ED arrests Supertech Group Chairman RK Arora in money laundering case - Hindustan Times

ED arrests Supertech Group Chairman RK Arora in money laundering case

By | Written by Aryan Prakash
Jun 28, 2023 03:57 PM IST

The ED started the probe against Arora after several FIRs were filed against him under PMLA at Delhi, Haryana and Uttar Pradesh police stations.

The Enforcement Directorate on Tuesday arrested RK Arora, the chairperson of real estate developer Supertech from his Delhi office. He had been summoned by the central agency for the past three days.

He was arrested late evening in a money laundering case, Hindustan Times sister website Live Hindustan reported. The ED officials informed his family members about the real estate tycoon's arrest.

FIRs in Delhi, Haryana and UP

The ED had initiated probe against Supertech Group of Companies and others under the Prevention of Money Laundering Act (PMLA) on the basis of FIRs registered in UP, Delhi and Haryana. In the FIR, the company and its directors were accused of cheating the home buyers by collecting money from them. The FIR also alleged that they had failed in handing over the flats to the buyers.

‘Diverted home buyers' money'

The investigations showed that the Supertech Group of Companies received money from the buyers and also obtained loans from the banks to build flats. But the funds were allegedly embezzled and diverted to buy land. The land was then mortgaged to repay loan of the banks. ED said in its probe that the Supertech Group also defaulted in its payments to banks and financial institutions. As a result, loans worth 1,500 crore turned out to NPAs.

Past actions
On April 12, the ED had attached properties worth 40 crore belonging to Supertech and its directors. It included 25 immovable assets in Uttarakhand and Meerut Mall in UP's Meerut.

Supertech Group Chairman RK Arora(Live Hindustan File)
Supertech Group Chairman RK Arora(Live Hindustan File)

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