The Enforcement Directorate (ED) on Tuesday arrested actual property firm Supertech’s chairman and proprietor R Okay Arora on money-laundering costs, official sources stated.
Arora was taken into custody beneath the legal sections of the Prevention of Cash Laundering Act (PMLA), following a 3rd spherical of his questioning on the federal company’s workplace in Delhi, they stated.
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 cash-laundering case towards the Supertech group, its administrators and promoters stems from a clutch of FIRs registered by the police departments in Delhi, Haryana and Uttar Pradesh.
In April, the ED had connected belongings value greater than Rs 40 crore of the true property group and its administrators.
In a press release in April, the ED stated the corporate and its administrators indulged in a “legal conspiracy” to cheat folks by accumulating funds from potential consumers as advance towards booked flats of their actual property initiatives and failed to stick to the agreed obligation of offering the possession of the flats on time and thus, in accordance with the FIRs, the agency “defrauded” most of the people.
The company’s probe revealed that the funds had been collected by Supertech Restricted and group firms from homebuyers. The corporate additionally took project-specific time period loans from banks and monetary establishments for the aim of development of initiatives or flats, the ED stated.
Nevertheless, these funds had been “misappropriated and diverted” for getting land within the identify of different group firms that was once more pledged as collateral to borrow funds from banks and monetary establishments, it added.
The Supertech group additionally “defaulted” on its funds to the banks and monetary establishments and at present, round Rs 1,500 crore of such loans have change into non-performing asset (NPA), the company had stated.
