Supertech promoter held over PMLA case

RK Arora, chairman of the Supertech Group of Companies, was arrested by the Enforcement Directorate for allegedly cheating homebuyers, say officials

The Enforcement Directorate (ED) on Tuesday arrested RK Arora, chairman of the Supertech Group of Companies, in connection with a money laundering probe, people familiar with the development said.

R K Arora, chairman of the Supertech Group of Companies. (RK Arora)

Arora, officials said, was arrested in Delhi.

The central probe agency had initiated a money laundering probe against Arora and his company based on several first information reports (FIRs) registered by Delhi, Haryana and Uttar Pradesh police departments after receiving complaints from homebuyers.

It was alleged that “the company and its directors indulged in a criminal conspiracy to cheat people by collecting funds from prospective buyers as advance against booked flats in their real estate projects and failed to adhere to its agreed obligations to provide the possession of the flats on time and thus, as per the FIRs, the company defrauded the general public,” said an ED officer, who declined to be named.

HT reached out to Supertech for a comment, but no response was available from the company.

Also in April, the Noida administration had sealed the Supertech Group for not paying dues.

ED investigations further revealed that the Supertech Group also defaulted on its payments to the banks and currently around ₹1,500 crore of such loans have become non-performing assets (NPA), ED said.

The agency had on April 11 attached 25 immovable properties belonging to the Supertech Group of Companies and their directors, located at Rudrapur in Uttarakhand and Meerut Mall, in UP’s Meerut — valued at ₹40.39 crore — under the PMLA provisions.