New Delhi, May 16 : Observing that not only were the investors and home buyers duped but the economy of the entire sector got affected leaving the registered buyers without any effective remedy, the Delhi High Court has denied bail to former Amrapali group director, who was arrested in a multi-crore scam. Justice Anoop Kumar Mendiratta, while dismissing the bail application of Ajay Kumar, also noted that the possibility of the accused jumping the bail also cannot be ruled out. The case is that Tower G-1 in the "Amrapali Silicon City" was never sanctioned by the Noida Authority and the accused persons in a criminal conspiracy had sold the 26 flats to the complainant Anubhav Jain, said the order dated May 13. As per the complainant, he agreed to invest in the project and made the full and final payment of Rs 6.60 crore against the said flats in November 2011. The petitioner's counsel argued that the FIR was registered against the co-accused and CMD of Amrapali Dream Valley Pvt. Ltd. and not against the petitioner. It is urged that in the forensic audit report, the role of the petitioner in the Amrapali Group of companies has to be established. The court observed that the petitioner is one of the authorised signatories in bank accounts of Amrapali Silicon City Pvt. Ltd. and is also one of the shareholders and directors in parent company Ultra Home Constructions Pvt. Ltd. The petitioner is the authorized signatory in bank accounts and had signed the assured returns and principal amount cheques in favour of Moon Buildtech Pvt. Ltd. "It may be difficult to presume that the petitioner was unaware about the investment of Moon Buildtech Pvt. Ltd. and allotment of 26 flats despite the fact that Tower G-1 was never sanctioned by Noida Authority," the court noted in the order passed on May 13. "In the facts and circumstances of the case, I am of the considered opinion that no grounds for bail are made out," Justice Mendiratta said while turning down the plea. /IANS