The Enforcement Directorate (ED), in its money laundering probe against the Supertech Group, has discovered that chairman Ram Kishor Arora named directors to certain companies which did not have any commercial activities, and were instead used to divert funds taken from homebuyers and banks, the central probe agency has said in documents filed at special court in Delhi.
Supertech's chairman and owner RK Arora at Patiala House Court in New Delhi on Wednesday. (PTI)
All decisions regarding the transfer of funds in these companies were taken by Arora himself, the documents said.
HT has seen a copy of the documents.
“Statements of directors of these companies were recorded wherein they categorically stated that there were no revenue earnings of these companies. They stated that they were made directors in these companies of Supertech Group by RK Arora including - Palash Building Solutions. The companies were not having any commercial activities and were created for the purpose of transaction activities linked with Supertech Group or for investment and rotation of funds either in Supertech or in other subsidiary companies of the group,” one of the documents says.
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“They (the directors) also stated that the decisions with regard to these transfers were ultimately taken by RK Arora and at his behest intra-group companies’ transactions are made,” it states.
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“They (the directors) also stated that the decisions with regard to these transfers were ultimately taken by RK Arora and at his behest intra-group companies’ transactions are made,” it states.
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The ED arrested Arora on Tuesday, and the court sent him to the agency’s custody till July 10.
Supertech has not commented on the ED probe so far.
The ED has already identified ₹638 crore in funds that were diverted to alleged shell companies Sarv Realtors Private Limited, ASP Sarin, and Palash Building Solutions, and officials have said that the agency is currently trying to ascertain if there are more proceeds of crime linked to Supertech and Arora.
It informed the court on Wednesday that a plethora of devices and documents have seized during searches at Supertech premises, and their scrutiny has revealed incriminating evidence of syphoning of funds in guise of a number of “sham agreements”, “deeds” and memorandums of understanding in which Arora is “directly involved”.
Neeraj Chauhan is a senior journalist with Hindustan Times and an investigative reporter specialising in national security, terrorism, organised crime, narcotics, corruption, financial crime and complex investigations. With over 21 years of experience across Hindustan Times, The Times of India, The Indian Express and The Pioneer, he has built deep expertise in India’s internal security and law-enforcement landscape. Neeraj has extensively covered India’s principal investigative, intelligence and security agencies, including the NIA, CBI, ED, IB, R&AW, MHA and other central security forces. His work has included deeply reported investigations into terrorism, terror financing, cross-border crime, narcotics trafficking, cybercrime, financial fraud and political and corporate corruption. He has reported on some of the most significant terror attacks and security developments in India over the past two decades, including the Delhi serial blasts, the 26/11 Mumbai attacks, the 2019 Pulwama terror attack and the recent Pahalgam attack. His reporting has also chronicled the rise and decline of the Indian Mujahideen, the activities and subsequent crackdown on the Popular Front of India (PFI), Islamist extremist networks, the conflict in Jammu and Kashmir, insurgencies in the Northeast and Maoist violence. Some of Neeraj’s major breaking stories are in Aryan Khan drug case, Sushant Singh Rajput suicide, interception of a 3,000-kg Afghan heroin consignment worth about ₹21,000 crore at Mundra port, Sri Lanka easter bombings, Aarushi-Hemraj murders in Noida, 2G scam, coal block allocation scam, AgustWestland VVIP chopper deal and major bank frauds and extradition cases involving Mehul Choksi, Nirav Modi and Vijay Mallya. His reporting is marked by an ability to cultivate sources, analyse confidential and complex documents, and follow investigations over several years—from the initial breakthrough to chargesheets, trials and international legal proceedings. He specialises in making complicated security and investigative developments accessible while examining their wider implications for governance and public policy. A Chevening South Asia Journalism Programme Fellow at the University of Westminster, Neeraj also spent time at the Financial Times as part of the fellowship. He was also a Robert Bosch Media Ambassadors India-Germany Fellow, studying at the University of Tübingen and working with Der Tagesspiegel in Berlin. He has previously taught investigative journalism and crime reporting as a guest faculty member at the Times School of Journalism. Over more than two decades, Neeraj has established himself as an authoritative voice on India’s national security and investigative landscape, with his reporting closely followed by officials, investigators, lawyers, policymakers and readers seeking insight into some of the country’s most complex and consequential developments.
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Home/India News/Supertech chair named directors to shell firms to siphon off funds: ED
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