ED Attaches ₹54.71 Crore Maharani Bagh Property in Amrapali Group Money Laundering Probe

Forensic Audit Allegedly Traces More Than ₹5,000 Crore in Homebuyers' Funds Diverted Through Group Entities

By The Realty Times | Real Estate News Services

New Delhi: The Enforcement Directorate (ED) has provisionally attached an immovable property worth ₹54.71 crore in Delhi's upscale Maharani Bagh locality as part of its ongoing money laundering investigation into the Amrapali Group and its promoters. The action follows allegations that substantial funds collected from homebuyers were diverted from their intended purpose.

According to the agency, the property is located at A-3 (New), Maharani Bagh, and is registered in the name of Surbhaee Advertising Pvt. Ltd. The ED's Lucknow Zonal Office attached the asset under the Prevention of Money Laundering Act (PMLA), 2002.

The money laundering investigation stems from 18 FIRs registered by the Uttar Pradesh Police and the Economic Offences Wing of the Delhi Police against Amrapali Group companies, directors and promoters.

The cases involve allegations of cheating, criminal breach of trust, forgery and criminal conspiracy.

The group had launched several residential projects in Noida and Greater Noida, collecting substantial amounts from homebuyers with promises of delivering apartments within 36 months. Some buyers were also reportedly offered assured returns.

However, according to the ED, several projects remained incomplete, leaving buyers without possession of their promised homes or refunds of their investments.

A forensic audit cited by the ED reportedly found that more than ₹5,000 crore collected from homebuyers had been diverted through shell companies and other entities associated with the group.

Investigators allege that some of the funds were subsequently siphoned off by directors under the guise of professional fees.

The findings have intensified scrutiny of the group's financial transactions and the alleged use of homebuyers' money for purposes unrelated to the housing projects for which it was collected.

According to the ED, a portion of the allegedly diverted funds was transferred to Surbhaee Advertising Pvt. Ltd., both directly and through family members of Amrapali Group Managing Director Anil Kumar Sharma.

The transfers were reportedly made in the form of loans, and the funds were subsequently used in connection with the Maharani Bagh property.

The agency has identified the property as alleged proceeds of crime linked to the suspected laundering of homebuyers' funds. The provisional attachment is intended to secure the asset while the investigation and legal proceedings continue.

As the investigation proceeds, the identification and legal recovery of assets may remain important to efforts to address the grievances of affected buyers. The allegations remain subject to the ongoing legal process.