June 28, 2023: The Enforcement Directorate (ED) on June 27, 2023, arrested RK Arora, chairman of real estate developer Supertech and the chairperson of National Real Estate Development Council (Naredco), from his Delhi office. The arrest was made in a money- laundering case. Arora was summoned by the Central agency three days ago.
He will now be produced before a special court on June 28, 2023, and the agency will seek his custody for further interrogation. The ED had initiated a probe against Supertech Group and others under the Prevention of Money Laundering Act (PMLA) on the basis of FIRs registered in Delhi, UP and Haryana. In the FIRs, the company and its directors were accused of cheating the homebuyers by collecting money from them. The FIR also alleged that they had failed in handing over the flats to the buyers.
The probe revealed that Supertech Group received money from the homebuyers and also obtained project-specific 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 loans obtained from the banks. The ED said in its probe that the Supertech Group had also defaulted in its payments to banks and financial institutions. As a result, loans worth Rs 1,500 crore turned out to be NPAs.
Arora and the Supertech Group are facing multiple cases. One of these cases is related to the allegedly illegal construction of twin towers in Noida in collusion with corrupt Noida Authority officials, including the former CEO and chairman of Noida Authority as well as six other high-ranking officials of Greater Noida and Noida Authorities. On April 12, 2021, the ED had attached properties worth Rs 40.39 crore belonging to the Supertech Group and its directors. It included Meerut Mall in UP and 25 immovable assets in Uttarakhand.
Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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