Facing heat at home from investors, Amrapali Group faces fraud charges — in Africa

Written by Vivek Sinha | New Delhi | Updated: August 21, 2018 4:47:51 am

The Amrapali Group is already in the dock in the Supreme Court for its failure to provide promised homes to around 40,000 buyers in over 25 projects, even years after the expiry of deadlines. (Reuters photo/Representational purpose)

Mozambique has terminated a contract it signed three years ago with Noida-based Amrapali group of developers for a residential project to be built there with financial assistance from New Delhi. The Southeast African country has accused the real estate firm of defrauding it of US$13.92 million (over Rs 97 crore) by presenting two guarantees from an Italian bank which was found to be non-existent.

The Amrapali case dates back to July 2013 when the Indian government, through the Exim Bank, extended a Line of Credit of US $47 million to the Government of Mozambique for construction of 1200 houses there, 400 each in the provinces of Zambezia, Tete and Cabo Delgado.

As per documents accessed by The Indian Express, a contract was signed on February 6, 2015 between Fundo Para O Fomento De Habitacao (FFH), a public entity in Mozambique, and Ultra Home Constructions (P) Ltd, a company promoted by the Amrapali group, for construction of 400 houses in Tete.

On August…

Continue Reading This Article At The Indian Express

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