Former chairman and founder of Amrapali denied bail by Supreme Court

Anil Kumar Sharma, the former Chairman and founder of Amrapali, has been denied bail by the Supreme Court for cheating thousands of home buyers and siphoning off their money for personal benefit. The court dismissed his plea, stating that he did not deserve sympathy as the buyers had been cheated of their life savings, and the incomplete projects left behind a dubious mess. The court is now trying to complete the construction and hand over the projects to the buyers, which require Rs. 8,000 crores to complete.

Sharma's lawyer pleaded for his client's release, stating that his release would revive the company. However, the court refused to grant bail, considering the severity of the charges against Sharma and the other directors of the company, including criminal breach of trust and money laundering. The apex court has taken over the company to protect the interests of the buyers and appointed R. Venkataramani as attorney general to manage the affairs.

The Amrapali Group had 16 incomplete projects consisting of 46,575 units in Noida, which required Rs. 8,000 crores to complete. The registration of Amrapali Group has been cancelled under the RERA law, and the court has provided relief to over 42,000 home buyers. Sharma and the other directors of the company have spent almost four and a half years in jail for cheating and siphoning off the money of the home buyers.

In conclusion, the Supreme Court's decision to deny bail sends a strong message to all those who engage in fraudulent activities at the expense of innocent home buyers. The case also highlights the need for stringent laws and regulations in the real estate sector to protect the interests of the buyers and prevent such fraudulent activities. It is essential that the government takes appropriate measures to ensure the timely completion of incomplete projects and provide relief to the affected home buyers.

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Former chairman and founder of Amrapali denied bail by Supreme Court

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