Amrapali Group's directors to remain in custody of ED
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Amrapali Group's directors to remain in custody of ED

The ED has revealed misappropriation of funds amounting to Rs 6,000 crore.

Amrapali Group's directors to remain in custody of ED

Noida: The bankrupt real estate firm Amrapali Group’s directors Anil Sharma and Shiv Priya will remain under the custody of  Enforcement Directorate (ED) till January 30 for interrogation as the plea of law enforcement agency for seeking extension was approved by an special court on Thursday.

Both directors are accused of misappropriating and diverting the money of investors and homebuyers for their personal use. The court had earlier allowed ED to interrogate the directors on January 18 and the custody was granted till January 23, however, the agency had pleaded for extension.

An official from the law enforcement agency talking to ET said, “It required the custody of the accused for more days for further interrogation.”

Sources privy with the development in the matter told CitySpidey that economic intelligence agency (ED) has revealed misappropriation of funds amounting to Rs 6,000 crore during the interrogation and hence has requested for extension on custody of both group directors.

The agency had initiated probe in the matter on the direction of the Supreme Court earlier in July last year. Following which, ED has moved special court to seek its permission for interrogation. ED has contended that two directors (Anil Sharma and Shive Priya) are accused of misappropriating and diverting the money of investors and homebuyers for their personal use.

In July last year, the central agency’s zonal office had filed a case under the Prevention of Money Laundering Act (PMLA) after taking cognizance of a bunch of FIRs registered against the group by homebuyers and other investors.