CBI Registers Rs.230 Crore Bank Fraud Case Against Amrapali Developers and Conducts Searches

The CBI has filed a FIR against Amrapali Leisure Valley Developers Pvt Ltd, its director Anil Sharma, and others for allegedly defrauding Bank of Maharashtra and Andhra Bank of Rs.230 crore.

According to Press Release of CBI:

The Central Bureau of Investigation (CBI) has registered a case on a complaint from the Bank of Maharashtra against a private company based in New Delhi and others, including its Directors, Guarantors, and unknown Public Servants/private persons, on allegations of defrauding the Bank of Maharashtra and consortium member e-Anthra Bank (now UBI), totaling Rs.230.97 crore (approx).

It was also claimed that the aforementioned private firm was granted a term loan for the development of flats in Greater Noida, however despite receiving full disbursement of the loans, the project is still incomplete, and the account became NPA on March 31, 2017. It was also claimed that the borrowing company diverted monies to different other companies on a regular basis.

Searches were undertaken at the premises of the accused in four places, including New Delhi, Noida, and Ghaziabad (UP), resulting in the recovery of damning papers.

The investigation is still ongoing.