In a major development in a money-laundering investigation, the Enforcement Directorate (ED) has attached assets worth ₹99.26 crore linked to the real-estate major Amrapali Group. The properties are located in Kolkata, Faridabad and Mumbai.
With this latest move, the total value of assets attached by the ED in connection with Amrapali has now crossed ₹300 crore. According to the agency, the action stems from financial irregularities and alleged diversion of homebuyers’ money that was meant for construction projects.
Which properties have been attached
As per details shared by the ED, the attached properties primarily include:
- The office premises of M/s Maurya Udyog Limited
- Factory land parcels
- Company-owned buildings
These assets are linked to the Surekha Group, whose promoters have been identified as Navneet Surekha and Akhil Surekha.
The agency said the fair market value of these properties, assessed as of December 30, 2016, stood at ₹99.26 crore — while their current value is believed to be significantly higher.
How the funds were diverted — what the investigation found
During its probe, the ED alleged that Amrapali’s top directors —
- Anil Kumar Sharma
- Shiv Priya
- Ajay Kumar
along with others, conspired with directors of Maurya Udyog Limited and M/s Jotindra Steel & Tubes Limited, namely Navneet Surekha and Akhil Surekha, to divert funds.
According to investigators, large payments were shown on paper for:
- TMT bars
- Other construction materials
However, these transactions were allegedly fictitious. The ED claims that shell companies were floated to route funds, moving money away from ongoing housing projects.
Under this mechanism, around ₹110.39 crore was allegedly diverted into the account of Maurya Udyog Limited, instead of being used for construction and delivery of homes.
Homebuyers paid — but projects stalled
Investigators further found that:
- Amrapali collected large sums from thousands of homebuyers
- Promised delivery timelines were repeatedly missed
- Several projects were left incomplete
Multiple FIRs were filed across the country after buyers complained of fraud and cheating.
On the basis of these complaints, the ED registered a money laundering case and began tracing financial trails linked to project funds, alleged kickbacks, and related businesses.
Court pressure accelerated the crackdown
The Supreme Court has, on several occasions, taken a tough stance on the Amrapali matter. Following the court’s directions, investigative agencies intensified scrutiny into financial transactions and corporate structures linked to the group.
According to the ED, the latest attachment:
- Protects the interests of homebuyers
- Targets assets suspected to be acquired through illegal means
- Strengthens accountability of individuals involved
The agency added that such actions are critical to recovering misused funds and ensuring they are eventually used for legitimate purposes, including housing completion where possible.
What happens next
The ED has indicated that the investigation remains ongoing, particularly around:
- The full fund trail
- Networks of shell and associated companies
- Roles of all involved individuals and entities
If more evidence of financial wrongdoing emerges, further attachments and seizures cannot be ruled out.
The Amrapali case is widely regarded as one of India’s biggest real-estate scandals. Years later, thousands of families are still waiting for their homes. The latest ED attachment is seen as another significant step in the long, complex process of untangling financial fraud and securing justice for affected buyers.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
