ED to investigate the alleged money laundering of Amrapali group, SC cancels registration

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New Delhi: The Supreme Court on Tuesday directed the cancellation of registration of Amrapali Group and ordered the National Buildings Construction Corporation (NBCC) to complete the unfinished housing projects of embattled real estate group in Noida and Greater Noida and handover these to the home-buyers.

A bench of the top court headed by Justice Arun Mishra further directed the Enforcement Directorate (ED) to conduct a detailed investigation against the group for diverting home-buyers’ money.

The Supreme Court said that the Real Estate (Regulation and Development) Act, 2016 (RERA) registration of Amrapali Group is cancelled. The ED will register the money laundering cases against Amrapali Group, its Chief Managing Director, and other directors, the top court stated.

The top court had reserved the verdict on May 10 after hearing in detail the submissions from many parties, including Noida and Greater Noida authorities.

They had submitted to the Supreme Court that they don’t have the money or resources and expertise to finish the rest of the stalled projects of Amrapali Group in Noida and Greater Noida area.

via FPJ

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