A forensic audit conducted in the matter found that homebuyers’ funds exceeding Rs5,000 Crore had been diverted by the Amrapali Group.
FinTech BizNews Service
Mumbai, 09 October 2026: Directorate of Enforcement (ED), Lucknow Zonal Office, has provisionally attached an immovable property worth Rs. 54.71 Crore, under the Prevention of Money Laundering Act (PMLA), 2002, in a money laundering case relating to the Amrapali Group and others. The attached property, bearing No. A-3 (New), Maharani Bagh, New Delhi, stands in the name of M/s Surbhaee Advertising Pvt. Ltd.
ED investigation was initiated that on the basis of 18 FIRs registered by UP Police and EOW, Delhi Police, under Sections 406, 420, 467, 468, 471 and 120-B of IPC, 1860, against the Amrapali Group of companies and its Directors/promoters. It is alleged that the Amrapali Group launched several housing projects in Noida and Greater Noida and collected substantial amounts from homebuyers with the promise of delivering flats within 36 months, along with assured returns. The projects, however, remained incomplete, and the homebuyers were neither handed possession nor refunded their money. A forensic audit conducted in the matter found that homebuyers’ funds exceeding Rs. 5,000 Crore had been diverted by the Amrapali Group.
Investigation has revealed that homebuyers’ funds were diverted to shell and group companies and siphoned off by the Directors in the guise of professional fees. A part of these funds was routed, directly and through family members of Anil Kumar Sharma, Managing Director of the Amrapali Group, to M/s Surbhaee Advertising Pvt. Ltd. in the form of loans and was utilised in relation to the said property. The property has, therefore, been identified as proceeds of crime and provisionally attached.
Further investigation is under progress.
