MS Dhoni has yet again surfaced onto the news and this time not for bright reasons. The Amrapali Group, majorly headed by Dhoni and his wife Sakshi Dhoni has allegedly fallen under the books of ‘sham’ agreements by the Supreme Court.
After a forensic audit report, it has come to light that Amrapali Group wrongly sent money to Amrapali Mahi Developers Private Limited and Rhiti Sports Management Private Limited. This implies that Dhoni and his wife were used as a part of these illegal transactions by Amrapali, which was basically the homebuyers’ money.
The Whole Amrapali Case in a Nutshell
Sakshi Dhoni is the director of Amrapali Mahi Developers Private Limited, while MS Dhoni was the brand ambassador for the Amrapali group until three years ago. He also holds major stakes in Rhiti Sports Management Private Limited.
So now that you know how the couple has actively been involved in the formation and whole working of the group, the further scenario shall make more sense to you.
It came into light after forensic audit reports by Pawan Kumar Aggarwal and Ravinder Bhatia that there was a ‘sham’ agreement ongoing between the Amrapali Group, Amrapali Mahi Developers Private Limited and Rhiti Sports Management Private Limited.
The Amrapali Group of Companies paid Rs 42.22 crore to Rhiti Sports Management Private Limited between 2009 and 2015. From this amount, Rs 6.52 crore was paid by Amrapali Sapphire Developers Private Limited. It was paid on account of agreements executed by Anil Kumar Sharma, CMD, for and on behalf of Amrapali group with Rhiti Sports Management Private Limited.
The Forensic Reports on this Case
In its landmark judgement, the SC listed 23 dummy companies, which were created only for the purpose of routing funds and transactions, with no employees and no incomes. The only members would be family members and relatives. Surprisingly, this list includes Amrapali Mahi and Amrapali Media Vision Private Limited.
The audit shows that agreements made for paying amounts to Rhiti Sports Management Private Ltd, were all sham agreements, made solely for this purpose. According to these reports, homebuyers money has been diverted illegally and wrongly to this company and should be recovered from them.
Amrapali Mahi Developers Pvt Ltd received share capital in cash and all expenses were paid in cash, the audit report said. Even the sum of Rs 6.52 crore paid to Rhiti Sports was on account of agreements executed by CMD Anil Kumar Sharma.
There is a sub-heading in the 270-paged audit report, with the title ‘Amrapali Mahi Developers Pvt Ltd’, which states that while MS Dhoni was the brand ambassador of Amrapali group, he carried out a number of transactions wrt endorsement of Amrapali group’s projects.
This comes under the violation of the FEMA (Foreign Exchange Management Act), fraudulent activities and money laundering involving the Amrapali group.
Where Does Supreme Court fit In Here?
The Supreme Court, on July 23 canceled the registration of Amrapali Group, under the Real Estate Regulatory Authority and the lease of its properties granted by Noida and Greater Noida authorities. The court also appointed the government-run National Buildings Construction Corporation to take over all the unfinished housing projects of Amrapali Group, providing relief to more than 40,000 homebuyers.
The court had directed the Enforcement Directorate to conduct a probe and fix liability on persons responsible. Meanwhile, the ED has filed a criminal case of money laundering against Amrapali Group and its promoters, who allegedly failed to give possession of flats to over 42,000 homebuyers in Noida and Greater Noida.