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Noida: Beyond dealings with Mayawati’s brother Anand Kumar and his wife strange creeper away at 261 flats Blossom Greens What it termed a “fraud” was the audit of a real estate company Logix Infratech Several have pointed to the transfer of funds to allegedly dubious entities.
Transaction audit report says three companies to which share of funds raised from homebuyers of Logix Blossom Greens were transferred are now officially dissolved, while existence of other six could not be established .
Logix Infratech, which built Blossom Greens in Sector 143, had filed for bankruptcy in September last year. The audit was commissioned by the Interim Resolution Professional (IRP) appointed by the National Company Law Tribunal (NCLT). The report pointed out that the dissolved companies (as per Ministry of Corporate Affairs records) to which the funds were transferred — Palms Buildtech, Parth Infrastate and Concrete Construction Solutions — are all linked to Logix Infratech.
According to the report, the companies which received the funds but whose existence the auditors could not ascertain are Eco Construction and Trading Company, Hi Tech Construction and Developers, New Heights Interiors and Decorators, Bestech Construction, Pearls Interiors and Developers and Noida Cyberpark.
It classified transactions worth Rs 380 crore with 10 companies, including many of the firms mentioned above, as PUFE (preferential, undervalued, fraudulent and extortion).
Another important finding is the prevalence of “journal voucher” type transactions in tally records. Transactions include various activities such as allotment of apartments, dealings with related parties and transfer of liabilities and assets. As per the audit, around 35% of the transactions from April 2016 to September 2022 were recorded in the books of accounts through journal entries.
“These have been used to intentionally exaggerate losses by recording incorrect or inflated amounts,” the report said. There has been a misrepresentation.”
It added, “78.2% of total transactions are covered under ‘journal’ vouchers in FY 2020-21, while this will increase to 87.4% in 2021-22 and further increase in the period from April 2022 to September 2022.” comes. 79.4%. ‘Journal’ voucher entries can be easily manipulated to meet the interests of the beneficiaries…”
The audit further notes discrepancies in the financial performance of the company, highlighting disparities between the number of units allotted and the net revenue reflected in the audited financial statements of Logix.
Further, Logix allotted flats to at least 21 of its 35 operational creditors in lieu of dues. But, according to the audit, not only were flats allotted to them at cheap rates, but some of the companies did not appear in the construction business at all.
A Logix spokesperson told TOI, “The allegations leveled against the group are baseless. The flats were given to CK Construction in lieu of the work done by the company. All details have been submitted to the competent authority. The matter has been investigated by the IRP.” is going.” Therefore, the group cannot comment further on this issue.”
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