E-Paper
Supertech chair named directors to shell firms to siphon off funds: ED
All decisions regarding the transfer of funds in these companies were taken by Supertech chairman Ram Kishor Arora himself, the documents said.
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.
Also Read: ED arrests Supertech Group Chairman RK Arora in money laundering case
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.
“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.
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”.
