₹70 Crore Construction Scam: Noida Firm Files FIR Against AMTZ CEO for Extortion and Threats

Noida:

A major real estate company based in Noida has accused Dr. Jitendra Sharma, Managing Director of Andhra Pradesh MedTech Zone (AMTZ), of committing fraud exceeding ₹70 crore. The company has also alleged extortion and criminal intimidation.

According to an FIR lodged at Mayur Vihar Phase-1 police station, the complaint states that Dr. Sharma lured the firm into a business deal by making false promises and later forced it into unfavorable terms, resulting in significant financial losses.

The complainant stated that the firm operates in the real estate and logistics sector. In March 2023, during an investor summit in Visakhapatnam, the firm’s representative met Dr. Sharma, who allegedly introduced himself as the MD and CEO of AMTZ and claimed close connections with the Andhra Pradesh Chief Minister, along with involvement in several key projects.

Attracted by the promise of high returns, the firm entered into an agreement to construct an exhibition and convention hall on a two-acre land parcel in Visakhapatnam. It was assured that upon completion, the company would receive a minimum of ₹10 crore annually for seven years.

However, after the agreement was signed, the accused allegedly appointed his own contractor and compelled the firm to procure materials at inflated prices. When objections were raised, he reportedly threatened to damage the firm’s business connections using his political influence.

To complete the project, the firm took substantial loans and mortgaged several properties. Despite completing construction within 150 days and hosting two international events, no payments were made.

It is further alleged that the accused took over the revenue rights of the World Trade Center section and collected funds from companies operating there, leading to losses exceeding ₹70 crore.

The matter reportedly surfaced in July 2024, but no resolution was reached. Police have confirmed that an FIR has been registered against the AMTZ Managing Director and CEO, and an investigation is currently underway.

Authorities noted that AMTZ is a state-run medical device manufacturing hub supported by the Andhra Pradesh government and the Ministry of Health, aimed at promoting indigenous medical equipment production.