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New Delhi: The real estate group has assets worth over Rs 40 crore. supertech and its directors have been attached under the Anti-Money Laundering Act Enforcement Directorate (ED) said on Wednesday.
A temporary order was issued on Tuesday under the provisions of Prevention of Money Laundering Act (PMLA), to attach 25 immovable properties located in Uttarakhand Rudrapur And this ‘Meerut Mall‘ in Uttar Pradesh’s Meerut city, the federal agency said in a statement.
The total value of these attached properties is Rs 40.39 crore.
Money laundering case against supertech The group stems from a cluster of FIRs filed by police departments in Delhi, Haryana and Uttar Pradesh.
The ED said it was alleged that the company and its directors were involved in a “criminal conspiracy” to cheat people by collecting money from potential buyers as advance against flats booked in their real estate projects and provided failed to comply with its agreed obligations to Timely possession of flats.
Thus, according to the FIR, the company “cheated” the general public.
The ED alleged that the probe found that Supertech Limited and group companies collected money from homebuyers and also took project-specific term loans from banks/financial institutions for the purpose of construction of projects/flats.
However, these funds were “misappropriated and diverted” for the purchase of land in the names of other group companies, which were again mortgaged to borrow funds from banks and financial institutions.
The ED said that the Supertech group also defaulted in its payments to banks/financial institutions and currently around Rs 1,500 crore of such loans have become NPAs (Non-Performing Assets).
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