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Jul 23, 2019
, Bloomberg News
(Bloomberg) -- India’s top court ordered agencies to probe Amrapali Group for money laundering after a preliminary investigation found bankers, its auditor and authorities colluded to allow fraud and fund diversion by one of the biggest builders in the country.
A two-judge bench of the Supreme Court ordered scrapping of all land leases of the builder’s companies and asked government-owned NBCC India Ltd. to complete all incomplete projects. The state-run company will finish the projects at a commission of 8% of the cost. Home buyers will have to complete payments for their houses in three months.
The court’s intervention comes as a relief to over 40,000 home buyers who are engaged in a legal battle for several years to get their houses. While it serves as a warning against defaulting real estate firms, the ruling can impact lenders’ efforts to recover dues as the court held that home buyers have the first right over the projects rather than banks that have lent funds to the builder.
The court said it will monitor the investigations by police and the federal anti-money laundering agency.
To contact the reporter on this story: Upmanyu Trivedi in New Delhi at utrivedi2@bloomberg.net
To contact the editors responsible for this story: Unni Krishnan at ukrishnan2@bloomberg.net, Abhay Singh
©2019 Bloomberg L.P.
