Real estate group Supertech and its directors’ assets worth more than Rs 40 cr have been attached under the anti-money laundering law, the Enforcement Directorate said. In an order issued on Tuesday, 25 immovable properties located in Uttarakhand’s Rurdrapur and Meerut Hall in Uttar Pradesh under the Prevention of Money Laundering Act (PMLA) have been attached. The total value of these assets has been estimated at Rs 40.39 crore.
FIRs against Supertech group in Delhi, Haryana and UP
A number of FIRs were filed against the Supertech group in Delhi, Haryana and Uttar Pradesh police stations. The ED allegedly said that the company and its directors were indulged in “criminal conspiracy” to cheat people as they collected funds from people in their real estate projects for the projects that have already been sold.
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‘Misappropriated and diverted funds’
According to the ED, Supertech Ltd and group companies collected funds from homebuyers and obtained project-specific term loans from banks/financial institutions for the purpose of constructing projects/flats. These funds were “misappropriated and diverted” by the Supertech directors in the names of other group companies, which were produced as collateral to borrow funds from financial institutions and banks.
In addition to this, the federal agency also stated that the Supertech group also “defaulted” on payments to banks/financial institutions, with approximately 1,500 crore of such loans now classified as NPA (non-performing asset).
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