The CBI on Wednesday conducted searches at six locations in Delhi and Noida after registering an FIR against Amrapali Silicon City Private Limited and its promoter, Anil Kumar Sharma, for alleged bank fraud of Rs 177 crore, officials said.
The CBI has booked the company on a complaint from Bank of Baroda which was part of a consortium including Bank of Maharashtra and Punjab National Bank. The consortium was allegedly cheated by the company, they said.
The company had taken over 1.76 lakh square metre land from from New Okhla Industrial Development Authority (Noida) for developing a group housing complex, Amrapali Silicon City, in Sector 76 of the Delhi suburb.
The audit showed that the company sold 468 flats at extremely lower rates with some even lower than the construction cost, they said.
The forensic audit of the company's account books and other financial records showed that Rs 73 crore of funds were possibly diverted by selling flats at prices lesser than the construction cost, they said.
Among other issues, the audit also flagged the company has diverted funds to the tune of Rs 303.18 crore as received from various home buyers to their other group companies, they said.
The bank has alleged that the company has committed fraud, forgery and misappropriated the loan amount cheating the banks to an extent of Rs 177 crore excluding interest, they said.