A cyclist rides past residential buildings standing under construction at an Amrapali Group development in Noida, Uttar Pradesh. (Photographer: Anindito Mukherjee/Bloomberg)

ICAI Issues Notices To Amrapali Group’s Statutory Auditors

The Chartered accountants' apex body, ICAI has issued notices to auditors of Amrapali Group, days after the Supreme Court said the realty player diverted money collected from home buyers to other firms.

Based on reports and various interim orders passed by the court, the Institute of Chartered Accountants of India (ICAI) on Friday said it has issued suo moto notices to the statutory auditors of Amrapali Group for the period 2008-2015 and also for the latter period.

Also read: Amrapali Group Played ‘Big Fraud’, Racket Must Be Unearthed, Says Supreme Court

The ICAI would be vigorously investigating the matter and take all necessary steps for ensuring that any misconduct by the errant auditors are enquired into in a fast-track mode...
ICAI Press Release

On Wednesday, the Supreme Court said Amrapali Group of companies has played a "big fraud" by diverting money collected from home buyers to other firms and the "big racket" behind this has to be unearthed.

Also read: Supreme Court Puts Amrapali Directors Under Police Surveillance, Initiates Contempt

Citing the interim reports of the forensic auditors appointed by the apex court, "it is coming out that there have been huge diversion of funds of the home buyers investing in housing projects of Amrapali Group", the release said.