Supertech: The chairman of Real Estate firm Supertech R.K Arora has been arrested by Enforcement Directorate(ED) in a money laundering case. He was arrested under Prevention of Money laundering Act(PMLA). His arrest was preceded by 3 rounds of question carried out by the central agency.
As per a report by PTI, Arora is expected to be presented in a special PMLA court in Delhi on Wednesday. The agency seeks to extend his remand in court.
Charges against Supertech
The money laundering case on the Supertech Chairman in a consequence of multiple FIRs fired against him in police departments across states of Delhi, Haryana and Uttar Pradesh. According to these FIRs, Supertech took money from buyers as an advance for Flat but failed to hand over flats to them. ED has already attached over Rs. 40 crore worth of assets which includes 25 properties.
Misappropriating bank loans
The group is under scanner for laundering bank loans worth Rs.1,500 crore. The ED has claimed that group defaulted on its payments and as of now these loans have become Non-Performing Assets (NPAs). According to ED that the funding from loans was diverted for purchasing land in name of other group subsidiaries.
In August 2022, Supertech twin towers were demolished in Noida on the orders of Supreme Court.
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