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New Delhi: The Enforcement Directorate (ED) arrested the real estate company on Tuesday supertechOfficial sources said that the chairman and owner of the company, RK Arora, is accused of money laundering. Arora was taken into custody under criminal sections Prevention of Money Laundering Act (PMLA), after his third round of questioning at the federal agency’s office here, he said.
He is expected to be produced before a special PMLA court here on Wednesday, where the ED will seek his further remand.
The money-laundering case against the Supertech group, its directors and promoters stems from multiple FIRs registered by police departments in Delhi, Haryana and Uttar Pradesh.
In April, the ED attached assets worth over Rs 40 crore of the real estate group and its directors.
In a statement in April, the ED said the company and its directors were involved in a “criminal conspiracy” to cheat people by collecting money from potential buyers as advance for flats booked in their real estate projects and providing failed to comply with the agreed obligation of As per the FIR, in getting the possession of the flats on time and thus, the firm “cheated” the general public.
The agency’s probe revealed that Supertech Ltd and group companies had collected money from home buyers. The ED said the company also took project-specific term loans from banks and financial institutions for the construction of projects or flats.
However, these funds were “misappropriated and used” to purchase land in the names of other group companies, which were re-pledged as collateral to borrow money from banks and financial institutions.
The agency had said that the Supertech group has also “defaulted” in its payments to banks and financial institutions and currently, such loans worth about Rs 1,500 crore have become non-performing assets (NPAs).
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