Former CMD of Amrapali Group of Companies Anil Kumar Sharma has been denied bail by the Supreme Court. The court cited Sharma cheating thousands of homebuyers by siphoning off their life savings and hard-earned money as reasons for the rejection of his bail plea. The former CMD and other directors of the company were arrested after a forensic audit report highlighted the siphoning off of a large amount of homebuyers' money. The apex court had canceled registration of the Amrapali Group under real estate law RERA and ordered completion of 16 unfinished projects consisting of 46,575 homes by the NBCC.
