The Supreme Court has dismissed the bail plea of jailed former CMD of Amrapali Group of Companies Anil Kumar Sharma, saying he doesn't deserve "sympathy" after having siphoned off the hard-earned money and life savings of thousands of homebuyers. "You have cheated thousands of homebuyers. You siphoned off their hard-earned money and their life savings. You do not deserve any sympathy," a bench comprising Justices Ajay Rastogi and Bela M Trivedi said, and refused to issue notice to the prosecuting agency on the bail plea of Sharma who has been in jail for over four years in the case. "Yours is not a case of simple cheating. See the plight of thousands of home buyers. You cannot have our sympathy. You better enjoy being in jail... This court is very aware of what you did.
The court also questioned how Amrapali Group could mortgage the entire projects and secure loan worth thousands of crores of rupees from banks when it was only an agent to develop the property.
The SC bench directed the court-appointed forensic auditors to complete their detailed investigation on divergence of home buyers money by Amrapali group before March 22 and list the matter for hearing on March 24.
On July 23, the apex court had cracked its whip on errant builders for breaching the trust reposed by homebuyers and ordered cancellation of the registration of Amrapali Group under the real estate law RERA, and ousted it from its prime properties in the NCR by nixing the land leases.
A bench of Justices Arun Mishra and U U Lalit also cancelled the leases of Amrapali's properties granted by the Noida and Greater Noida authorities and directed the Enforcement Directorate to investigate alleged money laundering by CMD Anil Sharma and other directors and senior officials of the group.
This follows an investigation into alleged violations of foreign exchange rules involving foreign direct investment of Rs 85 crore and Rs 140 crore by JP Morgan India and Amrapali Group firms.
Realty firms and consultants hoped however that this would be the last round of monetary tightening by the central bank.
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