The Enforcement Directorate (ED) on Tuesday arrested actual property agency Supertech’s chairman RK Arora in reference to a cash laundering case. Arora was taken into custody following a 3rd spherical of his questioning on Tuesday. He’s anticipated to be produced earlier than a particular PMLA court docket on Wednesday, the place the ED will search his additional remand.
The ED is probing a cash laundering case in opposition to Supertech, its administrators, and promoters primarily based on FIRs registered in Delhi, Haryana, and Uttar Pradesh. Within the FIRs, Supertech and its administrators have been accused of dishonest as they collected funds from dwelling consumers as an advance in opposition to booked flats however failed at hand over the flats to them.
The FIRs additionally alleged that Supertech and its administrators indulged in “legal conspiracy” to cheat individuals by accumulating funds from potential consumers as an advance in opposition to booked flats of their actual property tasks and failed to stick to its agreed obligations to supply the possession of the flats on time.
Thus, in response to the FIRs, the corporate “defrauded” most of the people. In accordance with the ED, the probe discovered that the funds have been collected by Supertech from homebuyers and likewise took project-specific time period loans from banks/monetary establishments for the aim of building of tasks/flats.
Nevertheless, these funds have been “misappropriated and diverted” for the acquisition of land within the identify of different group corporations that have been once more pledged as collaterals to borrow funds from banks and monetary establishments, the company mentioned.
The ED additionally mentioned that the true property agency additionally “defaulted” on its funds to the banks/monetary establishments and round Rs 1,500 crore of such loans have change into NPA (non-performing asset).
In April this 12 months, the ED had connected property price greater than Rs 40 crore of the true property group and its administrators. The company issued a provisional order to connect 25 immovable properties positioned in Uttarakhand’s Rudrapur and the ‘Meerut Mall’ in Uttar Pradesh’s Meerut.
Final 12 months, Supertech’s unlawful twin towers in Noida have been demolished utilizing over 3,000 kg of explosives following an order from the Supreme Courtroom.
(With inputs from PTI)
