rs 2,996 crore in diverted money was up to March 2015 as thereafter the balance sheets of the companies were not updated. The group said its 15 companies received Rs 11,573 crore from homebuyers and it raised an additional Rs 4,040 crore from financial institutions and foreign direct investment.

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CMD got ₹44cr as salary in last 10 yrs
Amrapali CMD Anil Sharma revealed that he and his family got crores as “salary and professional charges” while Rs 13 crore was splurged on purchasing 86 luxury cars. He received Rs 44 crore as salary in the last 10 years and the company paid income tax of Rs 5.5 crore on his behalf. Sharma, who had fought elections in 2014, had declared assets worth around Rs 847 crore

https://epaper.timesgroup.com/Olive/ODN/TimesOfIndia/PrintArticle.aspx?doc=TOIDEL%2F2018%2F12%2F05&entity=ar00101&ts=20181204230739&uq=20181204024439&mode=text

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