The Enforcement Directorate has detained RK Arora, the promoter of the real estate company Supertech, in connection with an alleged money laundering case. On Wednesday, he is likely to appear before a special court, where the central agency would ask for his detention, according to the reports.<\/p>\n\n\n\n
After three rounds of questioning, RK Arora was taken into custody under the PMLA (Prevention of Money Laundering Act).<\/p>\n\n\n\n
Based on allegations made by home buyers, he is the subject of more than 20 FIRs (First Information Reports) in Delhi, Uttar Pradesh, and Haryana.<\/p>\n\n\n\n
The buyers claimed that by taking money from prospective buyers as an advance against reserved flats in their real estate developments, the company and its directors engaged in a criminal conspiracy to defraud customers. However, according to the central agency, they didn’t follow through with it and didn’t give control of the apartments on time.<\/p>\n\n\n\n
The ED said that the FIRs claimed the firm had defrauded the general public.<\/p>\n\n\n\n
According to the investigation, Supertech Ltd. and its affiliated firms gathered funds from homeowners and obtained term loans from financial institutions and banks for projects\/flats. But according to the ED, the money was instead used to buy land in other group companies’ names, which was then again offered as collateral to borrow money.<\/p>\n\n\n\n
The Supertech group defaulted on its obligations to pay banks and other financial institutions, and as a result, around Rs 1,500 crore of these loans are currently non-performing assets, as per reports.<\/p>\n\n\n\n
According to the Enforcement Directorate, Supertech and its directors’ assets worth more than Rs 40 crore were seized in April as a result of the anti-money laundering statute.<\/p>\n\n\n\n
The company’s officials did not execute their obligation to give the buyers of the properties possession of the properties.<\/p>\n","protected":false},"excerpt":{"rendered":"
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