The Enforcement Directorate has provisionally attached an immovable property valued at ₹54.71 crore in Maharani Bagh, New Delhi, as part of its money-laundering investigation involving the Amrapali Group. Registered in the name of Surbhaee Advertising Pvt Ltd, the property was attached by the agency’s Lucknow Zonal Office under the Prevention of Money Laundering Act. The investigation stems from 18 FIRs registered by Uttar Pradesh Police and Delhi Police’s Economic Offences Wing over alleged irregularities involving housing projects and funds collected from homebuyers.
Amrapali Homebuyers Money Laundering Case Leads ED to Attach Rs 54.71 Crore Delhi Property
The Enforcement Directorate has provisionally attached a property in Maharani Bagh, New Delhi, in connection with its probe into alleged diversion of homebuyers’ money by the Amrapali Group.
The Enforcement Directorate (ED) has provisionally attached an immovable property worth Rs 54.71 crore in Maharani Bagh, New Delhi, in the Amrapali homebuyers money laundering case. The action is about allegations of misappropriation of funds raised from buyers of residential properties.
This property is situated in A-3 (New), Maharani Bagh and is registered with Surbhaee Advertising Pvt Ltd. The attachment was carried out by the ED’s Lucknow Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002.
The attachment is part of the agency's ongoing investigation into alleged financial irregularities by the Amrapali Group, its promoters and associated entities, the agency said. The investigation is focused on tracking down assets supposedly bought with money collected from home buyers.
Amrapali Homebuyers Money Laundering Case and the FIRs
The ED said its probe was initiated on the basis of 18 First Information Reports (FIRs) registered by the Uttar Pradesh Police and the Economic Offences Wing (EOW) of the Delhi Police against the Amrapali Group companies, directors and promoters.
The cases pertain to the allegations of cheating, criminal breach of trust, forgery and criminal conspiracy under various provisions of the Indian Penal Code, 1860. These allegations form the basis of the agency’s investigation into the financial transactions of the group.
The Amrapali Group had floated several residential projects in Noida and Greater Noida and collected huge sums from buyers with a promise to deliver flats within 36 months. The projects allegedly promised assured returns to the investors too.
But a number of projects were left half-finished, and some buyers allegedly did not get possession of their flats or refunds. The subsequent disputes were part of the wider probe into the handling of funds raised for residential developments.
ED Traces Alleged Diversion of More Than Rs 5,000 Crore
The ED said a forensic audit in the matter revealed that the Amrapali Group had misappropriated funds of over Rs 5,000 crore collected from homebuyers.
The agency alleged that the money collected from buyers was routed through shell companies and other group entities before being siphoned off by directors in the guise of professional fees. Investigators have looked into how the transactions supposedly moved money away from where it was supposed to go.
The ED further said that some of the diverted money was transferred to Surbhaee Advertising Pvt Ltd, both directly as well as through family members of Anil Kumar Sharma, the managing director of the Amrapali Group.
These transfers were in the form of loans, and the funds were used in connection with the Maharani Bagh property, the agency said. The ED has tagged the asset as alleged proceeds of crime in relation to suspected laundering of homebuyers’ money.
Also Read: Sadhna Group MD Rakesh Gupta Arrested by ED in ₹168 Crore Case
What the Rs 54.71 Crore Property Attachment Means
The provisional attachment is aimed at securing an asset which, the ED believes, is linked to the alleged proceeds of crime. The action is under the PMLA, which gives the legal framework to investigate money laundering and attach suspected proceeds of crime.
The latest action also brings to the fore ongoing efforts to trace assets allegedly acquired through diversion of funds from residential projects. The investigation still matters to affected homebuyers, to issues of financial accountability and whether the diverted money will be recovered.
Attachment does not automatically determine criminal guilt or final ownership rights over the property. The agency is still investigating the money trail, and the claims have to go through the relevant legal process.
ED Investigation Into Amrapali Group Continues
The Enforcement Directorate said it was probing further to track assets and transactions linked to the alleged diversion of homebuyers' money. One development in the larger case is the attachment of Rs 54,71 crore.
As investigators trace the alleged money trail involving Amrapali Group companies, Surbhaee Advertising Pvt Ltd and related parties, Sprouts News will continue to monitor official updates and court proceedings.
