What Actions Did the ED Take Against Amrapali Group for Homebuyer Fraud?
Synopsis
In a significant crackdown, the ED has provisionally seized assets worth Rs 99.26 crore from Amrapali Group for allegedly misappropriating homebuyers' investments. This follows a series of investigations linked to the group, raising concerns about investor trust in the real estate sector. What are the implications for the future of homebuyers?
Key Takeaways
ED has provisionally attached assets worth Rs 99.26 crore .
The action is a response to alleged fraud against homebuyers.
Six Provisional Attachment Orders have been issued so far.
Investigation initiated based on multiple FIRs.
The case emphasizes the need for regulatory reforms in the real estate sector.
Lucknow, Jan 3 (NationPress) The Enforcement Directorate (ED) has taken fresh measures against the real estate firm Amrapali Group, provisionally attaching immovable properties valued at Rs 99.26 crore due to allegations of fraudulently misappropriating funds from homebuyers, as stated by an official on Saturday.
The properties attached under the Prevention of Money Laundering Act (PMLA), 2002 comprise the office and factory land and building of Mauria Udyog Ltd., part of the Sureka Group, led by promoters Navneet Sureka and Akhil Sureka.
The total fair market value of the seized properties was Rs 99.26 crore as of December 30, 2016, according to the ED's statement.
In total, the ED has issued six Provisional Attachment Orders, including the latest one, under Section 5(1) of the PMLA, cumulatively attaching properties worth Rs 303.08 crore.
The investigation, initiated by the Lucknow Zonal Office of the ED, was based on multiple FIRs filed in various police stations in Gautam Buddha Nagar, Uttar Pradesh, and the EOW of Delhi Police, following a Supreme Court directive.
On July 23, 2019, the Supreme Court issued an order in the case of Bikram Chatterji versus Union of India, which stemmed from complaints by affected homebuyers.
The allegations assert that the Amrapali Group collected substantial amounts from homebuyers, failed to deliver flats on time, and misappropriated funds through a criminal conspiracy involving fraudulent transactions, forgery, and deceit.
The ED's investigation uncovered that the accused, including Anil Kumar Sharma, Shiv Priya, and Ajay Kumar — Directors of the Amrapali Group — colluded with Navneet Sureka and Akhil Sureka to divert funds from homebuyers through fictitious transactions for procurement of TMT bars and construction materials.
These funds were obscured through a network of shell companies and bogus suppliers, withdrawn in cash, and dissipated, thus creating and laundering Proceeds of Crime (POC), the ED noted.
It has been found that Rs 110.39 crore was funneled to Mauria Udyog, representing POC generated from the money amassed from Amrapali homebuyers.
As the original POC is no longer available for direct attachment, the ED has seized the properties of Mauria Udyog under the principle of “value thereof” in accordance with the PMLA, 2002, to secure the POC.
Previously, the ED arrested Anil Sharma, Shiv Priya, Ajay Kumar, the statutory auditor Anil Mittal, and Chander Prakash Wadhwa, CFO of the Amrapali Group.
To date, the ED has filed six prosecution complaints in this case, naming 33 individuals and entities as defendants.
Point of View
It is paramount to approach this issue with integrity. The actions taken by the ED against the Amrapali Group reflect a necessary response to protect the interests of homebuyers, who have faced distress due to alleged misappropriation. It highlights the ongoing challenges in the real estate sector, emphasizing the need for robust regulatory measures to enhance transparency and accountability.
NationPress
12 Jul 2026
Frequently Asked Questions
What is the amount involved in the ED's attachment?
The ED has provisionally attached assets worth Rs 99.26 crore belonging to the Amrapali Group.
What laws did the ED invoke for the attachment?
The properties were attached under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
What allegations have been made against the Amrapali Group?
The Amrapali Group is accused of fraudulently diverting and misappropriating funds collected from homebuyers.
How many individuals and entities have been implicated so far?
The ED has filed six prosecution complaints against 33 individuals and entities in this case.
What is the significance of the Supreme Court's involvement?
The Supreme Court's order was crucial in initiating investigations related to complaints filed by aggrieved homebuyers against the Amrapali Group.
