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file photoNew Delhi: The ED on Wednesday charged real estate company owner RK Arora with supertechThe main controller of the group was the person who decided to “divert” crores of rupees of investors and home buyers into various shell companies.
Ram Kishore Arora was arrested on Tuesday under the Anti-Money Laundering Act. Earlier on Wednesday they were sent Enforcement Directorate (ED) was remanded in custody till July 10 by the court of Duty Sessions Judge Devender Kumar Jangla.
“The arrest has been made in connection with the ongoing investigation against Supertech Group in a case of diversion, misappropriation and misappropriation of investors’ and customers’ funds,” the ED said in a statement.
Money laundering case registered under criminal sections of Prevention of Money Laundering Act (PMLA), stems from 26 FIRs registered by the Delhi, Haryana and Uttar Pradesh police against Supertech Ltd and its group companies on charges of defrauding 670 home buyers to the tune of Rs 164 crore.
“Huge amounts of funds amounting to hundreds of crores were siphoned off through the Supertech group and they failed to comply with their agreed obligations to provide the possession of flats to the customers on time,” the ED said.
It claimed that the Supertech group siphoned off Rs 440 crore received from clients and home buyers at exorbitant prices to buy land in Gurugram in 2013-14, while their earlier promised projects in Noida were not completed.
A new project was launched on this newly acquired land and advance was collected from hundreds of home buyers and loans were taken from banks and non-banking financial companies (NBFCs), which also became NPAs (Non-Performing Assets) and ” Fraud” was declared. By the banks, it was alleged.
“Similarly, Rs 154 crore was misappropriated by Supertech to acquire land in another shell company in the same time period. Further, Rs 40 crore was diverted to another shell company and purchased land in its name in Delhi. Went.” ED said.
The agency said that instead of completing their projects, the company and its promoters diverted funds to shell companies, which are incomplete as on date (2023).
It alleged, “During this period, Ram Kishore Arora, promoter of Supertech, was the chief controlling and decision-making authority for the Supertech group and decided to transfer investors’ money to various shell companies.”
It said “custodial interrogation” of Arora was necessary for the probe as he was “evading” questions and giving “misleading” answers.
Supertech Limited, which was established in 1988, has so far delivered around 80,000 apartments, primarily Delhi-NCR, The company is currently developing around 25 projects across NCR. It is yet to give possession to more than 20,000 customers.
The company is in trouble since last year.
In August 2022, Supertech suffered a major setback when its nearly 100-metre-tall twin towers – Apex and Sayen – located on the Noida Expressway were demolished following a Supreme Court order after it found that their property within the Emerald Court complex The construction took place. Violation of norms.
Over 3,700 kg of explosives were used to demolish both the towers.
Arora had said that the demolition of the twin towers caused a loss of around Rs 500 crore to the company including construction and interest cost.
The company suffered another setback in March last year when the Delhi bench of the National Company Law Tribunal (NCLT) ordered bankruptcy proceedings against it on a plea filed by Union Bank of India for non-payment of dues of about Rs 432 crore.
Arora challenged this order before the National Company Law Appellate Tribunal (NCLAT), which ordered bankruptcy proceedings against a housing project of Supertech Ltd and not the entire company.
The NCLAT also directed the formation of a committee of creditors for the Eco Village II project located at Greater Noida (West).
Arora had said earlier this month that the company had recently received a Supreme Court order to arrange around Rs 1,600 crore from institutional investors to complete 18 ongoing housing projects in Delhi-NCR under parent firm Supertech Ltd. Permission granted.
Apart from these 18 projects, there are also some housing projects under various companies of the Supertech group.
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